Top 10 Estate Planning Techniques

Revocable Living Trust:

A device used to avoid probate and provide management of your property, both during life and after death.
Property Power of Attorney:

Instrument used to allow an agent you name to manage your property.
Health Care Power of Attorney:

Instrument used to allow a person you name to make health care decisions for you should you become incapacitated.
Annual Gift Tax Exclusion:

Technique to allow gifts without the imposition of estate or gift taxes and without using lifetime exclusion.
Irrevocable Life Insurance Trust:

A trust used to prevent estate taxes on insurance proceeds received at the death of an insured.
Family Limited Partnership:

An entity used to:
Provide asset protection for partnership property from the creditors of a partner;
Provide protection for limited partners from creditors;
Enable gifts to children and parents maintaining management control;
Reduce transfer tax value of property.
Children’s or Grandchildren’s Irrevocable Education Trust:

A trust used by parents and grandparents for a child’s or grandchild’s education.
Charitable Remainder Interest Trust:

A trust whereby donors transfer property to a charitable trust and retain an income stream from the property transferred. The donor receives a charitable contribution income tax deduction, and avoids a capital gains tax on transferred property.
Fractional Interest Gift:

Allows a donor to transfer partial interests in real property to donees and obtain fractional interest discounts for estate and gift tax purposes.
Private Foundation:

An entity used by higher-wealth families to receive charitable income, gift, or estate tax deduction while allowing the family to retain some control over the assets in the foundation.

2 months ago

This is a great resource in our community for those who have family members, young and old, who tend to wonder. Although the post is from Stafford county, this resource is also available in other counties/cities. … See MoreSee Less

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3 months ago

I just spoke with Amazon about the email below and it was not sent by Amazon. I am posting this in case anyone else receives an email such as this! BEWARE! The email address that it came from is not an email Amazon domain. Call before clicking anything this season! … See MoreSee Less

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4 months ago

Uncompensated Transfers … See MoreSee Less

Uncompensated Transfers

www.aaepa.com

Medicaid is a partnership between the state and federal governments to provide medical benefit assistance to people, including those over age 65, who have financial need. In order to be considered to …

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Gone yet not forgotten. youtu.be/KoRyxBdy804 … See MoreSee Less

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The Stafford County Sheriff’s Office has been alerted to reports of possible law enforcement impersonation incidents. Two similar incidents in our area were reported involving a subject in an SUV displaying a badge and motioning to a driver to pull over. We’d like to take this opportunity to provide the community with tips to help protect you from law enforcement impersonators.

If you are not sure you are being pulled over by a legitimate law enforcement officer, you can take the following steps:

• Activate your hazards and reduce your speed to indicate to the officer you have seen them.
• Pull over in a well-lit public area and dial 911. Tell the dispatcher that you are being pulled over and provide your location.
• Roll the window down just enough to speak to the officer and keep the vehicle locked. Do not turn your car off.
• Be aware that officers will typically be in uniform. Officers in plain clothes will carry an agency issued identification card. If you are concerned, ask to see the officer’s identification card and badge.
• Make sure it is a marked police unit. If it is not a marked unit, the emergency lights should be built in and not a temporary light placed on the vehicle.
• Be suspicious if the officer immediately asks you to exit the vehicle without any preliminary questions. Officers typically begin an interaction by advising you of the reason for the stop and request driver’s license and registration.
• Trust your instincts and don’t hesitate to call 911 and talk to dispatch. … See MoreSee Less

Advance Directives are More Important than Ever – … See MoreSee Less

Advance Directives are More Important than Ever –

ecause the novel coronavirus is so contagious, your clients will be alone in the hospital if they have Covid-19, and may be alone even if they do not have Covid-19. (Hospitals need to protect visitors…

5 months ago

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Travel restrictions? No problem. I’m attending the American Academy of Estate Planning Attorneys’ first virtual summit. The kickoff was a success and very educational. Looking forward to the next 3 days of learning. #aaepa #springsummit2020 … See MoreSee Less

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