Estate and Trust Planning Virginia Beach
Estate and Trust Planning
The best estate plan is the plan that is right for you. At MNR Law, we listen to your concerns and goals, and recommend the plans and tools that serve your needs and objectives. L. Ashley Brooks, MNR’s estate and trust attorney, is honored by the trust conveyed to her when clients entrust their legacies to her, and make her a part of their long-term team of advisors.
Revocable and Irrevocable Trusts
A trust is a legal document under which assets are held and administered for the benefit of a beneficiary. A trust document spells out the terms and conditions of distribution and the terms by which the trust is to be administered. There are numerous types of trusts depending on your needs.
A revocable trust is controlled by a grantor who has to right to alter or cancel provisions of the trust. During the life of the trust, income earned is distributed to the grantor, and only after death does property transfer to beneficiaries. The grantor is given flexibility with this trust.
On the other hand, an irrevocable trust can’t be modified or terminated without the beneficiary’s permission. The grantor, having transferred assets into the trust, effectively removes all his or her rights of ownership to the assets and the trust.
Planning for Same-Sex Couples
Most couples can benefit from estate planning to ensure their assets land in the right hands after they die and their health care wishes are followed. But same-sex couples often have special situations that require extra planning. MNR Law is here to walk you through the necessary steps to protect your assets and your loved ones.
Planning for Blended Families
The chance that a marriage entered in the United States this year will end in divorce is about 50%. In 2013, 40% of marriages included at least one spouse who had been previously married. As a result, a tremendous number of blended families exist in the United States today (a blended family is defined as a family that includes children from a previous marriage of one spouse or both). Estate planning for these individuals is much more complicated than it is for any other group. Discussing these sensitive issues is not easy, but the peace of mind that comes from developing a thoughtful plan is worth the effort. Let MNR Law align the right tools to meet your goals and address your concerns.
A will provides for the distribution of certain property owned by you at the time of your death, and generally you may dispose of such property in any manner you choose. But, it might not be that simple. That’s why a trusted, experience lawyer who can help you craft your will to your needs and desires while knowing the intricacies of Virginia law is crucial.
Powers of Attorney and Advance Medical Directives
A medical or health care power of attorney names a person to make decisions for you when you’re unable to do so. No one knows what to expect when it comes to your health, so it’s important to plan for the unexpected. Also, if you’re diagnosed with a disease that will eventually take your life, it’s important when you’re healthy and in the right mind to decide how you want your final days to be. MNR Law will provide these smart decisions during sensitive times.
Special Needs Planning
If you are injured or disabled, or if you are the parents of a child with special needs, you don’t want an inheritance, an award, or a settlement to threaten your entitlement to public benefits. If assets are given, bequeathed to, or awarded to an injured or person with special needs, their entitlement to public resources may be lost or reduced. Individuals with disabilities frequently need to avoid the loss of public resources such as Supplemental Security Income or Medicaid.
For many of us, our pet animals are as much a part of our family as its human members. Their presence in our daily routine is as significant for us as our love, care and provision is to their well-being. We need to provide for them, not only while we are well and capable, but when we are no longer able to meet their needs ourselves – during our disability and after our death. After all, they depend on us completely. Pet Trusts are an excellent way to provide such care.
Let MNR Attorney Ashley Brooks help you with the critical components of designing your pet trust, such as choosing your trustees and guardians, determining the funds you may potentially need for your pet’s care, selecting possible sources of those funds, and ensuring a trusted party has seamless access to funds to care for your pet.
Vacation Home Succession Planning
MNR Law will come up with the legal and financial strategies to help keep your family vacation home peacefully and effectively in the family for successive generations.
If you want to bequeath your assets to a charity, there are certainly benefits to incorporating charitable giving into your future financial plan. We will look at maximizing your philanthropic, tax and legacy planning goals.