Tag Archives: Leesburg estate plan lawyer

You May Want to Consider Holding Power of Attorney for Your Adult Child

You May Want to Consider Holding Power of Attorney for Your Adult Child

You May Want to Consider Holding Power of Attorney for Your Adult Child
NOVA Estate Lawyers – Leesburg

Your child is always your child, except in the eyes of the law where an 18 year old is considered to be legal adults. However, as many parents know, at this age, or even beyond, many children are still not ready to be on their own and may need your input or assistance in major life decisions or managing finances. Even though they may be off to college, or entering military service, and you still may be paying their way, you may not have any say in their affairs should something happen and they need your help.

At age 18, children are also deemed emancipated for HIPAA purposes. This means that their privacy is protected under the law—even from their parents—unless they have a medical directive or medical power of attorney in place.

If an unfortunate circumstance should occur, as for example, your child was injured in campus violence incident or had a serious car accident, you, as parents, would have no access to health-related records, or would not be able to make decisions on their behalf if needed, unlike when they were minor children. With the increase of gun violence on campuses and distracted driving, pre-determining a plan might just help put your mind to rest, and offer protection for all parties.

Every 18-year-old needs these two essential documents

That is why we at the Law Office of Patricia E. Tichenor P.L.L.C. highly recommend creating two essential estate planning documents: a durable general power of attorney (for financial matters) and a durable medical power of attorney (for health-related matters). Encourage your child to put one in place after they turn 18, so they can ensure that you will be able to make decisions as to your child’s finances and health care in the event they are unable to do so themselves. Doing so will avoid the greater expense, stress and delay, if they are not in place, of seeking those rights for your child through a guardianship or conservatorship proceeding in the courts. Even though you most often hear about these two documents for older people, they should be considered for younger folks as well.

A financial power of attorney can be customized to your child’s needs, general (covering all financial matters) or specific (relating to just one aspect of the adult child’s finances). Your child can appoint these responsibilities as well to different family members or trusted advisors as alternates or successors to you.

A power of attorney can be useful in other ways too, such as if your child is traveling abroad and requires money wired from the adult child’s bank account, or needs to have legal documents like a lease signed in the child’s absence. The small fee you pay to set up proper powers of attorney will be well worth it in the end.

Contact your estate planning attorney

At the Law Office of Patricia E. Tichenor, P.L.L.C., we are specialists in estate planning and can help you protect your family members. Please call to set an appointment at our convenient Northern Virginia office with either Patricia Tichenor or Camellia Safi, attorneys at law.

Avoid the Common Pitfalls of Estate Planning

The Law Office of Patricia E. Tichenor, P.L.L.C Virginia

Avoid Common Pitfalls of Estate Planning
NOVA Estate Lawyers – Leesburg, Virginia

Surprisingly, even well-educated Virginians can err when it comes to planning their estates. No matter what one’s financial situation is, there are elements to a solid estate plan that need to be set in place that often get overlooked.

Here are some of the common pitfalls of estate planning:

1. No Will. Without a will, assets are distributed in accordance with state law. This can result in unintended allocations. Having a will gives you the opportunity to decide who gets what and when assets are distributed.

In addition, you should try to avoid the one-size-fits-all estate planning documents so often found via the Internet. They often fail to take into account the unique facts and circumstances of your life. What’s more, because Virginia law contains several nuanced requirements, these computer-generated documents might end up being invalid.

2. Life Insurance Proceeds Not Transferred. Life insurance proceeds can affect estate taxes. If an insured person owns their insurance proceeds at death, the proceeds become part of the estate and are, therefore, taxable. However, an insured person can transfer ownership of their life insurance proceeds before death through a trust, for example, thereby minimizing estate tax liability.

3. Not Using Gift Exclusions. Several available gift exclusions are provided in the Tax Code, where you can gift portions of your estate to others prior to your death without tax penalties. Giving gifts can be an effective and fulfilling way to decrease future estate tax liability.

4. Naming the Wrong Executor. The person you assign to handle your estate upon your death can be demanding. Be sure your executor is up to the job.

5. Not Planning Ahead. It is important to start planning as soon as possible, although it is never too late to create an estate plan. An estate plan provides the opportunity to plan your healthcare wishes and create financial strategies for a number of different situations.

6. Not Updating Your Estate Plan. If circumstances change in your life, you should revise your estate plan accordingly. Failing to do so could result in problems transferring your estate down the line.

At the Law Office of Patricia E. Tichenor, P.L.L.C., we are specialists in   estate planning procedures and can help you draft and solidify your plan for a secure and rewarding future. Please call (703) 669-6700 to schedule an appointment with either Patricia Tichenor or Camellia Safi, attorneys at law.

The Law Office of Patricia E. Tichenor, P.L.L.C.
Professional Legal Services or Legal Representation
(703) 669-6700

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  • High quality service with both personal and a professional touch. I would highly recommend their services, they helped prepare my estate in the event of my demise. They also prepared the necessary documents to complete my wife's estate after her passing, both with outstanding results. - Jim D.
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