Liquidation of an Estate Following Death
Liquidation in the simplest terms refers to the conversion of hard assets to cash. Liquidation of an individual’s estate does not just occur upon a death. It can also occur when a parent chooses to liquidate assets in order to fund something like the purchase of a second home or a child’s college tuition. Liquidation […]
Explore the Tax-Saving Strategy of Lifetime Giving
Giving money or assets to your loved ones during your lifetime rather than having them wait until after your death to collect, is defined as lifetime giving. It is an estate-planning strategy used to reduce estate taxes by spreading gifts throughout your lifetime using certain exemptions created by the federal gift tax laws in the […]
So You Just Won the Lottery…Now What?
You may have heard people say, “If you win the lottery, one of the first things you should do is contact a lawyer.” Well it’s true. But not just for the lottery. Any time you come into a windfall, whether through winnings like the lottery or an inheritance, it is a good idea to double […]
You May Want to Consider Holding Power of Attorney for Your Adult Child
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 […]
Did You Know that Your Attorney-Client Privilege Survives Even After Your Death?
As estate planning attorneys, we help our clients develop estate plans, or how they plan to manage and pass along their wealth and property after they die. What people may not realize, however, is that sometimes our job extends past death, as in the case of what happens when family members challenge the terms of […]
Pets are Family Members Too
When setting up a trust or will, many people overlook the fact that their pets are members of the family too. We know that their lifespans are generally not as long as humans, so we don’t think about what might happen to them should they outlive us. As such, their long-term needs must be considered […]
Why Parenting Agreements Are So Essential
Even though you are divorced or divorcing your significant other, you both will remain tied together as parents for the rest of your lives. That means that working together for the best interest of your child or children, no matter what your own differences are, as the Honorable Loudoun County Circuit Court Judge Burke F. […]
Don’t Let Errors Derail Your Retirement Income Plan
When people talk about retirement income planning, they are most often referring to the assets they have in their IRA and 401(k) plans, and how they will withdraw that money, transfer it, or move it from place to place. What they need to be careful of, however, is doing it properly. If done incorrectly, it […]
Divorce 101 in Virginia
Nobody likes divorce, but sometimes getting a divorce becomes a necessity, and apart from the emotional impact divorce imposes on families, there are a number of legal issues that need to be addressed. This is why it is always a good idea to speak with an attorney, like the Law Office of Patricia E. Tichenor, […]
Child Custody and Relocation
When two parents divorce, the issue isn’t just between the two; it involves the children. Mistakenly, many couples think that once the custody issues have been settled it will be smooth sailing from then on. That is not normally the case because many other issues can crop up as life’s circumstances change. One of the […]
Avoid the Common Pitfalls of Estate Planning
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, […]
