When you are thinking about giving a sizeable gift, it is crucial to familiarize yourself with the gift tax laws that might apply to your specific case. Otherwise, you might end up with a shocking tax bill or find yourself in trouble with the IRS. They say that giving is always better than receiving. However, […]
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Important Considerations Before Accepting to be an Estate Executive
Being the executor of an estate comes with many duties and responsibilities. You’ll find the basics below so you can have an idea of what you can expect before you accept the role of an executor.Being selected as the executor of an estate is often an honor, but it’s also a legal obligation. So before […]
An Estate is in Probate, What Happens Now?
When a person passes away, their property will go through a process known as probate. Probate can be defined as the court process of administering an estate and distributing property according to a valid will or the intestacy statutes of Virginia. The probate process can take anywhere from six months to over a year, and […]
Contesting a Will in Virginia
If you have recently lost a loved one and are surprised or confused by the terms of their will, there’s a good chance that you’ve considered whether you can take legal action. Perhaps you feel like the terms of the will do not accurately represent what you understood your loved one’s wishes to be, or […]
Disinheriting a Spouse in Virginia
Can a decedent disinherit a surviving spouse in Virginia? The issue can arise where one spouse drafts an estate plan, using a will and/or trust, to leave all of their assets to a child or extended family member; thus, disinheriting their spouse in Virginia. This leads to whether or not an individual can legally disinherit […]
Failing to Plan is Planning to Fail
What is the reason for an Estate Plan and why do McClanahan Powers Attorneys take this endeavor so seriously? A common expression among estate planning attorneys is failing to plan is planning to fail. An Estate Plan helps ensure that every single thing that you have ever earned or collected in your entire life is […]