Trust Litigation in Virginia

Trust Litigation in Virginia

If you or a loved one finds yourself in a dispute over the terms or administration of a trust, you need a top trust litigation lawyer. Parents and grandparents often set up trusts that will distribute assets to their children or grandchildren in tax-efficient ways to avoid the cost of probate. Trusts can be a crucial tool in estate planning and administration. Unfortunately, sometimes trust disputes arise that require litigation. Virginia Trusts There are many types of trusts in Virginia, each serving its own purpose, with its own benefits and drawbacks. Some trusts include: Revocable living trusts Irrevocable living trusts Charitable trusts Business trusts Special needs trusts Testamentary trusts Qualified personal residence trusts Pet trusts Can You Challenge a Trust Agreement or its Administration? Yes. Beneficiaries may choose to challenge the administration of the trust, try to terminate or the trust, or in unique circumstances, amend the trust. Disagreements regarding how a trust is administered or whether its valid often arise when an interested person is unhappy with how or when they receive (or don’t receive) their distribution. Such disputes can be devasting and deplete the trust of its assets. They often result in broken homes, broken relationships, and financial

Read More »
REAL ID in Virginia- Do I Need It?

REAL ID in Virginia- Do I Need It?

What exactly is REAL ID and do I need one as a resident of Virginia? Beginning on May 7, 2025, the federal REAL ID Act will be enforced. This act passed in Congress in 2005 to set identification standards such as driver’s licenses and Identification (ID) cards. So, what is a REAL ID and who needs one? The REAL ID Act establishes minimum standards for the issuance and production of licenses. Under the act, federal agencies may not accept certain non-compliant licenses or identification cards for official purposes. For example: Accessing certain federal facilities Boarding federally regulated commercial aircrafts Entering nuclear power plants The big one for most people is of course flying. Starting May 7, 2025, you will not be able to fly on a commercial airplane without a REAL ID or passport. A REAL ID is an upgraded version of your driver’s license or ID card. It has a star in the upper right-hand corner. While REAL ID is optional, without it you won’t be able to board a domestic flight or enter secure federal facilities or military bases. REAL ID is optional in Virginia so you may not need one if you have another federally accepted ID,

Read More »
Schedule a Consultation with an Estate Attorney fairfax

Schedule a Consultation with an Estate Attorney-Fairfax

Many people avoid thinking about estate planning and retaining an estate planning attorney. While the thought of death can be morbid, the thought of leaving your loved ones with no plan, no direction, and nothing ensuring your last wishes can also be troubling. Planning NOW can save your family stress and heartache. To ease this stress, you may want to consider scheduling an estate planning consultation with an attorney. What Can an Estate Planning Attorney Help With? Estate planning attorneys focus on state and federal laws related to estates, trusts, and probates. They can help create or update an estate plan that ensures your last wishes are respected. This is important for everyone, but especially those in high risk jobs (e.g., military and first responders) and older Americans. We proudly offer a 10% discount on estate planning for military (active or retired), law enforcement, and first responders. An estate attorney will help with: Creating a last will and testament. Creating an Advance Medical Directive and Power of Attorney. Creating or transferring assets to a trust. Designating beneficiaries. Your attorney will explore your options and advise you on specific questions, such as how to employ trusts or how to create an

Read More »
elder law attorney near me

When to Hire an Elder Law Attorney Near Me

Do I need an estate planning attorney? The answer might be yes for many reasons. Such attorneys help seniors through legal situations and can help soon-to-be seniors with legal planning. Here are some reasons to seek the assistance of an elder law attorney in Virginia. Estate Plans Creating an estate plan can help keep assets out of probate. The plan typically involves reviewing beneficiary and co-ownership of assets, wills, powers of attorney, advance medical directives and oftentimes a revocable living trust. The plan is an essential part of preparing, and can save your loved ones time, effort, and money. Hiring an estate planning attorney can help with this process. They can prepare documents and make sure your plan complies with any changes in the law while providing advice in related areas. Financial Exploitation Unfortunately, with elderly people, there is a significant risk of financial exploitation. Seniors can fall victim to scams and frauds. The best way to avoid elder fraud is through education, open communication, and strong privacy measures. If your elderly loved ones call you about something regarding money, listen to them. You may be the only thing preventing a stranger from accessing their financial information. Medical Malpractice Many

Read More »
Small Entities Must File New Beneficial Ownership Information Reports in 2024

Small Entities Must File New Beneficial Ownership Information Reports in 2024

Beginning January 1, 2024, a new law went into effect that will impact over 30 million entities in 2024. The Corporate Transparency Act (CTA) created a new reporting requirement. Most entities, including single member LLCs, must file online reports with the federal government and disclose information about the “beneficial owners” of the entities. Existing entities have until January 1, 2025 to file a beneficial ownership information (BOI) report. Entities created or registered after January 1, 2024 have 90 days to file their first reports. Entities must report updated information within 30 days of the update.  There are limited exceptions to those that may be relieved of this requirement. The CTA was enacted to help prevent money laundering, corrupt financial transactions, and financial terrorism. Specifically, the government stated that collecting BOI will “help to shed light on criminals who evade taxes, hide their illicit wealth, and defraud employees and customers and hurt honest U.S. businesses through their misuse of shell companies”. Under the CTA the government may share the information with government agencies, financial institutions, and financial regulations. A Beneficial Owner is an individual who directly or indirectly exercises substantial control over the reporting company. Among other definitions, a person who

Read More »
Translate »
       
By hitting "Send" you authorize Cook Craig & Francuzenko to send text messages to the mobile number provided, sometimes using automated technology. Consent is not a condition of purchase. Message & data rates apply. Message frequency may vary. Text HELP for support or more information. Text STOP to opt out at any time.
You must select “Terms and Conditions” box to proceed.