fbpx

Estate Planning For Your “Family” in Virginia

Just as the courts are juggling with multiple definitions of family, so too
Juggliingare families today finding that there’s no single "“right” answer.  Rather, they must ask the right questions and come up with answers that work for now and have enough flexibility for what the future might hold.

It’s funny: words have their ordinary, everyday usage but then when you commit them to writing – in a law, a contract, a will, a trust, and so on – words can become pretty tricky. While “marriage” as a legal term has been a hot topic as of late, by far the trickiest word in the estate planning lexicon is simply “family.”

It’s hard to find an estate plan that has nothing to do with family, and the great majority of them are all about family, so how could there be any ambiguity? WealthManagement tracks some of the practical problems in a recent article titled, “What is a “Family?”

You see, the problems with the definitions of family have less to do with federal or state law (unlike “marriage”) because it can be defined by the person actually planning his or her estate.

The original article discusses three different contexts and each only muddies the definitions of family. For example, consider a “family trust” established in 1910 to serve multiple generations. Did the person establishing such a trust foresee how the family would look like in 2013 after divorces, second marriages, children out of wedlock, same-sex partners and all other manners of contemporary occurrences?

What is a trustee of such a “family trust” to do?

Are we any better in imagining the future as we write our own estate plans today? If you think about it, even without considering the social mores matters, there are potential family problems whenever a trust lasts for multiple generations. After all, with every generation that comes along the number of potential beneficiaries that comes along tends to grow exponentially. Over time, each generation is less related and less connected to the others and the original maker of the trust.

All of this highlights the importance of working with an experienced estate planning attorney.

So what is “family” to you and is that what your documents say in their black and white?

You can learn more about this topic as well as other strategies on our website under the tab entitled: estate planning in Virginia. Be sure you also sign up for our complimentary e-newsletter so that you may be informed of all the latest issues that could affect you, your loved ones and your estate planning.  

Reference: WealthManagement.com (June 28, 2013) “What is a “Family?”

Like this article?

Share on facebook
Share on Facebook
Share on twitter
Share on Twitter
Share on linkedin
Share on Linkdin
Share on pinterest
Share on Pinterest

Leave a comment

LIKE THIS POST?

We have a LOT more where that came from!

We hate spam too. We will never share or sell your information.

Call Now ButtonCall Us Now https://jsfiddle.net/7h5246b8/

Request a free consultation

We hate spam too. We will never share or sell your information.

We've been putting together as many resources as possible so that we can continue to help:

  • If you’re a current client with a signing appointment or a prospective client with a consultation and would prefer that meeting take place in your own home, we can accomplish that with a little bit of pre-planning on our part and with the addition of a laptop, smartphone, tablet or other computer in your home to facilitate this virtual meeting. For those of you that need to sign legal documents, that too can be accomplished with the use of a webcam (FaceTime etc.), so that we can witness and electronically notarize all of your important legal documents.
  • We launched the rollout of our on-demand webinar early so that new clients and our allied professionals can view the important component parts of ‘an estate plan that works’ at their convenience.  That is available on our website.
  • Live video workshops will be produced as quickly as possible and certainly ahead of our previous schedule; we will keep you posted as these events become available. Given the ‘boutique’ nature of the firm, we rarely have more than ten people in our office including team members at any one time. During this period of ‘social distancing,’ we promise to have no more than 8 people at any time.   This allows us to comply with the Governor’s directive to limit in-person gatherings.
  • The best way to communicate with us is still by phone during regular office hours of 8:30 to 5:00, Monday through Friday, or, you can email any of our team members (that is, their first name followed by @zarembalaw.com).  We will respond to these emails as quickly as possible.
  • Please continue to follow the directives of our local, state, and federal agencies. For your health and in consideration of our team who is assisting you, if you’ve scheduled an office appointment or planned to drop off paperwork and are experiencing a fever, dry cough, or shortness of breath, please contact your primary care doctor for guidance and then our office to reschedule.

Thank you, Walt and the Zaremba Team

Coronavirus/Covid-19
Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.