F. Paul Maloof, Esquire
A partner with Redmon, Peyton & Braswell LLP
Even if you don't picture yourself as the Lord or Lady of an English manor, if you have worked for even just a few years, you have likely established an estate of your very own. Your estate, while it might not include a manor house and hunting grounds, does probably include some of the following assets:
- Real estate
- Bank accounts, certificates of deposit
- Stocks, bonds
- Pension plans
- Other investments
- Value of an ongoing business
You've worked hard to build your estate, and now you need to start thinking about how to preserve it. You may want to plan for a future business or retirement. You may want to protect your family against the unexpected loss of your income. You may wonder what is the most effective and efficient way to pass some, if not all, of your estate on to the children and grandchildren. The goal of Estate Planning is to legally and comprehensively safeguard your assets.
There are many techniques available to set up wills and trusts in order to minimize federal and state taxes and other drains to your estate. Some examples of these include A-B trusts, revocable trusts and irrevocable trusts. The appropriate estate structure will vary based on whether or not you are married, have children, what kind of assets you own, whether you own a business, if you wish to donate to charitable organizations, whether you are a Senior Citizen, and other issues specific to you, your situation, and your personal preferences. You should discuss your individual situation with a trusted advisor who is knowledgeable about this aspect of the law.
Another extremely important aspect of Estate Planning is planning for your medical care in case you are incapacitated and unable to express or make your own decisions. To avoid leaving these critical medical decisions up to a total stranger you will need a comprehensive and legally sound living will.
Even if you already have a living will, the Health Insurance Portability and Accountability Act, known as HIPAA, has set strict standards about who can and cannot see or discuss your medical information, and it is critical to update all of your medical documents to bring them into compliance with this law in order to ensure that your instructions regarding your care are followed.
Also related to estate planning is probate law, which oversee the official proving of the law. The use of probate attorneys is key to the effective execution of an estate.
F. Paul Maloof and his colleagues at Redmon, Peyton & Braswell LLP have many years of experience with estate planning and the preparation of wills and trusts. We will be glad to assist you with your estate planning needs. Please contact us by filling in the form below or calling us at (703) 684-2000.
F. Paul Maloof
510 King St., Suite 301
Alexandria, VA
22314-3132
Tel: 703-684-2000 Ext. 54