Estate Planning Lawyers

When creating an estate plan, it is important to consult our experienced estate planning lawyer in Arlington, VA and understand all your options to maximize your asset protection and preserve your wishes. Estate plans are not one size fits all. Every individual has different estate planning needs. At Schleifman Law, PLC, we take the time to listen to your objectives and to set up the legal documents that best meet those objectives, providing comprehensive estate planning services that ensure your assets are protected and your wishes are honored.

Visit with us to discuss the management of your health and your assets during your lifetime through the use of trusts, prenuptial and postnuptial agreements, advance directives for health care and durable financial powers of attorney. Let us help you craft a plan for the disposition of your property upon your death in your last will and testament and revocable living trust.  We can also work with you to implement tax-saving strategies and provide direction for your family, friends, and charities through sophisticated gift planning and the creation of irrevocable trusts. Consult with us about modification of any older Wills or Trusts to ensure that  your estate plan fully and accurately sets out your intentions.

Regardless of whether you are single or married, and have substantial or minimal assets, you should have a written plan that addresses the disposition of your assets upon your death. 

Small Estate Plans May Only Necessitate:

• Will
• Durable Powers of Attorney – A power of attorney (POA) is a legal document that gives someone the ability to act in your place (the “agent” or “attorney-in-fact”). There are mainly two kinds of POAs:
  • Financial Power of Attorney: If you cannot manage your finances, this instrument allows the agent to handle them, including paying bills, managing investments, and making financial choices.
  • Medical POA: A medical power of attorney (also known as a healthcare proxy) appoints a representative to make healthcare decisions on your behalf if you cannot do so. It also can include choices in medical care, operations, and end-of-life care.
• Advanced Healthcare Directive – An Advanced Healthcare Directive is a legal writing that instructs physicians and other medical providers how you want to be treated if you cannot make decisions about emergency treatment.

Larger Estates

A larger spectrum of estate planning solutions are available for larger estates that include Wills, Powers of Attorney, Advance Directives and a variety of Trust instruments.  Unlike a Will, which must go through a probate process, a Trust may be used to administers assets outside of formal court proceedings. While provisions in your Will only go into effect upon your death, Trusts are used to manage property during your lifetime, address how your assets are to be used if you become incapacitated or disabled, and detail how your assets are to be disposed of when you are deceased.  Our DMV attorneys, including Fairfax County, Arlington County, Loudoun County, Alexandria and the City of Falls Church in Virginia, Montgomery County and Prince George’s County in Maryland and the District of Columbia attorneys can help you understand the advantages and disadvantages of different types of Trusts used in Estate Planning.

Generally, Trusts used in Estate Planning are either Revocable or Irrevocable Trusts.  Revocable Trusts (also known as Inter Vivos Grantor Trusts) are, as the name implies, fully revocable. You are free, during your lifetime (so long as you are not incapacitated), to revoke the Trust, amend, the Trust, and move assets in and out of the Trust. The trustee, in this case, can be you, giving you control over your assets until your death or incapacity. Irrevocable trusts are more rigid than revocable trusts. Generally speaking, once an Irrevocable trust has been created, it can only be altered or revoked with the beneficiaries’ approval. Irrevocable trusts have some clear benefits, like improved asset protection and potential tax advantages, but they must also be carefully considered.

Some Types of Irrevocable Trusts Used in Estate Planning Are:

• Irrevocable Trusts Life Insurance Trusts – These types of Trusts cannot be modified once in effect and are mostly used to minimize tax obligations
• Irrevocable life insurance trusts – A form of trust that can be used to minimize estate taxes on life insurance policies
• Special-needs Trusts – Preserves assets for those with special needs

Following Are Some Situations Where Selecting an Irrevocable Trust May Be Advantageous:

• Asset Protection: Because the assets are no longer regarded as yours after being put into the trust, irrevocable trusts offer a higher level of asset protection. This can protect them from debtors and court rulings.
• Tax Efficiency: Some irrevocable trust types, such as charitable remainder trusts (CRTs) and irrevocable life insurance trusts (ILITs), can provide considerable tax advantages, including lowering estate taxes and providing income for beneficiaries.
• Medicaid Planning: By withdrawing assets from your estate, irrevocable trusts can help you prepare for long-term care and Medicaid eligibility.
• Legacy Planning: Irrevocable trusts can be set up to achieve your philanthropic objectives if you wish to leave a lasting legacy or support a particular cause.

Deciding between a revocable and an irrevocable trust depends on your unique situation and objectives. While irrevocable trusts provide increased asset protection and potential tax benefits but have less flexibility, revocable trusts give you power and flexibility during your lifetime. The sort of trust that best satisfies your estate planning goals can be determined by speaking with an estate planning lawyer at Schleifman Law. Call us today to schedule a consultation and let our experienced estate planning lawyer in Arlington, VA help you navigate your estate planning options, and ensure your future is secure.