This article is directed to two different groups of people: (1) those who have heard about a limited liability company (LLC) and are wondering if it might benefit them, and (2) those who have already created an LLC and need to be sure they are operating it correctly.
Disclaimers are very useful estate planning tools. However, in order to use disclaimers effectively, it is essential to understand how they operate and the risks involved in using them.
How property is titled determines in large part the manner in which that property will be transferred upon the owner's death. In Virginia, probate is the system used to transfer title to property at your death. A married couple will often own property jointly with rights of survivorship so that at the first spouse's death, title to the entire property will pass to the surviving spouse without the necessity of going through the probate system. This form of ownership, tenancy by the entirety, with right of survivorship, is only available to married couples.
The following questions were designed to help individuals find competent tax and estate planning counsel in states, such as Virginia, where there is no board certification of lawyers as estate planning specialists.
Where should I keep my will? - How long does a will last? - Is it safe for me to make changes to my will? - How can I locate a lawyer who is knowledgeable in the law of wills and estates?