Legato, Virginia Estate Planning Lawyers
When you or somebody you care about needs help with estate planning, you can count on the team at HALE BALL MURPHY, PLC Carlson Baumgartner Murphy, PLC to get you through this. Our Legato, Virginia estate planning lawyers have years of experience helping area residents with a vast array of estate needs. This includes drafting and updating wills, establishing trusts, handling the administration of trusts, and making plans to handle estate taxes and debt. Our team is ready to get to work on your behalf today. We also provide services to other areas of Virginia, as well, such as Annandale and Fairfax.
Comprehensive Legato Estate Planning
At HALE BALL MURPHY, PLC, we understand the complexities of estate planning. Regardless of how significant your state is, we are ready to provide you with the guidance necessary to move forward to have peace of mind about your future and your family’s future.
- Wills – A will is a legal document by which a person leaves instructions about what will happen to their property after their death. A will can also be used to leave instructions about who will care for their minor children. A last will and testament can be modified or revoked during the lifetime of the maker and should be reviewed periodically.
- Trusts – A trust involves the transfer of property for one person to the control of another person, called the trustee. These assets are held in the trust to be used for the benefit of a third person. Often, trusts are left to manage the property of individuals who are minors, disabled, or irresponsible with their finances. Additionally, living trusts can be established by an individual during their lifetime so that they can manage their own assets while they are living. Upon passing, the assets of the trust will move on to another trustee, thereby avoiding probate court.
- Powers of Attorney – A power of attorney (POA) is a document used to give one person various types of authority over another person’s life. Often, a POA is used to ensure the proper management of a person’s financial and healthcare decisions. Most POAs are revoked when the principal becomes incapacitated, but a durable power of attorney can be established to remain in place should the principal become disabled or unable to make decisions for themself. Additionally, a springing power of attorney can be established to take effect only when various situations arise, including the disability of the principal.
- Estate Tax Planning – Taxes may be inevitable, but they do not have to be entirely burdensome. At HALE BALL MURPHY, PLC, our Legato estate planning lawyers have a comprehensive understanding of how federal estate taxes will impact you and your family. Our team will always keep tax planning in mind when we are working to establish a solid and comprehensive estate plan.
- Trust Administration – Whether you are the trustee over your own assets in a trust or have been tasked with being a trustee over another person’s trust, you need to ensure you go about this the right way. Our Legato, VA trust administration attorneys are ready to help ensure that you manage your trust properly. Our attorneys are equipped to handle any type of trust, including non-traditional trusts like resulting and constructive trusts.
- Estate Planning for Second Marriages – Whether you are getting remarried after a divorce or after your spouse has passed away, second marriages can present significant challenges to an estate plan. At HALE BALL MURPHY, PLC, our team wants to help ensure that your estate plan is properly updated when a second marriage occurs. This can include arranging for prenuptial agreements as well as making sure that your current spouse and/or stepchildren are included in the comprehensive estate plan.
- Pet Trusts – We understand how important your pets are in your life. We also know that you want to ensure that your loyal companion is taken care of in the event you become disabled or pass away. The Legato pet trust attorneys at HALE BALL MURPHY, PLC will work with you to establish a plan to leave behind money and care instructions for your companion.
Your Legato Estate And Taxes
Taxes are typically unavoidable, even when it comes to assets that are passed on as part of an estate. A skilled Legato estate planning lawyer will help you evaluate your entire estate and will discuss any tax implications with you. In Legato, Virginia, there is no Commonwealth estate tax that family members need to worry about. However, the current federal estate taxes 40%. Heirs will only owe estate taxes for amounts that go over the current federal exemption, which is $11.58 million per person or $23.16 million for a married couple. The federal exemption for estate taxes will increase based on inflation until 2025. In 2026, the exemption is set to revert back to the 2017 level, which is $5.49 million per person.
Probate court in Legato can be difficult
Probate court is the process by which assets in an estate are passed to heirs and beneficiaries. If at all possible, family members will want to do what they can to avoid going through the probate process. Going through probate could result in unnecessary taxes and additional costs, but there are various steps that a person can make before passing that can help their family members. This can include establishing a living trust that transfers all assets in a trust to a new trustee upon a person’s passing. Additionally, a person can add family members to their bank and retirement accounts so that the assets simply pass to the other person after a death occurs. Additionally, similar measures can be used for real estate and other important assets.
Contact an estate or trust attorney today for legal assistance. Our attorneys are also skilled in any type of estate or trust, including non-traditional trusts like resulting or constructive trusts, and even pet trusts.
Contact a Legato estate planning lawyer for help today
When you or somebody you care about needs help with estate planning, you can count on the team at HALE BALL MURPHY, PLC to stand by your side. Whether you are drafting a last wil,l and testament, updating your estate to meet changing situations, or working to understand the tax implications of your estate plan, we are here for you.
Legato is a short drive to our office in Fairfax (only around three or four miles). Depending on where you are coming from in Legato, take Lee Highway towards Lowe’s Home Improvement until you come to Main Street. You’ll want to take a right on Main and head past Fairfax Medical Center. Judicial Drive is on the right, but you will need to follow Judicial to the end, which means taking a left turn a bit down the road. Our offices are towards the end of Judicial Drive on the right.
Our Legato, Virginia, estate planning lawyers have a thorough understanding of how federal and state law intersect with the plans you need to make to preserve your assets and ensure your family’s successful future. You can contact us for a free review of yourestate planning matter by clicking her or calling 703.591.4900.
Since 1980 the AV-rated law firm of HALE BALL MURPHY, PLC has served the legal needs of individuals and businesses. Our team of attorneys include lawyers named to Super Lawyer and Rising Star lists, as well as attorneys with advanced legal degrees, specialty certifications and lawyers who teach their areas of practice to other lawyers.
Use the contact form on this page to schedule a consultation, or call 703-591-4900.
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10511 Judicial Dr
Fairfax, VA 22030
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