Coates & Davenport, P.C.

January 2020 Archives

What does a successor trustee do?

Trusts have become a popular option for many people in Virginia who want to plan for the future. They offer a greater level of privacy, flexibility and control than a traditional will while allowing assets to pass to beneficiaries without going through the probate process. When people create trusts, they often remain in control of them throughout their lives or at least until they become incapacitated. In most cases, people will name a successor trustee to manage the assets after they pass away or if they are no longer able to do so themselves. Similar to people who learn that they are the executor of a loved one's will, people who learn that they are a successor trustee are often unsure of their next steps.

Trusts and wills as part of estate planning

Estate planning can be important for people in Virginia who want to make sure that their assets pass on to their heirs in the manner they choose. By making an estate plan, people can allocate their property and also help to avoid future conflict and delays among their family members. There are several types of documents that can be an important part of an overall plan, including wills and trusts. Wills are perhaps the best-known estate document, a written testament that directs how a person's property should be disbursed after they pass away. It goes into effect after the person dies and, in most cases, passes through the probate court system.

Is it worth fighting for sole custody in a Virginia divorce?

Divorce can easily become messy when a couple lets their emotions guide their decisions at the end of their marriage. People often want to punish their spouse or "win" in the divorce in any way they can. Some people will fight to keep certain assets or try to secure what they view as a favorable asset division outcome. Others think of fighting for sole custody of the children as a way to beat their spouse in a divorce.

High asset divorce can hold big tax consequences

Recent changes to the tax code created potentially devastating tax consequences if a high asset divorce is not handled properly. Where large, valuable assets are concerned, the Republican tax overhaul that took place this year made some significant changes. So much so that attorneys and financial advisors are now recommending that personal accountants become a strategic part of the divorce process.

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Coates & Davenport, P.C.
5206 Markel Road Suite 200
Richmond, VA 23230

Phone: 804-729-5537
Fax: 804-285-2849
Fax: 804-285-3426
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