Begin the Begin – Once you begin, you are closer to the end than had you not begun at all. You may wonder from where the name of this blog originated as it is not the R.E.M. song. It comes from the above-referenced phrase I remember reading in the eighth grade that my teacher had posted on the wall. I do not recall the author (and have tried to track that information, but to no avail).
It is clear that this simple phrase has stuck with me throughout the years. And, it is a good place to start when addressing estate planning, business planning, incapacity planning, special needs and elder law issues as well as winding your way through the administration of an estate or trust. All of these subjects can be sensitive and difficult topics to discuss, a discussion many choose not to start. However, as simply stated once the conversation about these subjects has begun, you will be closer to finishing your plan (and be better prepared) than had no conversation been started at all.
To begin your planning, please contact me at 703.218.2175 or email me at firstname.lastname@example.org. See Disclaimer.
Now let’s Begin the Begin!
Latest Blog Posts
- Mega Millions Winnings – Imagine the Possibilities!
Currently there is a lot of focus on the Mega Millions that has a jackpot of $1.6 billion (and climbing) and many discussions are being had detailing what one would do if they won. Imagine the possibilities! Some of the considerations include making gifts and loans to friends and family members.
Although chances of winning are 1 in 302.5 million, if you do win and you are in a position to consider making gifts or loans to friends and family members, there are a few key points to remember to minimize any gift tax consequences. As highlighted in an earlier article, ... Read more
- “You Better Think” – Aretha Franklin Dies Without a Will Documentation filed earlier this week in Oakland County probate court in Michigan by Aretha Franklin’s children indicates that she died without a will or a trust. On the forms, a box was checked signaling that “the decedent died intestate”. What does this all mean?
Dying without a Last Will and Testament or a revocable living trust means that a person is intestate and the laws of the state in which they resided at death will spell out who is to receive the assets of the estate. Under Michigan law, Ms. Franklin’s estate will pass equally to her children as she was ... Read more
- Learn More About the Virginia Academy of Elder Law Attorneys (VAELA)
Check out the brief interview I did regarding my new role as President of the Virginia Academy of Elder Law Attorneys.
The Virginia Academy of Elder Law Attorneys, or VAELA, is a non-profit professional organization. Its mission is to educate and empower legal representation of elderly and/or disabled clients and their families. OFP Shareholder Catherine F. Schott Murray currently serves as VAELA’s President.
How does VAELA help protect/advocate the interests of seniors or the disabled?
Catherine F. Schott Murray: VAELA Is leading the way in special needs and elder law in Virginia by educating, inspiring and empowering legal representation of elderly and disabled ... Read more
- A New Year Means New Exemption Levels Welcome to the New Year! As with any new year, there are usually changes to a variety of important numbers for estate planning and elder law purposes. This year the applicable exclusion amount from Federal estate tax is set at $11.18 million per person thanks to tax reform. The lifetime exclusion from gift tax is also $11.18 million per person and the exemption from generation skipping transfer tax is $11.18 million. The annual exclusion from gift tax will be at least $14,000.
For local jurisdictions that have estate tax, the District of Columbia increased its estate tax exemption from $1,000,000 to ... Read more
- Tax Update – 2018 Estate and Gift Tax Exemptions and More… The IRS recently announced the estate and gift exemption levels for 2018 and they continue to increase as per legislation passed in January 2013. The applicable exclusion amount from Federal estate tax will increase to $5.6 million per person allowing a married couple to shelter $11.2 million from Federal estate tax, the rate for which is currently set at 40%. The lifetime exemption from gift tax remains coupled with the exemption from Federal estate tax, and therefore, this exemption will also increase to $5.6 million per person. The annual gift exclusion amount will also increase for the first time since ... Read more
- Revision to Proposed Rule Banning Arbitration Clauses in Nursing Home Admissions Agreements Last year, the Centers for Medicare and Medicaid Services (“CMS”) issued a rule banning the use of binding pre-dispute arbitration agreements by nursing homes that accept Medicare and Medicaid patients. The result of the new rule would have been that families who have an issue with a nursing home regarding care, abuse, and the like, would have been able to sue in court to have their case heard versus having to go through a binding arbitration process. However, the American Health Care Association along with four long-term care providers filed suit against the Health and Human Services Secretary and CMS arguing ... Read more
- Aging in Three Simple Questions At a recent Moms at Work event hosted by Claire M. S. Meade, discussion was held about those who are part of the “sandwich generation”, that is those who have young children, but also older parents. In particular, the conversation centered on questions to ask retired or retiring parents to help facilitate a discussion about aging. Many earlier articles have addressed estate planning, including planning for incapacity and planning for death. But this discussion highlighted three basic questions that MIT AgeLab identified as key when considering what it means to be retired. The simple questions are: (1) Who will change ... Read more
- National Healthcare Decisions Day – Week Long Event for 2017 Earlier articles have talked about how you can control your final moments and also how you want to be remembered. This year National Healthcare Decisions Day is a week long event beginning April 16 and ending on April 22. Such recognition provides a reminder that having an advance medical directive and a living will in which you express your wishes regarding medical care, if you cannot decide, and whether you want life-prolonging procedures, are crucial components in every estate plan. Several states and the District of Columbia have addressed end of life decision-making through death with dignity statutes. But, regardless ... Read more
- New Virginia Legislation Addresses Thorsen Case The Virginia General Assembly has passed SB 1140 and HB 1617 both of which address the issues raised in Thorsen v. Richmond Society for the Prevention of Cruelty to Animals (786 S.E.2d 453 (Va. 2016). As may be recalled, the Thorsen case involved an error in the drafting of a Last Will and Testament that resulted in the intended beneficiaries receiving a smaller amount than was originally expected. In connection with a lawsuit for legal malpractice, the Virginia Supreme Court found that a third-party beneficiary may sue to enforce its rights even though those parties are not known for many ... Read more
- IRS Issues Tips for Refunds Earlier this month the IRS issued IR-2017-16 to provide taxpayers with information regarding refunds. In particular, the IRS was interested in debunking a few myths that may be circulating out on the internet about refunds. First, the IRS has indicated that the statement “all refunds are delayed” is false. More than 90% of refunds are issued within the normal timeframe, which is less than 21 days. However, some refunds may be delayed including for those taxpayers claiming the earned income tax credit (EITC) or the additional child tax credit (ACTC). Delays for refunds on those returns are until mid-February. Other ... Read more