Frequently Asked Questions

Indeed, while you may cherish your pet as a loyal companion, the law views them as ‘personal property,’ lacking the legal status of a person. Hence, it’s crucial to select the appropriate planning approach, such as including provisions for your pet in your will or establishing a trust.

Unlike a will, which could be subject to probate, a trust takes effect immediately based on its terms—typically triggered by death or disability. The trust outlines care, control, and financial provisions for your pet including directives for daily care, medical needs, physical control, and burial arrangements.

Probate serves as a court process aimed at transferring ownership of assets from a deceased individual’s name to their living beneficiaries. But it’s more than just a transfer—it’s also where creditors of the deceased file claims to collect debts and where interested parties can voice concerns, such as contesting a will. However, even without contest, probate can prove to be both costly and time-consuming. Moreover, it’s worth noting that probate is a public proceeding.

Probate can be avoided with careful estate and asset protection planning.  There are a number of different techniques for doing so which can be used alone or in combination.

While a power of attorney (POA) grants authority to your chosen agent to act on your behalf during your lifetime, it is important to note that this authority ceases upon your passing. The primary purpose of a POA is to enable your agent to make decisions and handle affairs on your behalf when you are unable to do so yourself, due to incapacity or other circumstances.

Once you pass away, the authority granted by the POA comes to an end. At this point, the administration of your estate typically transitions to the individual or individuals designated in your will or trust as executor or trustee. These individuals are responsible for managing and distributing your assets according to your wishes, as outlined in your estate planning documents.

While a POA serves a crucial role in managing your affairs during your lifetime, it is not designed to protect or manage your estate after your passing. Instead, your estate plan—including your will, trust, and other related documents—provides the necessary framework for the orderly administration and distribution of your assets upon your death.

Moving to a new state brings many changes, including potential implications for your existing will. While a will created and signed in another state might still be recognized as valid in Virginia or North Carolina, it’s important to consider whether it fully aligns with local state laws to provide the best advantages. To ensure your will functions optimally under Virginia or North Carolina laws, minimizing any probate hassles and costs, it’s generally wise to update your will after relocating. This step helps guarantee that your final wishes are carried out as smoothly and effectively as possible.

Receiving a letter from the IRS can certainly be unsettling, but the key is to approach the situation calmly and methodically. The primary questions to consider are: How much do you actually owe, and are you in a position to pay this amount? Tax issues are highly individualized and demand a tailored approach, as the specifics of your case—including the solution—will vary based on your unique circumstances. These situations can range from straightforward requests for additional information to complex, urgent legal matters requiring immediate action. Regardless of the complexity, it’s crucial to address the matter promptly to explore all available options and strategies for resolution.

It’s understandable to consider the convenience and cost savings of online will-creation services. However, these platforms typically offer generic form documents for self-help purposes, lacking personalized legal consultation or advice tailored to your unique situation. They aren’t equipped to customize documents to your specific needs or guide you on whether your assumed needs align with your actual situation. Furthermore, these online documents often omit important provisions that could be highly beneficial or even essential for your estate plan. In essence, while online services may seem economical, they fall short in providing the comprehensive, customized planning that an experienced attorney can offer, potentially leaving your estate in a less secure position.

An IRS audit is essentially a thorough review conducted on either an individual’s or a company’s financial records and accounts. The primary aim of this review is to ensure that the information reported on tax returns—such as income earned and deductions claimed—accurately reflects the taxpayer’s financial situation. During an audit, the IRS is looking to confirm the correctness of these figures, identify any instances where income might have been underreported, deductions overstated, or other discrepancies that could affect the tax owed. It’s a process designed to maintain fairness and accuracy in the tax system.

Engaging a tax attorney for an IRS audit is crucial for several reasons. First, they possess the expertise to navigate the audit process efficiently, ensuring that your rights are protected and your interests are effectively represented before the IRS. Additionally, once the audit is complete, a tax attorney can explore and advise on the most suitable options for settling any owed back taxes, potentially saving you time and reducing your financial burden.