A new development occurred on January 1, 2010, that affects the vast majority of our clients. Changes to the federal estate tax will affect our estate planning clients, while changes to the way capital gains will be calculated will affect all of our clients, including our elder law clients. The lawyers at Oast & Hook have studied the potential impact of the repeal of the federal estate tax and the generation skipping transfer tax, and Oast & Hook will present a free seminar to those who think they could be affected by these changes. Make sure your estate plan is not obsolete. Reserve your seat now. Oast & Hook will present this seminar twice on February 22nd at the Virginia Beach Central Library, 4100 Virginia Beach Boulevard, Virginia Beach, Virginia 23452. The first presentation begins at 10:00 a.m., and the second presentation begins at 4:00 p.m. If you have any questions about this seminar or if you would like to register for it, then please phone Oast & Hook at 757-399-7506.
Archive for the ‘Wills’ Category
New Developments in the Estate Tax Law, Are You Affected?
Monday, February 8th, 2010How to Approach Your Parents About Their Estate Plan
Friday, October 16th, 2009Oast & Hook often hears from children who are concerned that their parents may not have an estate plan in place. Many children are concerned that they would not be able to assist their parents in the event a parent had a disability such as a stroke or dementia. Understandably, these subjects may be hard for children to discuss with their parents as children do not want to appear greedy, and the parents may fear loss of control or independence
How can an individual approach their parents about these issues? First, we recommend individuals update their estate plan including properly executed durable power of attorneys and advance medical directives. After individuals complete their plan, they often feel they can approach their parents by referring to the work they have completed with an elder law attorney. We also recommend asking about a general durable power of attorney and advance medical directive rather than a will. Those documents plan for the parents care while they are still alive and show a desire to see parents cared for while they are still here rather than focusing on who will get assets after the parents have passed.
Legacy Letters and Ethical Wills
Monday, June 15th, 2009A recent Investment News article by Kathleen M. Rehl discussed the value of parents leaving “legacy letters’ for their children and grandchildren to share after the parents are gone. Traditional estate planning is important for everyone, but many people want to focus on more than just property or financial assets. A legacy letter or ethical will is a good addition to an estate plan.
The author described the letter her mother had written shortly before her death. “Please know how important you are to me and how much I love you. Life has been such a fascinating and interesting adventure with you, my family, being a big part of this journey.” She wrote about her values, lessons life taught her, and her love for each member of the family. Ms. Rehl says that “[w]hat she experienced during her 84 years of life was much more valuable than the material stuff she left behind.”
Barry K Baines is the author of “Ethical Wills: Putting Your Values On Paper,” and his website is www.ethicalwill.com. The website includes samples of ethical wills, written by people at various stages of their lives. Theses transition times may include marriage, the birth of a child or grandchild, change of career, retirement, death of a spouse, health challenges or the end of life. People may find that writing these legacy letters can help manage these transition stages better.
Ms. Rehl says that writing a legacy letter not only helps loved ones by communicating the meaning of the author’s life, but is a gift for the writer. “In reflecting upon the past and recording thoughts on paper, writers learn about themselves, ponder what they stand for and have the opportunity to articulate that which is closest to their hearts.” People can write their initial letter and keep it updated each year.