You might be wondering what happens to your stuff after you’re no longer around. Today, we’ll explore the two primary paths through which assets are transferred to beneficiaries after one’s passing – one entails legal proceedings, while the other offers a straightforward, more hassle-free process. Outside of Court The easiest option is passing assets outsideContinueContinue reading “How Do Assets Pass to Beneficiaries After Death?”
Category Archives: Estate Planning Basics
Probate: Why Avoiding it Matters in Estate Planning
Probate is a term that often crops up in discussions about estate planning, but a lot of people don’t know what it is. More importantly, they’re not sure why they should strategize to avoid it. Understanding ProbateProbate is the legal process through which a deceased person’s assets are distributed to their heirs and beneficiaries. ItContinueContinue reading “Probate: Why Avoiding it Matters in Estate Planning”
Estate Planning: Your Roadmap to Peace of Mind
Starting the journey of estate planning can seem a bit overwhelming, especially with all the complex terms and various elements involved. But don’t worry! The friendly team here at Mathews Law is all set to help you navigate the basics. Our aim is to make estate planning a breeze, simplifying the process so you canContinueContinue reading “Estate Planning: Your Roadmap to Peace of Mind”
Wills and Trusts: What’s the Difference?
What’s the difference between a will and a trust? Is a will sufficient or do you need a trust? These are some of the more common questions our clients have during the estate planning process. While both serve the purpose of distributing assets and property to beneficiaries, they have distinct differences in how they workContinueContinue reading “Wills and Trusts: What’s the Difference?”
Part 2: What Business Owners Need to Do About the Corporate Transparency Act
In our recent post we introduced you to the Corporate Transparency Act (CTA), a significant piece of legislation aimed at enhancing transparency and combating financial crimes. In this article, we’ll detail what steps you need to take next to ensure compliance. What should you do now? As a small business owner, it’s essential to takeContinueContinue reading “Part 2: What Business Owners Need to Do About the Corporate Transparency Act”
Federal Estate Tax and Gift Tax Exclusion Rates for 2024
Effective January 1, 2024, new federal estate and gift tax exclusion rates are now in place. This article outlines the updated figures and provides essential information for individuals navigating estate planning considerations. Federal Estate Tax Exemption The federal estate tax exemption for 2024 stands at $13.61 million per individual. This figure represents the threshold atContinueContinue reading “Federal Estate Tax and Gift Tax Exclusion Rates for 2024”
Naming Alternate Beneficiaries: A Simple Step with Big Implications
The way we plan for the future can have profound effects on our loved ones. When it comes to estate planning, one essential but often overlooked step is naming alternative beneficiaries on your financial accounts, such as your 401k, TSP, or investment, and bank accounts. Naming alternative beneficiaries when you work with an estate attorneyContinueContinue reading “Naming Alternate Beneficiaries: A Simple Step with Big Implications”
Mathews Law, PLLC Celebrates Five Years!
It’s hard to believe, but we’re thrilled to celebrate a significant milestone – it has been five remarkable years since we opened our doors to serve our fellow Virginians. Our journey as an estate planning attorney in Alexandria, VA has been both challenging and rewarding, and today, as we mark our 5th anniversary, we wantContinueContinue reading “Mathews Law, PLLC Celebrates Five Years!”
Filing for Divorce in Virginia? Why Updating Your Estate Plan is Crucial
Even in the best of scenarios, going through a divorce is an emotionally charged, challenging process. Amid the whirlwind of legal proceedings, contacting an estate planning attorney might not be at the top of your to-do list—but it should be. A divorce, often referred to as dissolution of marriage, can stretch over several months, sometimesContinueContinue reading “Filing for Divorce in Virginia? Why Updating Your Estate Plan is Crucial”
Charitable Giving: A Generous Part of Your Estate Plan
As we navigate the winding roads of life, we inevitably begin to contemplate our legacy and the mark we wish to leave on the world. For many, this reflection leads to the decision to incorporate charitable giving into their estate plans. Charitable donations can be an impactful way to support the causes and organizations youContinueContinue reading “Charitable Giving: A Generous Part of Your Estate Plan”