Join Club

Legal Review: What are the Biggest Problems When Estate Planning?

By Estate Planning Attorney Steve Novak of Estate & Probate Legal Group, Ltd.

Estate planning is important, but it also becomes very challenging when certain factors are present.

In January, TD Wealth held their 53rd Annual Heckerling Institute on Estate Planning. Attorneys, trust officers, insurance experts and accountants were in attendance. Of these, 105 were asked about the biggest issues that can crop up during estate planning. The three factors these professionals identified included family conflict, market volatility and tax reform.

“These are definitely some of the biggest issues we see in our office,” says Steve Novak of Estate & Probate Legal Group. “It is for these reasons, and more, that it is so important to have an attorney by your side when estate planning. An attorney can help settle all of these issues swiftly, and ensure an estate plan is enforceable, and properly represents the individual’s best interests.”

Among all the many factors the respondents stated could present problems during estate planning, family conflict was number one. The most common type of this conflict is designating beneficiaries.

Some family members may be unhappy with who was chosen, or how much of a share they were gifted. While this may tempt some not to tell their family about their estate plan, failing to communicate the plan with family members was another form of family conflict the participants stated could cause a problem with estate planning.

Somewhat surprisingly, volatile markets can also bring complications to estate planning. Some want to gift beneficiaries with something that will be long-lasting, but short-term fluctuations can cause those making the plan real cause for concern.

Lastly, the major overhaul to tax law in 2017 is now playing a major role in estate planning. With increases in the federal gift and estate tax exemption, more people are starting to place assets they would like to gift into trusts.

This allows the gift to be considered the beneficiary’s and theirs alone. If a child goes through a divorce later in life, a trust will make it clear that it was separate property and so, protect that family member in the future.

Unfortunately, these are just the three main issues that arise most often during estate planning. They are also the biggest reasons anyone creating an estate plan should speak with an attorney that can help.

Recent Stories

An unusual crash blocked lanes on I-66 Friday evening. Three people were hurt, none seriously, in the crash on eastbound I-66 near Patrick Henry Drive, according to the Arlington County…

It’s going to be a windy Saturday. The National Weather Service just issued a Wind Advisory for Arlington and other parts of the D.C. region, in effect until 6 p.m….

Good Friday evening, Arlington. Let’s take a look back at today’s stories and a look forward to tomorrow’s event calendar. 🕗 News recap The following articles were published earlier today…

McLean-based Golden Boot Soccer has been a leader in youth soccer skill development and fun for nearly 30 years, and this summer they’re bringing their popular summer camps back to…

Sarah Moore, LPC, is a therapy practice specializing in women’s mental health across various life stages.

We work with women, couples and teens in Virginia and Washington, DC. online and at our office at 1530 Wilson Blvd. in Arlington.

Our specialties include Cognitive Behavioral Therapy (CBT), the Gottman Method for couples and the Path to Wellness for pregnancy and postpartum.

Many of our clients are experiencing major transitions in their lives, either personally or professionally — or at school. A good portion are athletes. And many are caretakers.

Read More

Submit your own Announcement here.

It is the decision of the United States Department of Defense (DoD) Washington Headquarters Services (WHS) to implement the Proposed Action: the 2024 Pentagon Reservation Master Plan Update (Pentagon Master Plan) as the framework to guide future decisions regarding land use and infrastructure at the Pentagon site and Mark Center. The Pentagon Master Plan aims to provide an update to the existing conditions at the Pentagon and Mark Center and presents projects and revisions to land use categorizations that will address the specific needs to reduce the Pentagon’s environmental impacts and advance sustainability, security, and resilience. The National Environmental Policy Act (NEPA) review has been completed through preparation of a Final Environmental Assessment (EA) to evaluate environmental impacts arising from implementation of the projects. WHS has concluded that no significant impacts to the human or natural environment will result from implementation of any projects, and recognized negative effects will be reduced by adherence to standard best management practices, applicable permit and consultation conditions, and standard operating procedures. This decision is further documented in the Finding of No Significant Impact (FONSI) signed on March 20, 2024.

This notice announces the availability of the FONSI to implement the 2024 Pentagon Reservation Master Plan Update.

For further information and to request a copy of the Final EA or FONSI, please contact Brian King, Environmental and Sustainability Program Manager, WHS/Facilities Services Directorate/Standards and Compliance Division/Environmental and Sustainability Branch; (703-614-3658 or [email protected]). Please include “Pentagon Master Plan Final EA and FONSI” in the subject line.

Submit your own Announcement here.

Fascination

Goth-Dark Wave Dance Party with Belly Dancing and Drag King Show.

                                         Part of Our

Alternative Thursdays for Alternave People with Alternative Lifestyles

                                      Performances By

Belladonna and the Nightshades

Ya Meena

Drag King - Ken Vegas

DJ Michelle Guided

National Chamber Ensemble – Concerto Celebration

We invite you to join us for an extraordinary evening of music at our Season Finale, “Concerto Celebration”! Enjoy several masterworks as NCE performs two famous concertos in an intimate chamber music setting, opening with a delightful work by Chevalier

×

Subscribe to our mailing list