Coordinating Beneficiary Designations with the Overall Estate Plan

Assets such as life insurance, annuities, pension plans, 401ks and IRAs have beneficiary designation forms as part of the set-up process. Remember to check that your beneficiary designations were made, and if you have a revocable trust, that you have changed title to assets to comport with your wishes. Make particular note of any newly-acquired asset, life insurance policy, or real estate purchase (particularly if out of state).

ACTEC Fellows dig into the complexities around beneficiary designations so that viewers understand the essential facts.

If you have questions about titling, beneficiary designations, or other matters, please do not hesitate to give Schooley Law Firm a call.

Getting Your Affairs in Order: Essential Legal Documents

Happy 2024! It’s the new year and the year for you to think about creating an estate plan for the first time or to pick up and review your existing estate plan.

Schooley Law Firm recommends that you review your documents every three years to ensure that the right people are still named as fiduciaries in your documents, that your intended beneficiaries are still living, that your assets have not largely changed, and that your plan still comports with your wishes, generally.

If you’re just starting you may wonder what legal documents should you have in place to prepare for an emergency. Learn more about a Durable Power of Attorney, Financial Power of Attorney, and Advanced Healthcare Directive - Living Will - in this critical video from an elder law expert.

Estate Planning with Art - Selling, Gifting, or Donating Art

By now, if you live in the Richmond Metro Area, you have heard about one lucky woman who purchased a vase at a Richmond Goodwill for $3.99 and later sold it at auction for a whopping $100,000. Whether you have been a collector for years, are just starting, or hit the jackpot at Goodwill, art and collectibles (assets like paintings, prints, sculptures, watercolors, classic cars, antiques, wine etc.) are assets that could be included in your probate estate.

Estate planning art experts explain the options art owners have to dispose of their assets - selling, gifting, or donating art collections. If your art collection is meaningful, then the appropriate legacy-planning steps need to be taken to protect it for future generations. Our attorney, Jennifer Schooley, has extensive experience with art and collectibles and can help you plan.

The American College of Trust and Estate Counsel, ACTEC, is a professional society of peer-elected trust and estate lawyers in the United States and around the globe. This series offers professionals best practice advice, insights, and commentary on subjects that affect the profession and clients. Learn more in this podcast.

Charitable Giving Tips & Tricks

Charitable giving holds significant importance, as it represents a crucial opportunity for individuals to make a positive impact on their communities and causes close to their hearts. Especially as the calendar year concludes, people often engage in philanthropy to maximize tax benefits, taking advantage of deductions for charitable contributions.

ACTEC Fellows explain what you need to consider regarding taxes, donating stocks vs. cash, “bunching” donations, donor-advised funds (DAF), and more.

Pitfalls of Pay on Death (POD) Accounts

Pay on Death (POD), aka Transfer on Death (TOD) and Totten Trust, allows the account owner to designate a specific beneficiary who will receive the funds in the account upon their death, bypassing the probate process. This can help ensure a smooth and efficient transfer of assets to your intended recipient, providing financial security and reducing the burden of legal proceedings for your loved ones, but there are some drawbacks.

ACTEC Fellows explain how Pay on Death accounts work and what account owners should be aware of before identifying a beneficiary on the form.

If you have questions about POD or TOD accounts, please schedule a meeting with us so that your titling may be checked or updated accordingly.

Should I Serve as an Agent Under a Financial Power of Attorney (POA)?

A Power of Attorney (POA) typically refers to a property or a financial Power of Attorney. The agent under the POA has real powers and responsibilities.

A POA gives one or more persons the power to act on your behalf as your agent. The power may be limited to a particular activity, such as closing the sale of your home, or be general in its application. The power may give temporary or permanent authority to act on your behalf. The power may take effect immediately, or only upon the occurrence of a future event, usually a determination that you are unable to act for yourself due to mental or physical disability. The latter is called a "springing" POA. A POA may be revoked, but most states require written notice of revocation to the person named to act for you.

ACTEC Fellows explain what individuals need to understand before accepting the role of an agent under a Power of Attorney.

Should I Serve as a Trustee?

Being named as trustee of a trust, whether that is to manage assets on behalf of someone else or for yourself, involves responsibilities that are not readily apparent.  Prudent investment management, distribution decisions, and tax reporting obligations are core features of the job.  The best way to ensure a smooth experience for the trustee and beneficiaries is to build your administration practices on a strong procedural and legal foundation, understanding what is required by the terms of the document and by underlying law, and also what is within a trustee's discretion. 

Schooley Law Firm is here to help relieve the burden and leverage our two decades of experience to help you navigate this job efficiently and effectively.  However, if you are well into your term as trustee and have encountered new problems, we are here to help you get back on track.

ACTEC Fellows offer an overview of the trustee's responsibilities and the risks in this short video.  

How to Talk with Your Family About Estate Planning

With the holidays around the corner, it is a great time to begin having conversations about estate planning with your loved ones.

Your family members can benefit significantly when you talk to them and share with them that you have completed your plan. It creates some peace and tranquility among your loved ones to know that things are in order. ACTEC fellows share tips to talk with your family about Estate Planning.

Social Security Retirement Age and Benefits | When to Apply for Social Security

What are the advantages and disadvantages of taking Social Security retirement benefits early, at age 62? Should you delay taking Social Security retirement benefits to age 70? How does taking retirement benefits impact your spouse, dependents and disabled dependents? ACTEC Fellows explain what Americans need to consider in determining when to take their Social Security retirement benefits.

ACTEC’s Guide for Agents Acting Under Durable Power of Attorney

Like most legal undertakings, setting up and using power of attorney documents can be a confusing process. Yet, powers of attorney enable adults and their families to create a solid plan for addressing future care needs and offer peace of mind. If you have been named as a power of attorney (POA), ACTEC’s Guide for Agents discusses your rights and responsibilities as well as the limitations come with this appointment.

Understanding Powers of Attorney

The term power of attorney (POA) refers to a legal authorization that gives a designated person the power to make decisions about other person’s property and finances. A power of attorney could be considered one of the most important estate planning documents you can sign.

What is Portability for Estate and Gift Tax?

In July 2022, the IRS issued a revenue procedure (Rev. Proc. 2022-32), which extended the filing of estate tax returns to elect portability to five years from the date of death of the decedent. What is portability and how does it affect the estate and gift tax exemption? Federal gift and estate taxes have implications at death and the surviving spouse has options for handling the estate, one of which is using portability. Trust and estate experts explain portability of the estate and gift tax exemption and what to consider if electing to use it.