by Jonathan A. Nelson
With young families, the focus in estate planning is often for their children’s guardianship and daily care. As the children grow, the focus may shift from primarily handling worst-case scenarios to making sure assets are available for their education and then one's own wealth transition.
Wills and Powers of Attorney likely require updates during such transitions. Rather than using outside fiduciaries, adult children themselves may begin to fill emergency roles, become ready to handle asset administration, and help each other with continuing management. Sometimes, having a child with special needs or one needing additional maturing means setting up special provisions, and good or bad relationships with children, children's spouses, and grandchildren can mean more dimensions.
If disposable income rises or starts to descend from an older generation, wealth accumulation may warrant strategies to minimize taxes and administration expenses. These elements often point to creating one or more trusts to reduce the difficulty and cost of estate administration and allow for more specific or longer-term provisions. With small businesses or income-generating real property, care may be required to ensure continued business operation; sometimes, adding business interests to trusts or writing equity purchase agreements is also advisable in order to set up seamless leadership transitions, particularly as having all the family members suddenly become managers isn't always the best plan.
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Virginia attorney Jonathan A. Nelson uses his extensive legal knowledge and trial experience to resolve conflicts, negotiate settlements, navigate compliance matters, and vigorously advocate in the courtroom in order to achieve the best possible outcomes for his clients. He practices in estate planning, probate, trust and estate administration, corporate law, and civil litigation related to these fields.
The attorneys of Smith Pugh & Nelson, PLC, offer the experienced counsel, personal attention, and customized legal services needed to address the many complex issues surrounding estate planning, probate, and trust administration. Contact us at (703) 777-6084 to schedule a consultation.