» estate planning attorney

Virginia Beach, VA (Law Firm Newswire) March 17, 2014 – Legal news outlet JD Supra recently asked attorneys to describe common, costly mistakes people make when preparing estate plans and the best ways to prevent or fix them. Hampton Roads estate planning attorney Andrew Hook weighed in with his take on some of the top issues reported by JD Supra. Procrastination. Too many people, perhaps unwilling to face their own mortality, wait until the very end of their lives to consider any sort of estate planning. Many will never get around to it at all. “The earlier estate planning begins, […]


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Virginia Beach, VA (Law Firm Newswire) February 19, 2014 – Projections show that within 20 years, typical retirees will rely mostly on 401(k)s and other private retirement accounts to meet financial needs. “That may be alarming to some, but the industry is evolving to help meet that challenge,” says Virginia estate planning attorney Andrew Hook. “A number of trends are increasing the effectiveness of 401(k)s and workers’ utilization of them.” Hook identified the following six trends in the retirement investing industry. Increased use of Roth 401(k)s: Like Roth IRAs, Roth 401(k)s are funded with after-tax contributions. Workers pay income taxes […]


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Fairfax, VA (Law Firm Newswire) December 30, 2013 – Planning one’s estate should be paired with planning one’s retirement, says a prominent estate planning attorney. Lisa McDevitt, a Virginia estate planning attorney with the McDevitt Law Firm, said that while many people only think of wills and trusts when they think about estate planning, they should actually be thinking about retirement planning at the same time. “Of course estate planning includes creating a will and any necessary trusts to ensure that your assets are distributed according to your wishes after you die,” said McDevitt. “But in order to make sure […]


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Palo Alto, CA (Law Firm Newswire) December 30, 2013 – Most workers who participate in 401(k) plans are trying to save enough for a comfortable retirement and perhaps an inheritance for their children and grandchildren. A prominent estate planning attorney says that while 401(k)s are a good way to add to one’s retirement savings, it is important to take a look at the fees a plan charges, as these fees can erode one’s savings. “Employers are now required to provide workers with more information about the fees connected with administering 401(k)s and the different investment options they provide,” said Michael […]


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Palo Alto, CA (Law Firm Newswire) December 17, 2013 – A prominent estate planning attorney says that autumn is the season to take stock of one’s retirement savings. “As we draw close to the end of the year, it is a good time to think about whether your retirement savings plan is on track,” said Michael Gilfix. For many people, a 401(k) is a key part of their retirement savings plan. If an employer matches contributions, then it is a good idea to contribute at least the amount that will be matched. But according to Gilfix, one may want to […]


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Fairfax, VA (Law Firm Newswire) October 16, 2013 – Debt can affect retirement plans, says a prominent Virginia estate planning attorney. Americans entering their golden years should be looking forward to enjoying their retirement and perhaps planning to leave an inheritance to their children. However, many of the baby-boomer generation are finding that things like credit card debt, mortgages, the cost of caring for elderly parents, and providing support for college-aged children, are significant obstacles in retirement and estate planning. “Debt is a growing problem for older Americans, and it definitely affects estate planning,” said Lisa McDevitt, an estate planning […]


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White Plains, NY (Law Firm Newswire) September 19, 2013 – According to a survey by Findlaw.com, approximately 60 percent of parents have yet to formalize a simple will to protect their children. Having an estate plan in place, including a will and possibly trusts as well, should be a major concern for every parent. The future may hold decision-making issues regarding disability or incapacity, or the untimely death of one or more parents. As hard as it is to contemplate, one of the choices a responsible parent must make is how to ensure their child or children are safe if […]


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White Plains, NY (Law Firm Newswire) September 19, 2013 – Sudden wealth may be a six-figure sum for some estates, or may be a five-figure amount. What every amount of sudden wealth has in common is that it is a windfall of sorts, separate from the expected financial shifts and therefore outside the recipient’s financial comfort zone. It is one of those scenarios that so many people play around with: what they would do if an unexpected windfall appeared in their life, a large sum of money came their way due to an inheritance, contract, business sale, lawsuit, lottery win, […]


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White Plains, NY (Law Firm Newswire) September 12, 2013 – Sudden wealth may be a six-figure sum for some estates, or may be a five-figure amount. What every amount of sudden wealth has in common is that it is a “windfall” of sorts, separate from the expected financial shifts and therefore outside the recipient’s financial comfort zone. It is one of those scenarios that so many people play around with: what they would do if an unexpected windfall appeared in their life, a large sum of money came their way due to an inheritance, contract, business sale, lawsuit, lottery win, […]


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White Plains, NY (Law Firm Newswire) September 6, 2013 – A family-owned business is a hard-won commodity and considered a legacy to be passed on to the next generation. However, that legacy can be lost in the transition from one generation to the next; more than 70 percent of family-owned businesses do not successfully survive the transfer. Estate planning specialists say that business owners may wish to develop a transition plan with an estate planning attorney to ensure the business makes it to their children intact upon their retirement or death. How can business owners ensure their plans for the […]


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Virginia Beach, VA (Law Firm Newswire) May 3, 2013 – President Obama proposed a budget that would grant significant increases to VA funding. The President’s proposed budget for fiscal year 2014, beginning October, 2013, allocates $152.7 billion to the Department of Veterans Affairs, an increase of 10.2 percent over current spending levels. The budget includes $86.1 billion in mandatory spending, which is mostly disability benefits and pensions, and $66.5 billion in discretionary spending, which goes mainly toward health care. “This is welcome news for our nation’s veterans and their families,” commented veterans attorney Andrew Hook. “This funding increase for the […]


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Virginia Beach, VA (Law Firm Newswire) April 24, 2013 – A new report says wait times and claims backlogs for veterans filing for disability are growing. The Center for Investigative Reporting (CIR) has released a report detailing the findings of a lengthy review of internal documents from the Department of Veterans Affairs (VA). The report shows that delays encountered by first-time applicants for veterans disability benefits are much longer than the VA has previously acknowledged. Virginia veteran’s attorney Andrew Hook commented, “We owe it to our veterans to ensure they get the benefits they deserve and were promised, and in […]


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Virginia Beach, VA (Law Firm Newswire) April 17, 2013 – The FDA plans to ease the rules governing approval of new Alzheimer’s treatments. Under the proposal, drug companies would no longer be required to demonstrate in clinical trials that their products improved a patient’s life. Instead, approval could be granted based on test subjects in the early stages of Alzheimer’s showing small improvements in reasoning and memory in controlled tests. The proposed change addresses a problem inherent in the agency’s existing policy. Medications are most likely to be useful to Alzheimer’s patients in the earliest stages of the disease. But […]


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Virginia Beach, VA (Law Firm Newswire) March 28, 2013 – The Virginia General Assembly should expand Medicaid coverage, a major Richmond employer warned. The Virginia Commonwealth University Health System’s CEO, Dr. Sheldon M. Retchin, recently spoke before a House Appropriations subcommittee, saying the hospital cannot withstand proposed cuts to payments for their care of uninsured Virginians unless the state covers those patients under an expanded Medicaid program. Elder law attorney Andrew Hook commented, “Beneficiaries of government health benefits are among the most vulnerable segments of the population. It is crucial for the federal government, state government, and our hospitals to […]


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Virginia Beach, VA (Law Firm Newswire) March 5, 2013 – Beneficiary forms can derail your carefully-laid estate plans. On a wide variety of investment vehicles, people have the option of directly naming beneficiaries for those assets. The advantage is that when the owner dies, the assets go directly to the beneficiaries, bypassing probate, which can be time-consuming and expensive. The disadvantage is that designating a beneficiary overrides your will. Elder law attorney Andrew Hook commented, “Naming beneficiaries for your investments certainly has a place in estate planning. But it is important to manage those designations carefully and incorporate them into […]


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Virginia Beach, VA (Law Firm Newswire) February 27, 2013 – Leaving a secure future in place for a special needs child can be a daunting task. One of the hardest things for the parents of a special needs child to face, experts say, is the thought that they will someday not be able to care for that child. For many parents, having a simple will which leaves assets to surviving children is enough. But, when a parent has a special needs child, a straightforward will simply isn’t enough. A minor child or adult child with special needs who requires outside […]


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Virginia Beach, VA (Law Firm Newswire) February 20, 2013 – As the U.S population continues to age, the demand for elder care services will only increase. A recent report released by a Cleveland-based marketing firm, The Freedonia Group, cautions that federal and state spending for elder care should continue to increase in order to care for the growing elderly population, regardless of other spending restrictions that may be made. “Skilled nursing home services, in-home health care services, and stays in assisted living facilities are all expected to increase at least 5 percent each year for several years,” stated Virginia elder […]


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Virginia Beach, VA (Law Firm Newswire) January 24, 2013 – Leaving a secure future in place for a special needs child can be a daunting task. One of the hardest things for the parents of a special needs child to face, experts say, is the thought that they will someday not be able to care for that child. For many parents, having a simple will which leaves assets to surviving children is enough. But, when a parent has a special needs child, a straightforward will simply is not enough. A minor child or adult child with special needs who requires […]


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Virginia Beach, VA (Law Firm Newswire) January 18, 2013 – As the U.S population continues to age, the demand for elder care services will only increase. A recent report released by a Cleveland-based marketing firm, The Freedonia Group, cautions that federal and state spending for elder care should continue to increase in order to care for the growing elderly population, regardless of other spending restrictions. “Skilled nursing home services, in-home health care services, and stays in assisted living facilities are all expected to increase at least 5 percent each year for several years,” stated Virginia elder law attorney Andrew Hook. […]


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Virginia Beach, VA (Law Firm Newswire) December 3, 2012 – An adult child of an indigent, or financially overburdened parent, may be on the hook for their extraordinary debt. Though not many individuals are aware of this fact, at least 29 states, as well as Puerto Rico, have laws granting long-term care providers the authority to seek payment from the adult children of a parent to whom a provider renders care. Katherine Pearson, Professor of Law at the Dickinson School of Law at Penn State University, states that care providers in Pennsylvania and South Dakota are actively pursuing payment from […]


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