Attorney with Hook Law Center Explains Common Estate Planning Mistakes | Law Firm Newswire

Attorney with Hook Law Center Explains Common Estate Planning Mistakes

Hook Law Center (formerly Oast & Hook)

Hook Law Center (formerly Oast & Hook)

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, the better,” said Hook. “This allows plenty of time to consider the options and get the best arrangements in place, without making important decisions in times of stress and turmoil.”

Too many trust amendments. The more amendments a trust has, the greater the risk of an amendment becoming lost or improperly executed.

“If a client wishes to make further changes to a trust that already has multiple amendments, we usually recommend creating a new trust that incorporates all changes and revokes the original trust,” Hook indicated. “Alternatively, all existing amendments can be revoked and replaced with a single new amendment that includes all prior changes.”

Improper linkage of assets to trusts. Revocable living trusts allow the bulk of an individual's assets to pass to his or her heirs without going through probate, but only if title to those assets is properly transferred to the trust.

“It's not always as simple as, say, designating the trust as a beneficiary to a financial account,” Hook cautions. “Many assets, such as retirement accounts, have complex rules. The counsel of an experienced estate planning attorney is indispensable in properly managing trusts.”

Citizenship. The unlimited marital deduction allows the unlimited, tax-free transfer of assets from one spouse to another in most circumstances, including upon the death of the transferer. But this deduction applies only if the surviving spouse is a U.S. citizen.

“If the surviving spouse is not a U.S. citizen, one option available is a qualified domestic trust, which may be created after death. A skilled estate planning attorney will never take this basic point for granted.”

Hook Law Center
295 Bendix Road, Suite 170
Virginia Beach, Virginia 23452-1294
Phone: 757-399-7506
Fax: 757-397-1267

SUFFOLK
5806 Harbour View Blvd.
Suite 203
Suffolk VA 23435
Phone: 757-399-7506
Fax: 757-397-1267
http://www.hooklawcenter.com/

  • It’s Time to Update Your Estate Plan!
    <p>Ensuring your estate plan is up-to-date is a critical part of ensuring that your lifetime’s work benefits you and your family the way YOU want it to. Our clients frequently ask us when they should review or update their estate plan – for this, there is no short answer. However, if any of the statements [...]</p>
    <p><a class="btn btn-secondary bravehart-read-more-link" href="https://hooklawcenter.com/2022/06/28/its-time-to-update-your-estate-plan/">Read More...</a></p>
    <p>The post <a href="https://hooklawcenter.com/2022/06/28/its-time-to-update-your-estate-plan/" target="_blank">It's Time to Update Your Estate Plan!</a> first appeared on <a href="https://hooklawcenter.com/" target="_blank">Hook Law Center</a>.</p>
  • Tips for Avoiding Identity Theft
    <p>A headache no one wants to deal with — but over 13 million Americans fell victim to last year — is identify theft. Take these steps to minimize your risk. Choose online passwords carefully. Use a different password for every online account; the passwords you use to log in to your e-mail address and your [...]</p>
    <p><a class="btn btn-secondary bravehart-read-more-link" href="https://hooklawcenter.com/2022/06/21/tips-for-avoiding-identity-theft/">Read More...</a></p>
    <p>The post <a href="https://hooklawcenter.com/2022/06/21/tips-for-avoiding-identity-theft/" target="_blank">Tips for Avoiding Identity Theft</a> first appeared on <a href="https://hooklawcenter.com/" target="_blank">Hook Law Center</a>.</p>
  • Estate Planning for Pet Owners
    <p>Several of us at the Hook Law Center are pet owners.  Our pets are important to us, like members of our families.  We find that many of our clients are pet owners, as well, but they often forget to make provisions for their pets in the event that they were to become unable to care [...]</p>
    <p><a class="btn btn-secondary bravehart-read-more-link" href="https://hooklawcenter.com/2022/06/14/estate-planning-for-pet-owners/">Read More...</a></p>
    <p>The post <a href="https://hooklawcenter.com/2022/06/14/estate-planning-for-pet-owners/" target="_blank">Estate Planning for Pet Owners</a> first appeared on <a href="https://hooklawcenter.com/" target="_blank">Hook Law Center</a>.</p>
  • Not Gone, but Occasionally Forgotten . . . Proposed Regulations Remind of Estate Tax
    <p>In 2022, the federal estate tax exemption is $12.06 million. This means that an individual can pass up to $12.06 million without paying a federal estate tax (Virginia and North Carolina have both essentially eliminated their estate tax). Thus, for the vast majority of Americans, there is no concern about having to pay a federal [...]</p>
    <p><a class="btn btn-secondary bravehart-read-more-link" href="https://hooklawcenter.com/2022/06/07/not-gone-but-occasionally-forgotten-proposed-regulations-remind-of-estate-tax/">Read More...</a></p>
    <p>The post <a href="https://hooklawcenter.com/2022/06/07/not-gone-but-occasionally-forgotten-proposed-regulations-remind-of-estate-tax/" target="_blank">Not Gone, but Occasionally Forgotten . . . Proposed Regulations Remind of Estate Tax</a> first appeared on <a href="https://hooklawcenter.com/" target="_blank">Hook Law Center</a>.</p>
  • How to Cope with End-Stage Dementia
    <p>No one likes to imagine what will happen if a loved one is diagnosed with dementia. The reality of a dementia diagnosis is difficult and heartbreaking to face, but if you fail to face it before the situation becomes a crisis, you may actually be doing your loved ones more harm than good. This is [...]</p>
    <p><a class="btn btn-secondary bravehart-read-more-link" href="https://hooklawcenter.com/2022/05/31/how-to-cope-with-end-stage-dementia-2/">Read More...</a></p>
    <p>The post <a href="https://hooklawcenter.com/2022/05/31/how-to-cope-with-end-stage-dementia-2/" target="_blank">How to Cope with End-Stage Dementia</a> first appeared on <a href="https://hooklawcenter.com/" target="_blank">Hook Law Center</a>.</p>

Tags: , , , , ,



Get headlines from Law Firm Newswire sent right to your inbox.

* indicates required