Estate Plans Can Protect Families with a Restrictive Prenup | Law Firm Newswire

Estate Plans Can Protect Families with a Restrictive Prenup

Hook Law Center (formerly Oast & Hook)

Hook Law Center (formerly Oast & Hook)

Virginia Beach, VA (Law Firm Newswire) August 26, 2014 – Sometimes, one of the partners constructing a prenuptial agreement is a business owner. Typically, the document will then be designed to ensure that preexisting assets are completely protected in case of divorce.

This often leads to restrictive prenuptial agreements that keep all preexisting assets separate. Unfortunately, that safe, restrictive prenup can prevent the surviving spouse from receiving assets upon the other spouse's death.

“A prenup is essential for protecting your assets in case of divorce, but it doesn't always account for problems that may occur if you were to die,” said Andrew Hook, a Virginia estate planning attorney with the Hook Law Center. “By forming an estate plan, you can make sure that your family is provided for in the case of untimely death.”

Even with a restrictive prenup, it is possible to leave money and other assets to a surviving spouse without sacrificing the integrity of the prenup.

Family limited partnerships are a strong option for individuals with a successful business who would like to allow their family to receive earnings from that business in the event of their death. A family limited partnership allows the surviving spouse to receive income from the business without gaining control over the business's operations.

To protect both spouses from litigation against the business, general partnerships in family limited partnerships should be held through a limited liability company.

Initially, the business owner holds the majority of limited partner ownership in the family limited partnership. After the individual's death, a portion of the limited partnership interest would be transferred to the surviving spouse, and the shares would be gifted into a testamentary trust, providing income for the spouse and family.

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/

  • Funding Pooled Special Needs Trusts after Age 65
    <p>Over the course of the last year, one of the major developments in special needs law has centered around the funding of pooled special needs trusts after age 65. Historically, policy on this issue has been inconsistent among the states, and advocates have fought for clarification on policy. Recently, the issue has been heard at [...]</p>
    <p><a class="btn btn-secondary bravehart-read-more-link" href="https://hooklawcenter.com/2021/08/02/funding-pooled-special-needs-trusts-after-age-65/">Read More...</a></p>
    <p>The post <a href="https://hooklawcenter.com/2021/08/02/funding-pooled-special-needs-trusts-after-age-65/" target="_blank">Funding Pooled Special Needs Trusts after Age 65</a> first appeared on <a href="https://hooklawcenter.com/" target="_blank">Hook Law Center</a>.</p>
  • Recent Updates: Dental Benefits Under Virginia Medicaid, Medicaid Treatment of COVID-19 Relief Payments, & COVID-19 Funeral Assistance
    <p>New Dental Benefits Available             Starting on July 1, 2021, adults over age 21 who are receiving full Medicaid and FAMIS benefits are now eligible to receive comprehensive dental benefits through Virginia’s dental program, Smiles For Children, administered by DentaQuest.  Covered dental services include: cleanings and preventive care, X-rays and exams, fillings, partials and dentures, [...]</p>
    <p><a class="btn btn-secondary bravehart-read-more-link" href="https://hooklawcenter.com/2021/07/27/recent-updates-dental-benefits-under-virginia-medicaid-medicaid-treatment-of-covid-19-relief-payments-covid-19-funeral-assistance/">Read More...</a></p>
    <p>The post <a href="https://hooklawcenter.com/2021/07/27/recent-updates-dental-benefits-under-virginia-medicaid-medicaid-treatment-of-covid-19-relief-payments-covid-19-funeral-assistance/" target="_blank">Recent Updates: Dental Benefits Under Virginia Medicaid, Medicaid Treatment of COVID-19 Relief Payments, & COVID-19 Funeral Assistance</a> first appeared on <a href="https://hooklawcenter.com/" target="_blank">Hook Law Center</a>.</p>
  • Britney Spears’ Conservatorship Highlights Flaws in the Legal System
    <p>Britney Spears was once one of the most famous pop stars on the planet. Her rise to fame made her a household name and led her to financial success, but by many accounts, her personal life suffered significantly under the strain of her notoriety. In 2008, Britney Spears was a part of several highly publicized [...]</p>
    <p><a class="btn btn-secondary bravehart-read-more-link" href="https://hooklawcenter.com/2021/07/26/britney-spears-conservatorship-highlights-flaws-in-the-legal-system/">Read More...</a></p>
    <p>The post <a href="https://hooklawcenter.com/2021/07/26/britney-spears-conservatorship-highlights-flaws-in-the-legal-system/" target="_blank">Britney Spears’ Conservatorship Highlights Flaws in the Legal System</a> first appeared on <a href="https://hooklawcenter.com/" target="_blank">Hook Law Center</a>.</p>
  • Shannon Laymon-Pecoraro accepted into the Southeast Fellows Institute of the American College of Trust and Estate Counsel
    <p>Shannon A. Laymon-Pecoraro, CELA, and Shareholder at Hook Law Center, P.C., has been accepted into the inaugural class of the Southeast Fellows Institute of the American College of Trust and Estate Counsel (ACTEC). The Southeast Fellows Institute was created by ACTEC Fellows to develop the profession’s future leaders in trust and state law through a [...]</p>
    <p><a class="btn btn-secondary bravehart-read-more-link" href="https://hooklawcenter.com/2021/07/19/shannon-laymon-pecoraro-accepted-into-the-southeast-fellows-institute-of-the-american-college-of-trust-and-estate-counsel/">Read More...</a></p>
    <p>The post <a href="https://hooklawcenter.com/2021/07/19/shannon-laymon-pecoraro-accepted-into-the-southeast-fellows-institute-of-the-american-college-of-trust-and-estate-counsel/" target="_blank">Shannon Laymon-Pecoraro accepted into the Southeast Fellows Institute of the American College of Trust and Estate Counsel</a> first appeared on <a href="https://hooklawcenter.com/" target="_blank">Hook Law Center</a>.</p>
  • Recent Development in the Law: Strope-Robinson v. State Farm Fire & Casualty Co.
    <p>Transfer on Death Deeds (commonly referred to as a TOD deed) have been a popular estate planning tool in Virginia for years. TOD deeds, like any other deed, convey real property from one person to another. While they are recorded prior to the grantor-homeowner’s death they do not become effective until after the grantor’s death, [...]</p>
    <p><a class="btn btn-secondary bravehart-read-more-link" href="https://hooklawcenter.com/2021/07/07/recent-development-in-the-law-strope-robinson-v-state-farm-fire-casualty-co/">Read More...</a></p>
    <p>The post <a href="https://hooklawcenter.com/2021/07/07/recent-development-in-the-law-strope-robinson-v-state-farm-fire-casualty-co/" target="_blank">Recent Development in the Law: Strope-Robinson v. State Farm Fire & Casualty Co.</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