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/

  • 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