Prominent Vienna | Law Firm Newswire

Fairfax, VA (Law Firm Newswire) November 28, 2016 – A considerable number of Americans are grappling with decisions concerning investments, retirement and estate planning. According to the Pain Points and Actions Report from Hearts and Wallets, an acclaimed data consulting firm, over 50 percent of those who responded to a poll said they were experiencing challenges in retirement planning. The respondents consisted of those in the latter part of their career (52 percent age 53-64), and those in the middle of their career (59 percent, age 40-52). Estate planning was especially problematic for a large amount of both pre-retirees and […]


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Fairfax, VA (Law Firm Newswire) October 26, 2016 – Couples approaching retirement age and contemplating divorce, may confront problems regarding ways in which to divide their retirement accounts. The divorce rate is skyrocketing for baby boomers. According to a report by the National Center for Family and Marriage Research, between 1990 and 1994, the divorce rate among adults over age 50 doubled. And the rate tripled for those over age 65 in the same time frame. Recently, a survey conducted by the American Academy of Matrimonial Lawyers found that retirement accounts and pensions were second only to alimony as the […]


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Fairfax, VA (Law Firm Newswire) September 21, 2016 – It is important that those individuals and families with estate planning documents comprehend the difference between possessing such documents and having a wealth transfer plan. Without an estate plan in place, the state in which the decedent lived will decide who is entitled to inherit the decedent’s assets. And the decision of the state may not be in accordance with the wishes of the decedent. An estate plan can help expedite the transfer of assets to the beneficiaries, reduce attorneys’ and court costs, and maintain peace within the family. A wealth […]


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Fairfax, VA (Law Firm Newswire) August 17, 2016 – There are a number of situations in Virginia that terminate an award of spousal support. One such condition is when either party dies. Although the recipient of spousal support may require support, the decedent’s estate will not have to pay the recipient unless the parties made a specific provision for this. For instance, they may have agreed that the spouse would receive life insurance, or have a claim against the decedent’s estate for a specific sum. A second instance in which spousal support terminates right away is when the recipient remarries. […]


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Fairfax, VA (Law Firm Newswire) July 27, 2016 – A power of attorney is an important legal document that grants someone the right to take action on behalf of another person regarding financial decisions. It is often used by adult children whose parents are advanced in age and are no longer able to make decisions independently. However, challenges sometimes arise because financial institutions do not always facilitate the process of exercising that power. Therefore, families must take measures to avoid the potential problems stemming from a power of attorney. There are many kinds of powers of attorney. For instance, a […]


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Fairfax, VA (Law Firm Newswire) July 20, 2016 – Life insurance can be an integral part of estate planning in that it can help preserve wealth for posterity. In the case of an unforeseen death, life insurance can shield the testator’s family by replacing lost earnings. Additionally, there are many ways in which it can be used to take the place of wealth. For instance, if the testator owns real estate that has appreciated in value, or other assets, and would like to part with them without incurring capital gains tax liability, the testator could give the assets to a […]


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Fairfax, VA (Law Firm Newswire) March 14, 2016 – Legendary pop music icon David Bowie, who recently died at the age of 69 of liver cancer, exercised much creativity concerning his estate planning in an effort to preserve his assets for his family. It was reported that he experienced financial problems in the 1970s and 80s, almost to the point of bankruptcy. However, in the 90s, he took charge of his finances by selling an interest in his archive of music. Investment banker David Pullman was instrumental in helping Bowie develop “Bowie Bonds,” which permitted him to sell a 10-year […]


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