Estate Planning Lawyer in Arlington, VA

Planning for the future can feel overwhelming, especially when it involves the people and assets you care about most. Many families struggle with questions about how to distribute property, protect loved ones, and handle medical decisions if something unexpected happens. Estate planning enables you to make these choices while reducing stress for your family in the future.

At Gillis Law, we recognize that every client comes with unique circumstances. Our attorney brings years of experience in helping families in Arlington, Virginia, and surrounding areas plan for the future while providing compassionate guidance throughout the process. Contact our firm to discuss your situation and begin working together to create an estate plan you can trust. 

Wills and Trusts

A will is one of the most common estate planning tools, allowing you to direct how your assets will be distributed after your death. Trusts, on the other hand, offer a means of transferring assets to beneficiaries outside of the probate process, which can save time and maintain privacy. Both options give you a voice in how your estate is handled and can be customized to meet your family's needs.

A will has several benefits. It allows you to direct exactly who receives your assets, which helps avoid default state rules that might not reflect your wishes. You can also appoint guardians to care for minor children. Additionally, a will allows you to choose an executor to manage your estate, so your affairs are handled according to your instructions.

Trusts offer an additional set of advantages in estate planning. They can help your assets pass to beneficiaries without going through probate, which can save time and maintain privacy. Trusts also offer protection for beneficiaries by controlling access to funds. In some cases, trusts can reduce taxes, potentially lowering estate and gift tax obligations.

Both wills and trusts provide a foundation for estate planning. They help make your wishes known and reduce uncertainty for your loved ones. Deciding which option fits your needs depends on your family situation and financial goals. Contact Gillis Law, PLLC, to speak with an experienced estate planning attorney about which approach might work best for you.

Power of Attorney and Health Care Directives

Planning for the possibility of incapacity is just as essential as preparing for what happens after death. A power of attorney allows someone you trust to handle financial matters on your behalf if you're unable to act. Health care directives give instructions about medical treatment and appoint a health care agent to make decisions if you can’t.

Several types of powers of attorney can be included in estate planning. A durable power of attorney remains effective even if you become incapacitated. A limited power of attorney, on the other hand, applies only to specific tasks or decisions, providing flexibility for certain situations. Springing powers of attorney take effect only under defined conditions.

Health care planning is essential for protecting your wishes. A living will allows you to specify your medical treatment preferences in advance, while a health care proxy appoints someone to make decisions if you’re unable. Do-not-resuscitate orders also offer clear guidance on life-saving measures.

Including these documents in your estate planning can give peace of mind to you and your family. Acting early allows time for careful consideration of your choices and for discussing them with your loved ones. Taking proactive steps can make a significant difference in how smoothly affairs are handled later.

Beneficiaries and Asset Transfer

One of the most important aspects of estate planning is naming beneficiaries and determining how your assets will be distributed to them. Retirement accounts, life insurance policies, and other financial accounts often have beneficiary designations that override a will. Reviewing and updating these designations regularly prevents unintended outcomes. Key considerations for asset transfer:

• Update beneficiary designations: Keep retirement accounts and insurance policies current.

• Consider minor children: Use trusts or custodial accounts to protect assets.

• Review jointly held property: Clarify how joint accounts and property pass on death.

• Plan for charitable giving: Include gifts to favorite causes in your estate plan.

Designing a clear plan for beneficiaries helps prevent disputes and delays after your death. Each decision can have long-term implications, so careful thought is critical. Taking the time now to review and update your beneficiary designations regularly can make a significant difference for your loved ones in the future.

Tax Planning Strategies

Taxes can have a significant impact on the value of your estate and the amount your loved ones receive. Estate planning can include strategies to reduce or defer estate and gift taxes, thereby protecting a larger portion of your assets. Even minor adjustments, such as timing gifts or creating specific trusts, can make a significant difference over time. Ways to minimize estate taxes:

• Lifetime gifts: Reduce the taxable estate by gifting assets during your lifetime.

• Irrevocable trusts: Remove certain assets from your estate.

• Charitable contributions: Deduct donations from taxable estate.

• Family limited partnerships: Manage business interests while reducing estate taxes.

Tax planning in estate planning isn’t just about savings; it's about giving you flexibility to support your family. By carefully considering strategies now, you can leave a legacy that reflects your priorities. Thoughtful planning can help minimize the financial burden on your heirs and make it easier for them to manage your estate. 

Incapacity Planning and Long-Term Care

Planning for potential incapacity is an essential part of estate planning. Long-term care decisions, such as nursing home care or in-home support, can have financial and emotional consequences for families. Early planning can provide clarity for you and your loved ones, and it can also help preserve assets for future generations. Considerations for long-term care:

• Long-term care insurance: Helps cover costs of extended medical care.

• Medicaid planning: Understand eligibility and preserve assets.

• Advance directives: Communicate your care preferences in advance.

• Family discussions: Discuss expectations and responsibilities with loved ones.

Incorporating incapacity planning into your estate plan helps avoid stress and confusion during difficult times. It allows your voice to be heard in your care and safeguards your estate. Planning ahead offers peace of mind for you and your family, providing clear guidance and minimizing potential conflicts.

Reviewing and Updating Your Plan

Estate planning isn’t a one-time process; it requires periodic review and updates. Life events such as marriage, divorce, births, deaths, or major financial changes can all affect your plan. A consistent review schedule makes sure that your estate plan reflects your wishes over time. When to review your estate plan:

• After major life events: Marriage, divorce, or the birth of a child.

• After financial changes: Sale of property, inheritance, or business changes.

• When laws change: Stay informed about updates to estate tax or inheritance laws.

• Periodic review: Every 3–5 years or as circumstances evolve.

Regularly reviewing your estate plan keeps it aligned with your goals. It also helps you identify areas that may need adjustment or improvement. Having an attorney review your documents can provide guidance on any necessary updates. Making timely updates makes sure that your estate plan continues to reflect your wishes as your life and circumstances change.

Charitable Giving and Legacy Planning

Estate planning also provides an opportunity to leave a lasting legacy through charitable giving. You can include donations to favorite charities or set up foundations to support causes you care about. This approach allows you to continue making a difference even after you're gone. Options for charitable giving include the following:

• Charitable trusts: Provide income to beneficiaries while supporting charitable causes.

• Bequests in your will: Leave a specific amount or percentage to a charity.

• Donor-advised funds: Contribute now and distribute over time.

• Memorial gifts: Honor loved ones while supporting causes you value.

Incorporating charitable giving in estate planning allows your values to be reflected in your legacy. Planning makes sure that your contributions are meaningful and effective. Thoughtful planning can also maximize the impact of your gifts while providing potential tax benefits. Working with an attorney can help structure your charitable giving to align with your goals.

Estate Planning Attorney Serving Arlington, Virginia

Estate planning is an essential step to protect your family and manage your assets. At Gillis Law, we assist clients in Arlington, Virginia, in creating plans that reflect their wishes and priorities. Taking the time now to plan provides clarity and reduces stress for your loved ones later. Contact us to schedule a consultation for our estate planning services today.