Virginia Beach Newswire

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  1. Transferring a Family Business An Important Part of Estate PlanningRead the original story

    Monday Aug 8 | Law Firm Newswire

    Among the most significant factors to consider when establishing a business succession plan is the timing of the change of ownership. Whether the owner is planning to sell or make the business a gift, or combine the sale with a gift, the changeover should not occur prior to the identification and development of the next generation of leaders.

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  2. What Older Workers Need to Know About MedicareRead the original story

    Jul 15, 2016 | Law Firm Newswire

    Older workers need to be wary of some potential Medicare errors that may come up if they intend to continue working past the age of 65. Approximately one-third of Americans within the age group of 65 to 69 stay in the workforce. This rate is 50 percent higher than it was ten years ago.

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  3. Attorney Andrew H. Hook Discusses Life Events That Require a Review of an Estate PlanRead the original story

    Jun 9, 2016 | Law Firm Newswire

    When an individual or family has an estate plan, it is important to review the documents periodically, and to update them. It is also important to make certain that specific assets are contained within the trust.

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  4. Elder Law Attorney Andrew H. Hook Says Diminished Capacity Can Affect InvestmentsRead the original story

    May 31, 2016 | Law Firm Newswire

    Diminished capacity can have a detrimental effect on a person's investments. A decline in an individual's financial capacity means that a person can no longer manage their money and financial assets, and is unable to comprehend the ramifications of investment decisions.

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  5. Retirement Planning Attorney Andrew H. Hook Discusses Retirement Planning When A 401(k) Is CappedRead the original story

    May 23, 2016 | Law Firm Newswire

    It can be challenging to find tax-advantaged ways to save for retirement when an individual is highly compensated. Under the general rule, workers can save $18,000 annually in pre-tax income in a 401 plan.

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  6. Estate Planning May Include Strategies for Asset Protection, Says...Read the original story

    May 16, 2016 | Law Firm Newswire

    Estate planning clients often ask about the most effective methods of protecting assets from creditors. It is always best to transfer assets prior to the time at which any claims arise.

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  7. Items with Sentimental Value Should Be Accounted for in Estate Plan,...Read the original story

    Apr 19, 2016 | Law Firm Newswire

    Many estate plans fail to consider the fate of items that do not necessarily have great monetary value, but have much sentimental value to the heirs. Such was the case in the estate of comedian Robin Williams, whose children and third wife were fighting in court over possession of specific sentimental items, such as the tuxedo he wore at his wedding.

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  8. Estate Planning Attorney Andrew H. Hook Comments on Estate Planning...Read the original story

    Apr 12, 2016 | Law Firm Newswire

    Childless couples can face certain challenges with respect to estate planning. It may be difficult for couples to select the person who will make decisions on their behalf in the event of their incapacity and upon their death.

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  9. IRA Beneficiaries Must Be Properly Designated, Says Estate Planning Attorney Andrew H. HookRead the original story

    Apr 5, 2016 | Law Firm Newswire

    A significant part of an estate plan can be the designation of a person's IRA beneficiary. If an IRA account owner does not name a beneficiary, their heirs could be required to pay more income and estate tax than necessary following their death.

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  10. If a Pension Is Part of a Retirement Plan, Consider an Annuity or...Read the original story

    Mar 31, 2016 | Law Firm Newswire

    Some retirees and former employees have received offers from their employers to accept a lump-sum payment of their pension. This is an offer that they must consider very carefully because it will entail a loss of income for the rest of their life, and they will be in charge of managing their own investments and ensuring that the funds last through retirement.

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  11. Decanting a Trust - Way to Update Irrevocable Trust, Says...Read the original story

    Mar 24, 2016 | Law Firm Newswire

    Under Virginia law, a trustee has the power to assign the trust principal or income to the trustee of a second trust. This is called a decanting power, which does not require the approval of the court or the beneficiaries.

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  12. Andrew H. Hook, Virginia Retirement Planning Attorney Discusses...Read the original story

    Mar 2, 2016 | Law Firm Newswire

    Many baby boomers expect to work for a longer period of time and would prefer a phased retirement in which they gradually reduce the number of hours they work and/or work remotely. Therefore, they are seeking assistance from an increasing number of firms that concentrate on placing older workers in part-time and temporary positions in certain industries.

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  13. Virginia Beach Estate Planning Attorney Discusses Why Trusts Are Still ImportantRead the original story

    Feb 28, 2016 | Law Firm Newswire

    An estate-planning method that was one time frequently used was an irrevocable trust that held a life insurance policy, with the objective that the death benefit be used to pay estate taxes. This technique permitted the policy's benefits to be applied toward payment of the estate taxes of the individual who died without inclusion of the policy in the estate.

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  14. Virginia Beach Estate Planning Attorney Discusses Advantages of...Read the original story

    Feb 25, 2016 | Law Firm Newswire

    Two married couples did exactly that when they left their homes in Maryland and moved to Florida. Barbara and Mike West made the decision to sell their home in a suburb of Maryland that they had owned for 26 years.

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  15. Life Insurance Can Help Fund Retirement, but Consider Options CarefullyRead the original story

    Jan 26, 2016 | Law Firm Newswire

    They can choose a term plan that ends upon retirement. Another option is to pay for retirement by using a permanent life insurance policy, and withdrawing funds from the plan's cash reserve.

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  16. Many Factors Should Be Considered in Creating a Trust FundRead the original story

    Jan 19, 2016 | Law Firm Newswire

    When creating a trust fund, parents can select a trustee to be in charge of the funds for as long as the parents wish. One way of structuring inheritance is to have the trustee distribute the funds in three separate amounts.

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  17. Crucial Elements to Include in a Long-Term Care Plan Says Elder Law Attorney Andrew HookRead the original story

    Jan 12, 2016 | Law Firm Newswire

    While most people would like to live a long life, not everyone is financially prepared for it, especially if long-term care is needed. According to personal finance experts, within each person's budget, money should be allocated toward a long-term care plan.

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  18. Consider Long-Term Care Insurance and AlternativesRead the original story

    Jan 6, 2016 | Law Firm Newswire

    The latest survey conducted by Genworth reveals that among individuals without long-term care insurance coverage and have no plans to purchase such coverage within the next five years, only 15 percent have a backup plan. There are choices for financing long-term care for many Americans prepared to make compromises.

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  19. Estate Planning Should Include Careful Consideration of Joint Ownership of AssetsRead the original story

    Dec 28, 2015 | Law Firm Newswire

    People who are older frequently enter into joint ownership of assets in order to facilitate access by their adult children, other relatives or friends in the event that the older persons lose capacity. Another rationale for joint ownership of assets is the avoidance of probate as the assets pass to one owner upon the demise of the other.

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  20. Key to Deciding How to Pay for Long-Term Care Is Understanding the OptionsRead the original story

    Dec 21, 2015 | Law Firm Newswire

    There are a number of options when preparing for long-term care, which will be needed by up to 70 percent of individuals age 65 or older, according to the Department of Health and Human Services . Long-term care can include 24-hour supervision or help with personal care and other responsibilities.

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