Estate Planning Attorney
in Blacksburg, Virginia
Protect Your Family’s Future Through Estate Planning
Estate planning is important for everyone, not just retirees. Single professionals, young couples with small children, and business owners can all benefit from a proactive plan that reflects your wishes for your family’s brighter tomorrow.
The idea of estate planning can seem overwhelming. Selecting someone to manage your finances or care for your children when you are no longer able, making decisions about end-of-life health care, and devising a plan to distribute your property and assets are very personal determinations. You can trust our experienced estate planning attorney with your loved ones’ futures.
At our law office, Patrick K. Moore, PC, we will walk you through the process with care and thoughtfulness. We will sit down with you, discuss your goals, learn about your family’s dynamics, then craft an estate plan that meets your unique needs. The specific combination of will, trust, and durable or medical power of attorney can spare survivors the inconvenience of probate and transition them to a life of financial security.
Estate Planning Tools for Securing Your Family’s Future
Estate planning is more than just setting up a will or a trust. You also need to consider tools and documents for dealing with possible health issues and care for your children if something were to happen to you. At Patrick K. Moore, PC, we serve the areas of Radford and Blacksburg, Virginia. We will walk you through a comprehensive set of planning tools so we can address all of your estate planning needs.
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Choosing the Right Documents for Your Estate Plan
The tools and documents used in estate planning address protecting your assets, planning for long-term care, and outlining your wishes on distributing property to your beneficiaries. Listed below are some of the estate planning tools we recommend that you consider.
A will is used to declare how you would like your property and assets distributed after you are gone. It names an executor who is responsible for carrying out the will’s directives and a list of beneficiaries. Wills go through the probate process where debts are paid from the estate and taxes are filed before the assets and property are distributed to the beneficiaries.
A trust is a legal document that establishes a fiduciary relationship between a grantor (the person creating the trust) and a person who holds the grantor’s property or assets (known as a trustee). The trustee is responsible for managing the assets in the trust and distributing those assets after the grantor passes away. Assets placed in a trust are protected from creditors, avoid probate, and are not made public.
Durable Power of Attorney
A durable power of attorney names a person who is given authority to make financial, legal, and health care decisions on your behalf if you become incapacitated. An ordinary or nondurable power of attorney becomes invalid if you become incapacitated.
Health Care Directives and Directives to Physicians
These documents provide instructions to your family and healthcare providers about your wishes concerning end-of-life care. This includes things such as do not resuscitate orders (DNRs).
Medicaid and Medicare Planning
If your assets or monthly income are too high, you will be required to spend the money you spent a lifetime saving to qualify for Medicare and Medicaid benefits. By planning now, you can protect your home and assets to pass along to your heirs while still qualifying for benefits.
Declaration of Guardian for a Minor Child or Vulnerable Adult
As the name of this document suggests, a declaration of guardian appoints someone of your choice to become the guardian of your children or vulnerable adults in your care if you (and the child’s other parent) pass away.
Your estate plan may involve any number of the documents listed above. After we meet with you to establish a clear picture of your goals and your current financial circumstances, we will recommend the tools that we feel are right for you to achieve your goals.
We Will Create the Plan That Is Best for You
Succession planning may be your top priority. We regularly help clients plan for transferring ownership of a family business, lake house, mountain cabin, or family farm to a child or grandchild. Or Medicaid planning and asset protection strategies could be of utmost importance to you.
Whatever your goals, Patrick Moore will listen carefully to your wishes and draft an estate plan that reflects your goals in documents that can survive any legal challenge.
Every family dynamic is different. The simple will or simple trust package that works for one person may not work for another. A blended family’s estate plan will look vastly different from a situation in which divorce, complex real estate holdings, and a substantial number of young heirs are involved. The primary objective, regardless of your family or lifestyle, is to be prepared for the significant changes that life can happen without warning.
Our Law Firm Has Served Estate Planning Clients Since 1993
If you feel overwhelmed by details related to estate planning, contact our law firm to set up an initial consultation. Call our Radford office or our Blacksburg location. We also give prompt attention to email inquiries.
We will answer all of your questions and concerns about wills, trusts, powers of attorney, advance health care directives, guardianships, and conservatorships. Our attorneys can also help you refresh an already established estate plan to include new beneficiaries and distribute assets and property in your estate. We are here to help with all of your estate planning needs.