John J Wallace

Attorney & Counselor at Law, PC

Estate Planning

Typical Estate Planning may include preparation of some or all of following documents:

  • Will: Describes how to disperse your assets, provides for a trust for your children or spouse, names guardians for children 
  • Power of Attorney: Provides for someone to control of your assets if you are unable 
  • Living Will: Provides for resuscitation etc. if you are hospitalized 
  • Health Care Power of Attorney: Provides for someone else to make health care decisions for you, if you are unable to communicate with a doctor 
  • Living Trust: Making a trust the owner of your assets can provide for easier management of your financial affairs while you are still alive and for easier estate administration for your executor/trustee as well as reduce probate fees. 
  • Life Insurance Trust: Can reduce estate taxes on life insurance

Related issues to consider:

  • How to reduce potential estate taxes 
  • Naming of beneficiaries on life insurance 
  • Naming of beneficiaries on retirement plans and IRA’s 

Probate:

We can also help you with the filing of probate inventory and accountings 

Frequently Asked Questions:

Q: I was named as an executor, what government filings need to be prepared for the estate?  
A: There are three things that you need to consider:  
    1) If the decedent’s estate was more than $5 million in 2011, you need to file an estate tax return, 
        IRS Form 706, to pay tax on the fair market value of the assets.   
    2) If the estate has income while you are waiting to distribute the assets, you will need to file and 
        estate income tax return, IRS Form 1041, to pay tax on the income.   
    3) You may have to pay probate taxes. In Virginia the tax & fees typically total to about $1 per thousand.