Estate Attorney Abingdon, VA

<pstyle=”font-weight: 400;”>Your home, vehicles and bank accounts could be seized during a lawsuit if they are not properly protected, and setting up an estate plan and trust or other arrangements with an estate attorney in Abingdon, VA from The Law Offices of Mark T. Hurt may help you defend your most valuable assets. Lawsuits can happen unexpectedly, and when they do, you may be concerned about how to protect your property and finances in the face of such an event.

As you search for a Virginia estate attorney in Abingdon it is wise to consider each one’s talents and areas of expertise to ensure you are working with someone who truly understands asset protection.

Experience 

When it comes to practicing law, few factors are as valuable as experience. Years of practicing asset protection law can give an attorney a deep understanding of the subject and help you create trust accounts that protect you in a variety of different legal circumstances, including involvement in a lawsuit. Feel free to ask an Abingdon, VA estate attorney that you plan to work with about his or her experience in this area, and what unique solutions he or she can bring to the table.

Education 

Many lawyers have the capacity to handle asset protection; however, an education in certain fields can help support and strengthen an attorney’s ability to handle the delicate day-to-day business of handling and protecting your assets. Consider hiring an estate attorney in Abingdon with an educational background in these areas:

• Business law
• Finance/accounting
• Real estate law
• Estate planning
  

An estate planning lawyer in Abingdon, VA has a comprehensive understanding of asset protection and its related fields. So you can feel more confident that your money and items of value are well shielded from lawsuits and predatory creditors. This can be especially important for real estate matters, where beneficiaries must be named and kept current if you want your home or commercial property to be properly protected.

An Attention To Detail 

There is more to asset protection than keeping your money safe during a lawsuit or other legal matter. Your assets and plans for the future may change, so it is wise to find an attorney or a law group that is flexible enough to handle these changes without losing sight of the details that best protect your assets. For example, your relationships with certain beneficiaries may change, such as if you get divorced or need to add new individuals to your will.

The Importance of Estate Planning

Estate planning is important for all non-dependent adults, including individuals and couples who do not consider themselves wealthy. As mentioned, a home is often valuable from an emotional as well as sentimental and financial perspective. Therefore, it’s important to make sure your estate plan considers what may be the best solution for handling ownership of the house after your passing. When discussing how your home should be addressed in your estate plan, you and our Abingdon, Virginia estate attorney will take these factors into account:

Home Ownership is Not for Everyone

A home requires constant and consistent maintenance. Not everyone is up for the challenge and not everyone can afford to pay others to do the necessary work. If the roof should need replacing at some point, will your heir be able to manage the cost? Mowing the lawn to keep it properly trimmed may be of no interest to one person, while another person may not mind it at all and in fact enjoy being outdoors. Consider whether or not the heir you have in mind will enjoy the house or if they may think of it as a burden.

Is a Family Member Already Living in the Home?

If you have a child, or another family member already living in the home, but you plan to bequeath it to someone else, what happens to the individual who is there currently? If you have one child who is living in it now, and they are not the child who will inherit the property, how will that work out?

Tax Considerations When Liquidating the Home

If the person who inherits the home decides that they do not wish to own it, they may want to sell it. However, there are seller transaction costs and real estate agent fees as well as estate tax obligations. If the state’s estate tax exemption limit is more than the value of the home, the heir may not be able to afford that state tax assessment. When planning your estate, talk to our Abingdon, VA estate attorney about these considerations as they can provide greater clarity based on the details of your actual circumstances. Note also that our experienced Abingdon, VA estate attorney will additionally take into consideration a variety of other factors when advising you, after they have learned more about your unique needs and circumstances.

Effective asset protection can give you peace of mind when the future is uncertain, especially when your attorney has the proper knowledge and experience. Contact an estate attorney in Abingdon, Virginia from The Law Offices of Mark T. Hurt today for more information.