Key Takeaways
- The start point is to assess the likely size of your estate, and to discuss your ambition for it.
- Estate planning documents can be used to protect your assets against taxes and other difficulties that may arise when your estate is passed onto your heirs.
- A living trust can help wealthy people avoid inheritance taxes.
- The best tip for passing your wealth to the next generation is to grant trusted people access to your assets in the case of your death.
- Professional estate planning lawyers can offer peace of mind for you and your family by establishing a clear line of inheritance for all of your assets.
What estate planning attorneys do is to help you organize your estate, allowing your beneficiaries to keep as much of your money as possible. Estate planning can be complex, especially when the future of your beneficiaries and the wealth you worked so hard to acquire is at stake. Still, knowledgeable estate planning lawyers at Virginia Beach Law Group are here to help.
At Virginia Beach Law Group, we have extensive experience working with estate planning and estate organization to get your assets where they need to go after you’re gone. Take a closer look at how services from our experienced attorneys can help you build generational wealth through clever estate planning.
“Best law firm in the Hampton Roads area! Very diligent, professional, and friendly. David Johnson and his team are second to none, and you will surely be a winner when you retain his firm. A total team effort with no stones left unturned. Thank you for making a difficult situation easy.” — Jeff O.
What is an Estate Plan?
An estate plan is a preparation of legal documents and tasks that will properly manage your financial assets in the event of your passing or incapacitation. Put simply, it is how you ensure your money gets to the people you want to inherit after you die. Estate planning can include several factors, such as wills, trusts, power of attorney, naming an executor, etc. The best way to find out precisely what you need is to discuss your unique circumstances with an attorney.
In Virginia, your assets will immediately transfer to your inheritors at the time of your death. A will allows you to name these inheritors and which assets they get specifically. Without a will, your assets are distributed based on the state’s inheritance laws, which start at the immediate family and stretch out to the extended family if no immediate family exists.
What Kind of Estate Plan is Best for Building Generational Wealth in Virginia?
When it comes to estate planning, building generational wealth is mostly a matter of your family hanging on to as much of your money as possible. The best way to carry out that goal will depend on the value of your estate. For example, if you have an estate valued at less than $13.99 million (that is the maximum value of an estate that is exempted from inheritance taxes in 2025), all you likely need is a will. However, your inheritors will have to pay an inheritance tax for estates greater than that.
One method may be to avoid inheritance taxes on estates greater than $13.99 million, creating a “his and hers” trust. This is a trust that splits the value of your estate into two separate trusts, one for you and one for your spouse, that are each valued at less than $13.99 million, and EACH of you can leave up to $13.99M. For extremely high net-worth individuals, creating a family foundation is a great way to keep wealth in the family since the foundation can hire inheritors at massive annual salaries.
Our Top Tip for Passing Your Assets to Your Beneficiaries
Our top tip is to not simply assume that on your death, all will go well. If you have accumulated enough of an estate to be thinking about preserving it for the next generation and for making sure your assets, get to who you want is to is to create a plan. For example, if you have a piece of valuable jewelry that you want to pass down, you may think that a safe place to store it would be a safe deposit box. While that would be fine as long as you are alive, if you are the only person who can access it, dying can make the situation complicated. However, with estate planning you can arrange for your beneficiary to gain access to the safe deposit box in the event of your death or incapacitation.
The more you can avoid going to court, the better life will be for anyone inheriting your assets. Courts in Virginia move at a snail’s pace, and even then, certain factors can delay cases further. A general rule is that for any asset you have that is stored in a safe place, ensure someone else has access. Going through the court to gain access can add significant time and aggravation and expense to the overall process.
Why Clients Choose Virginia Beach Law Group
At Virginia Beach Law Group, we understand that every family is unique in its own way. Because of that, the estate planning approach should be similarly unique. Our estate planning attorneys work with you to find custom solutions that work for your circumstances to get your assets where they need to go in the event of your passing. Take a look at what some of our previous clients had to say about our services.
Testimonials
“I’ve worked with David Johnson on a personal case and have sent clients his way for years. He does amazing work and is a true professional. He is my go-to for all things estate planning related.” — Najib K.
Protect Your Wealth for the Next Generation
With proper estate planning from Virginia Beach Law Group, you can live with peace of mind, knowing that your wealth is protected for the next generation. Get in touch with our team today by calling 757-486-4529 or by filling out our online contact form to schedule an initial consultation.
Frequently Asked Questions
Generational wealth refers to assets, properties, businesses, and financial resources that are passed down from one generation to the next. Estate planning helps protect and distribute these assets efficiently, minimizing taxes and legal complications while ensuring that wealth benefits future generations.
A comprehensive estate plan should include:
- A will to outline asset distribution.
- A revocable living trust to avoid probate and manage assets efficiently.
- Durable power of attorney for financial decisions.
- Healthcare directives to specify medical wishes.
- Beneficiary designations on retirement accounts and life insurance policies.
- A business succession plan if applicable.
Trusts help protect assets from mismanagement, creditors, lawsuits, and excessive taxation. They can also:
- Specify how and when heirs receive assets.
- Reduce estate taxes through irrevocable trusts.
- Provide for special needs beneficiaries without affecting government benefits.
- Ensure that wealth is passed down in a controlled and strategic manner.
Common tax-saving strategies include:
- Gifting assets up to the annual gift tax exemption.
- Establishing irrevocable life insurance trusts (ILITs) to keep proceeds out of the taxable estate.
- Using family limited partnerships (FLPs) to transfer wealth with valuation discounts.
- Taking advantage of step-up in basis for appreciated assets.
- Utilizing charitable remainder trusts to benefit both heirs and charities.
Clearly drafted wills, trusts, and beneficiary designations help prevent disputes. Holding family meetings to discuss intentions, appointing a neutral trustee, and using no-contest clauses in wills can further minimize conflicts.
Without an estate plan, assets are distributed according to state intestacy laws, which may not align with the deceased’s wishes. This can lead to long probate processes, higher taxes, and potential disputes among heirs.
