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Estate Planning Doing Better Law.

Why Hire our EP Lawyers? Our estate planning attorneys work with individuals, families, and business owners nationwide to develop customized tax planning strategies that best support their current and future goals. Experienced With an unwavering commitment to excellence, we go above and beyond what you expect from a law rm. Our estate planning team —led by attorneys averaging more than 20 years of experience each and supported by senior counsel—focuses on staying abreast of ever-changing laws and tax provisions. Far-Reaching Many of our attorneys are barred in multiple jurisdictions, giving them unique insight and understanding of this ever-changing area of law. In a day and age when families are mobile and the differences among state laws are often dramatic, you need a firm that understands how to handle estate plans across state lines. Dunlap Bennett & Ludwig | Doing Better Law.

Is a Will Enough? It is never too early to establish a plan for the future. Whether you are a parent planning for the needs of your children or a business owner planning for the future of your company, now is a great time to get started. Estate planning allows you to arrange the way your property, money, and assets are distributed to family and loved ones after you have passed on. It also sets out a plan if you are ever unable to care for yourself. Last Will & Testament Living Trusts This basic estate planning tool A properly designed living establishes how estate assets trust takes title to a person’s will be managed and distributed property and allows the to beneficiaries and names a trustmaker to continue personal representative (or managing it during their executor) to carry out these lifetime. Upon the grantor’s duties. It is important to note death, a successor trustee that a will is the only way for a manages the assets for the person to name guardians for benefit of the beneficiaries. A minor children. If there's no will, living trust does not go through the probate court will appoint probate, saving time and money someone to make these and preserving the privacy of decisions for you. the grantor and beneficiaries. 800-747-9354 | www.dbllawyers.com

Power of Attorney: Financial vs. Healthcare Financial Power of Attorney (also called a “durable power of attorney”) gives an agent the power to take care of your finances if you become incapacitated or unavailable. When you are incapacitated, you need someone to pay your bills, do your banking, make investment decisions, and deal with taxes. A common example is when a father who has dementia can no longer remember important tasks. This document allows one of his children to take over paying his bills, filing his tax returns, doing his banking, and even managing his money. Power of Attorney can be effective immediately or upon person becoming incapacitated. The choice depends on the age of the client and, of course, personal circumstances. Does the client travel a lot for work? Is the client comfortable giving someone that power immediately? A Healthcare Power of Attorney (also known as an “advanced medical directive” or a “living will”) names an agent to receive healthcare information, and authorize treatment. For example, Jane is sure she does not want to be put on life support if she is brain dead, so that is included in the document. Without a living will, you must have a guardian or a “conservator” appointed by the court before decisions can be made on your behalf. This is a critical document. Dunlap Bennett & Ludwig | Doing Better Law.

Understanding Estate Tax As of June 2021, 17 states and the District of Columbia have an estate or inheritance tax. What is the difference between the two? Inheritance taxes are calculated as a percentage of the overall value of what the person inherits. Spouses are generally exempt. Estate taxes are calculated on everything the person owns, including but not limited to life insurance, retirement plans, after-tax investments, money in the bank, property, business interests, and things. You do not have to be a resident of one of the states but merely a property owner in at least one to have your estate subject to that state’s estate tax. It is not just property that is subject to tax but also bank accounts and stocks. If a bank is only located in a state that has a state estate tax, that account will be subject to estate tax. If you are married in these states, it is important that you have a properly planned estate plan that will maximize your state estate tax deduction. 800-747-9354 | www.dbllawyers.com

Interventions in Virginia Estate planning is used to allow adults to make decisions about their care and finances and execute documents to appoint people they trust to make decisions for them if needed.However, what happens when there is no estate plan? Do you have a family member who cannot make decisions for themselves? This may be due to an accident or illness. There is a process in Virginia to assist adults who are incapacitated. Incapacity: A person lacks capacity when they cannot receive or process information regarding their health or finances.This goes beyond just making poor decisions. An incapacitated person does not have sufficient understanding to make, communicate, or carry out decisions. An intervention is the process of adjudicating incapacity in court. Guardianship: A court may appoint a guardian to protect the health and well-being of an individual. A guardian may be responsible for making decisions about care, support, health, safety, treatment, and residence. Conservatorship: A court may appoint a conservator to protect the assets and finances of an individual. The conservator will have the legal authority to manage their financial affairs. Dunlap Bennett & Ludwig | Doing Better Law.

The Process Prepare a petition requesting the appointment of a guardian or conservator. Submit a medical evaluation. Attend the hearing and submit evidence of incapacity. Appoint a family member or member of the bar. Obtain letters of guardianship or conservatorship. Post a bond if required. HOW WE CAN ASSIST If your loved one cannot make decisions for themselves and they do not have a durable power of attorney or advanced medical directive, then we can assist you in navigating the intervention process. An intervention should not be taken lightly but sometimes it is the only way that we can act in the best interests of our family member. 800-747-9354 | www.dbllawyers.com

Virginia Estate Administration Your loved one has just died, and you are not sure of what you need to do. You are making funeral arrangements, but also know that you may need to take additional steps to handle their estate. Testate or Intestate: If a person is testate, they died with a will. Conversely, if a person is intestate, they died without a will. A last will and testament will control the transfer of assets from the deceased person’s name to that of the beneficiaries listed in the will. Intestacy is governed by rules established by the Commonwealth. Generally, beneficiaries under the intestate laws are the surviving spouse, then children, parents, and siblings. To Open Probate or Not: Many people prepare estate plans in order to avoid probate. Probate is the process of retitling assets that were solely in the name of the deceased person to the estate for eventual distribution to the heirs. Probate can be an expensive and time-consuming process. Non-probate Options: The small estate affidavit can be used when there are bank accounts containing less than $25,000 in assets. This is a cumulative amount. If the assets total more, you need to open an estate and qualify an administrator. The real estate affidavit can be used when there is real property that will pass directly to the heirs. You can record the affidavit in the county for a small fee. Every last will and testament needs to be recorded once a person dies. You can record a will without opening an estate and qualifying an executor or administrator. This normally happens when there are minimal assets or the deceased person had already transferred their assets to a trust. Dunlap Bennett & Ludwig | Doing Better Law.

The Probate Process The process to open an estate varies from county to county. The first step is to make an appointment to qualify as executor or administrator of the estate. The appointment takes place with a clerk and normally takes about an hour. You should submit the probate packet prior to the appointment so that at your appointment the clerk already has the necessary information. You should only need to bring the original will, death certificate, identification, and form of payment to the appointment. You will leave the appointment with letters of qualification. These letters provide you with the authority to marshal the assets, pay the debts of the estate, and distribute the estate to the heirs. Once an estate is opened, you send notice to all heirs, file the affidavit of notice, prepare an inventory and prepare annual accounts until the estate is closed. HOW WE CAN ASSIST We can assist you throughout the probate process. We are happy to prepare all petitions and filings or just review what you have prepared. 800-747-9354 | www.dbllawyers.com

Partner Bios Dominique Braggs is a Partner in the Trust and Estate section at Dunlap Bennett & Ludwig. She is licensed to practice law in Virginia and the District of Columbia. She prides herself in providing her clients with “asset protection at every stage of life.” To that end, Dominique focuses on three specific areas of law .– Elder Law, Estate Planning, and Probate. Dominique began her legal career crafting estate plans for first responders and law enforcement officers. When a family member developed dementia, Dominique saw firsthand the importance of having a well-crafted estate plan and the repercussions when Courts have to intervene to protect incapacitated individuals. Justin T. Banford is a Partner in both Business and the Trust and Estate section at Dunlap Bennett & Ludwig. His clients reflect a cross-section of the DC economy, with many clients in technology, government contracting, and professional services. He has helped entrepreneurs form more than 100 comp.anies and works with executives to scale operations before they exit. Serving as outsourced general counsel, Justin is the first legal call his clients make. He believes in relationship-oriented representation and has taken many founders through multiple ventures. In addition to his core corporate practice, he assists business owners with estate, asset- protection, and succession planning. Dunlap Bennett & Ludwig | Doing Better Law.

Client Testimonials Ms. Braggs is very knowledgeable, personable, and easy to work with. She has done a phenomenal job of supporting three generations of our family in the seven years I've known her. I am most grateful for her expertise and assistance, and recommend her to anyone needing assistance with estate planning. — Penny N. “tataIohnnhiddEnakvsphetretaohrbtfeeeekesnrPnseoliaawounsntleoanildnilizingssignmesghfaaoeMsrredistto.twerBhseoerlasaastogskegsiwsloslsc'etilosalneteihsreeevsdbirceeiendpcsarmionusfsyineaecscestoiriifomcenlahee.r”e. loryHfpe2cer0rodi1ps8eliesmr. seeIklaainltlsoivre — David W. fs“uJetcuuusrrteeingawennoderrmkaeatdiinowntasiti.hnHmleoneog,r-mchhyeeldsftafrmaamtileyidl,yaenlvimderiotyeudrstpoetaphr.”etrneardsvhiisposrsfotro — Joan K. 800-747-9354 | www.dbllawyers.com

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