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Archive for the Estate Planning Category

The Importance of Having an Agent or Guardian for Your Incapacitated Adult Child

Child | Layman & Nichols Law

By Karen L. Rowell, Esq. Generally, in estate planning and elder law, when we discuss the importance of having a will, a general durable power of attorney and advance medical directive, it is to address the situation of a young couple with children being in an accident or an elderly person who may become unable to handle their affairs. It […]

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Separate vs. Marital Property

Couple | Layman & Nichols Law

By Dean ‘Mac’ Nichols, Attorney   When you get married, you agree to share more than just your feelings; you also agree to share property with your spouse. But what property do you share and what remains your own? This all depends on whether the property is “separate”, “marital,” or “community,” which can be determined based on where you live (in […]

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Owning Real Estate in an IRA

IRA | Layman & Nichols Law

By Dean ‘Mac’ Nichols, Attorney In considering their IRA’s, individuals wanting more control, a mix of investments, and an inflation hedge are increasingly turning to investments in real estate products by owning real estate in an IRA. Allowed by Section 408 of the Internal Revenue Code, investing in non-traditional assets such as real estate has been rarely used while trillions of […]

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Probate Avoidance

By Dean ‘Mac’ Nichols, Attorney Probate Avoidance:   What is it and how? Simply put, “probate avoidance” is taking actions now which will prevent the necessity of probate proceedings upon your death.  Whether you need to be concerned about it or not depends on your unique circumstances and your preferences. What is probate? In Virginia, probate involves an extra judicial proceeding governing […]

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Why You Need a Power of Attorney [Part 2]

By Dean ‘Mac’ Nichols, Attorney Because a Power of Attorney relationship is created to benefit you, you may tailor the relationship to your desires and wishes. It is that simple. Here are the answers to several common questions about how a Power of Attorney actually operates.   Do I have a say in how much authority is given to the agent […]

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Why You Need a Power of Attorney [Part 1]

Trust | Layman NIchols Law

By Dean ‘Mac’ Nichols, Attorney Someone once noted that life, at its best, is completely unpredictable. While that is a reality, there are certain steps that you can take in order to be prepared for the unexpected. We often take for granted that we are able to make daily financial, medical, and personal decisions, forgetting that our ability to make these […]

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