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Estate
and Trust Planning and Administration
A large portion of the legal practice of GANDERSON LAW, P.C. is devoted to estate planning. Employing a personalized approach, GANDERSON LAW, P.C. handles estate and trust planning for a large and diverse group of clients with needs ranging from simple asset transfers to complex property distributions. The primary goal of both estate and trust planning is to accomplish each client's goals, both personal and financial. This is accomplished by working closely with clients in order to develop a comprehensive plan that achieves their objectives while planning for unexpected contingencies and minimizing the impact of taxes. Estate planning involves the selection and implementation of various strategies, some taking effect during life and some not being employed until death.
A key instrument in an estate plan is a Last Will and Testament ("Will"), which sets forth those who will succeed the decedent in ownership of his or her property. A Will is also an effective tool to designate preferences for guardianship of minor children or to make a variety of provisions for the support of others. However, in many instances, it may be advantageous to create a trust to achieve one's ultimate estate objectives. If the estate is comprised of complex investments or property interests, the benefits from a well managed trust may far outweigh what a beneficiary would otherwise receive if forced to manage the property on his or her own, particularly if the beneficiary is not capable of such task.
Developing an estate plan is essential for an individual desiring to protect his or her loved ones. Appropriately drafted estate plans safeguard the value of the estate and reduce the burden and cost of administration. Having an estate plan also provides peace of mind to the individual; the individual knows that he or she has addressed important issues and is cognizant of how his or her affairs will be handled. GANDERSON LAW, P.C. has the knowledge and the experience to prepare an estate plan capable of accommodating the most complex needs of its clients.
Furthermore, GANDERSON LAW, P.C. assists Executors and Trustees in the administration of their duties. For the Executor, these duties include, but are not limited to, appearance at probate proceedings, gathering of assets, identification of debts and liabilities, compliance with the Will in making investments and distributions to beneficiaries, and preparation of (i) the Inventory, (ii) all Accountings, (iii) the United States Estate (and Generation-Skipping Transfer) Tax Return and Virginia Estate Tax Return, (iv) the decedent's final Federal and Virginia Individual Income Tax Return, and (v) all Federal and Virginia Fiduciary Income Tax Returns. For the Trustee, these duties include, but are not limited to, gathering of assets, identification of debts and liabilities, preparation of all Federal and Virginia Fiduciary Income Tax Returns, and compliance with the Trust instrument in making investments and distributions to beneficiaries.
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