Warrior
Footballguy
Parents are having some health issues and I'll be traveling next week to help sort things out for them with an attorney. Trying to keep some stress away from my father who is going through a lot. I have 2 things to discuss with the attorney.
1) Estate planning - making sure any t's are crossed and i's are dotted. So far, he doesn't have anything prepared in case he passes. He assumes that everything would automatically transfer to my Mom (other than an investment account, which has specific beneficiaries), is that generally true? This is in Virginia. Mainly talking about a few bank accounts and investments, but also...
2) My Dad is in an LLC/Partnership apartment management business with my uncle. The partnership agreement does not specifically cover transfer of ownership of his interest in the business upon passing. Is this something that automatically passes to my mother as well, or do we need documents to explicitly state that? I also want to discuss tax implications with the attorney, as I know things can get a little tricky when transferring business interests upon passing.
If possible, I'd like to get a general idea of what to expect on this visit so I can come prepared. Any info. is appreciated!
1) Estate planning - making sure any t's are crossed and i's are dotted. So far, he doesn't have anything prepared in case he passes. He assumes that everything would automatically transfer to my Mom (other than an investment account, which has specific beneficiaries), is that generally true? This is in Virginia. Mainly talking about a few bank accounts and investments, but also...
2) My Dad is in an LLC/Partnership apartment management business with my uncle. The partnership agreement does not specifically cover transfer of ownership of his interest in the business upon passing. Is this something that automatically passes to my mother as well, or do we need documents to explicitly state that? I also want to discuss tax implications with the attorney, as I know things can get a little tricky when transferring business interests upon passing.
If possible, I'd like to get a general idea of what to expect on this visit so I can come prepared. Any info. is appreciated!