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Turner Lumpkins & Blackwell, PLC

Richmond Virginia Estate Trust and Real Estate Lawyers

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Wills and Estate Plans

April 16, 2017 By John Lumpkins Leave a Comment

Having a current and proper estate plan in place is step one in making sure that your loved ones will not have the distraction and additional heartbreak that can follow when death occurs without a plan in place. Effective estate planning is, however, as much about lifetime planning as it is about taking care of your estate after death. For example, planning for incapacity and higher income tax rates are two areas of consideration. We help families with “simple” estates and those needing more involved planning for special needs or gift planning.

We work with our clients’ financial adviser, insurance agent, and sometimes their CPA in crafting their plan. A “complete plan” for our clients brings together the following: 1) estate planning for property transfers at death, 2) income tax planning, 3) disability planning, 4) asset protection, and sometimes 5) business succession planning.

A Durable Power of Attorney is one basic tool that can serve well in the event of incapacity. A Revocable Living Trust is another tool that some clients may chose to give them more flexibility in their estate plan. Some clients, especially professionals and business owners, will want to consider asset protection planning as part of their estate plan.

For many individuals and couples, a Last Will and Testament is the primary document of an estate plan. Of course, a Will only addresses what happens to your probate property at your death.

Business Law and Taxes

April 16, 2017 By John Lumpkins Leave a Comment

As a small business owner myself I know first-hand how numerous and varied the demands can be. I take the time to understand my client’s business and focus my efforts in promptly and effectively addressing the legal needs that keep them from fully focusing on running their business.

All business owners, whether operating a start up or managing a well-established operation, will periodically need help navigating through today’s complex laws and rules. Our firm helps guide business clients who are starting out with entity selection, drafting of operating agreements, partnership agreements, contracts, State Corporation Commission filings, license applications, and the myriad of other tasks involved in forming and starting a business in Virginia. We also regularly represent owners in the sale of their business.

Working with you CPA and other advisers, we can help you make the most of the benefits available under Virginia and federal law. Our firm can help whether you’re a sole proprietor looking to add protection for your personal assets from business liabilities, or you are in a group of individuals building a new enterprise. If you need to form a limited liability company, a partnership, corporation, we can help you on your way with reasonably-priced corporate legal services.

John L. Lumpkins Jr. also serves as the Virginia registered agent for many of our business clients.

Fee Schedule for Virginia Registered Agent Services

When legal issues arise in the course of business operations – from contract reviews to a collection matter – we are here to help. John Lumpkins has years of experience as in house corporate counsel and is able to spot issues and guide clients in a range of matters from basic employment issues to intellectual property questions. For these specialty areas, I will identify and manage other counsel whose practice focuses on these areas, such as trademark or employment law.

Even with the change is political power in Washington in 2016, the federal deficit will continue to put pressure on leaders in Washington and in statehouses to find revenue sources. There will be many economic and financial challenges and opportunities in the years ahead and small business owners need to be on the lookout for those pitfalls and opportunities. Our firm works in concert with clients’ CPAs and financial advisers to address these tax issues.

Estate Administration

April 16, 2017 By John Lumpkins Leave a Comment

Are you concerned about the estate of a loved one or a friend? Would you like guidance on estate or trust administration from an experienced team oif lawyers? Do you have questions about the probate process in Virginia? The lawyers at Turner Lumpkins & Blackwell, PLC have years of experience representing Virginia executors, beneficiaries, and creditors of estates. We have an experienced legal assistant on staff who helps clients with the preparation of the inventory, accounts and other filings that must be made with the Commissioner of Accounts.

Virginia Estate Administration Process

Being an Executor in Virginia—Items to Consider Before Serving

The estate administration (probate) process is the process of transferring property from a decedent to his or her heirs and beneficiaries. In Virginia the laws and the system in place make the process fairly straightforward in most cases. The personnel in the Circuit Court Clerk’s offices in Virginia’s cities and towns are generally very knowledgeable and helpful in the qualification process. The Clerks do not give legal advice, however, and there are often easily overlooked details in the nature of the assets that the decedent owned.

When a family member or friend dies, either testate (with a will) or intestate (without a will), a lawyer with our law firm counsels the fiduciary (whether an administrator, executor, curator, or even a trustee) through the entire qualification and probate process. We also represent beneficiaries and creditors who want to understand their rights and options during the probate process.

The Fiduciary Role

The word “fiduciary” is from the Latin, fiducia, meaning “trust”. In the law a fiduciary is a person or business in a role where the law recognizes them as having a heightened duty of good faith and fidelity to another. An agent under a power of attorney, an executor, an administrator, a curator and a trustee are all fiduciaries under Virginia law.

We regularly help executors and administrators navigate the Virginia probate process. Important details can sometimes be overlooked by the inexperienced executor. For instance, if an estate is insolvent Virginia and federal law have priorities as to what of the decedent’s debts are paid and in what order. Failure to follow the priority can result in personal liability for the executor or administrator. We have seen estates where executors failed to determine whether a jointly-owned account was owned as tenants in common or with rights of survivorship. Administrators also must recognize the significant income tax ramifications of the 401(k) or retirement plan that did not have a beneficiary designated. The lawyers at Turner Lumpkins & Blackwell can help you avoid costly missteps.

Remember, if you are an executor or administrator, you have a fiduciary duty to the beneficiaries of the estate. You have to act in their interests. But you also have obligation to the creditors of the estate. Virginia law, Va Code § 64.2-5280, sets forth priorities of what an executor may pay in the case of an insolvent estate. Federal law, 31 U.S.C. § 3713, dictates that claims of the U.S. government must be paid first when an estate is insolvent – and it establishes personal liability for the executor if other claims are paid instead.

We also provide counsel to trustees, working closely with CPAs and financial advisers in making certain that the trustee understands and is in compliance with Virginia’s Uniform Trust Code and the applicable standards of investment in the trust agreement or Virginia’s Prudent Investor Rule. For clients involved in a more complex estate my involvement will be consistent with the needs of the estate or trust. Most estate and trust documents anticipate more work being done by the professional advisers to the fiduciary, and certainly the courts and the Commissioner of Accounts expect and welcome the good counsel.

Hire an Experienced Law Firm

Our lawyers’ experiences and services include many years representing clients in common estate administration situations, and also in situations when an heir or beneficiary has been wronged by a fiduciary; when an administrator needs to petition a court for the power to sell real estate; or when a will – perhaps holographic (handwritten by the testator) – is unclear and requires a court to provide the executor aid and guidance in construing its terms. We counsel trust beneficiaries and trustees in regards to the administration of revocable living and testamentary trusts.

If the Circuit Court’s intervention is necessary in the administration of an estate, the lawyers at Turner Lumpkins & Blackwell help our clients seek redress for a wrong, secure the power to sell real estate, petition a court to interpret an unclear will or to terminate a trust (called a suit for aid and guidance), or any of the other of myriad issues that clients may face in the administration of an estate or trust.

Virginia Small Estate Act

For the genuinely “simple estate” we will offer a flat fee arrangement, typically under $1000, to do such things as evaluate the estate, answer questions, explain to the executor the probate process, and determine whether the estate is eligible for streamlined administration via Virginia’s Small Estate Act. As part of a flat fee agreement we can be “on-call” to answer questions during the process and assist as appropriate in helping the executor settle the estate.

Other Resources:

  • VBA’s Guide to Estate Administration
  • Virginia Clerk’s Association Guide to Probate
  • Henrico Commissioner of Accounts FAQs

Real Estate Law

April 16, 2017 By John Lumpkins

Since 1989, Turner Lumpkins and Blackwell partner John Lumpkins has helped thousands of individuals with their real estate and title insurance needs. From acquisition of small commercial properties to the partition of a parcel with over seventy owners, our firm is prepared to help our clients in some very unique situations.

The firm frequently represents individuals and businesses in the sale of real estate – including short sales, the sale or acquisition of commercial real estate, commercial and residential leases, partition suits, boundary line disputes, access/easement issues, sale or management of real estate by executors, trustees and other fiduciaries, and the sale of real estate of incapacitated adult persons.

Recent challenging projects include bringing a partition suit for an individual who received from a trust a partial interest in a large parcel of land. Our firm represents landlords in collection and eviction (unlawful detainer) actions and commercial tenants in disputes with landlords. We also work with our clients and small business lenders in helping our clients acquire their own buildings.

For residential purchase closings we can refer you to an affiliated, licensed settlement and title agency that operates out of our satellite office on Monument Avenue, near Willow Lawn. That company is RVA Real Estate Settlements, LLC.

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