Everything Elder Law

Does Your Estate Planning Include Children Conceived After Your Death?

2013-05-17T10:32:00.000-04:00

Elizabeth and Bill got married in their late 40’s and were having trouble conceiving. As Elizabeth was nearing menopause, they harvested and fertilized her eggs. They underwent cryopreservation (or preservation by freezing) because IVF resulted in more embryos than were needed. More than half a million cryopreserved embryos are now in storage in the United States. Putting aside any number of religious, ethical, and social issues, assisted reproductive technologies is also creating very difficult problems for some estates.

Several states have recently changed their laws to address the situation of posthumously conceived children. Commonly, the new laws put a time limit on when a child who’s conceived after the parent’s death must be born in order to inherit. Otherwise, there would be the very real possibility that a child born many years after his parent’s death would be legally entitled to inherit part of his estate—which could turn out to be an administrative nightmare. Read the US News and World Report article, “Posthumous Births: An Emerging Estate Challenge.”

According to Virginia Law, Va. Code Ann. §20-158B and Va. Code. Ann. §20-164(i), “a deceased parent is not a parent of a posthumously conceived child unless implantation occurs before the treating physician can reasonable by advised of the decedent’s death, or the decedent parent consented in writing before implantation to be treated as a parent.”

So, for people who have created frozen gametes, as far as estate planning is concerned, it is worthwhile to consider and specify in your estate planning what rights a posthumously conceived child should have to the deceased’s estate. Since laws are frequently changing, the time to protect your family and get started with your planning is now. Call 703-691-1888 to make an appointment for a no-cost consultation at The Fairfax Estate Planning Law Firm of Evan H. Farr, P.C. today!

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Is Living Trust Plus the Right Strategy for You?

2013-05-14T18:15:00.000-04:00

On Saturday, May 18 at 10 a.m., the Fairfax Asset Protection Law Firm of Evan H. Farr, P.C. will hold its monthly “Living Trust Plus^TM Seminar: How to Protect Your Assets from the Expenses of Probate and Long Term Care” at our office in Fairfax. There is still limited space if you’d like to attend. Register for this seminar and /or view upcoming dates.

Whether you're rich, poor, or somewhere in between, you cannot afford to ignore the potentially devastating costs of nursing home care and other types of long-term care. Nursing homes are the most likely and one of the most expensive creditors that most Americans are likely to face in their lifetimes.

Why should you consider Living Trust Plus^TM? About 70% of Americans who live to age 65 will need long-term care at some time in their lives, over 40 percent in a nursing home. The average cost of a nursing home in Northern Virginia is $12-$14,000 a month—an amount that can be devastating to most families. Living Trust Plus^TM maintains much of the flexibility of a revocable living trust, but protects your assets from the expenses and difficulties of probate PLUS the expenses of long-term care while you’re alive, PLUS lawsuits and a multitude of other financial risks during your lifetime. Read more on our website.

Almost everyone who drives has auto insurance, and almost everyone who owns a home has homeowners insurance, yet only about 10% of the population have Long-Term Care Insurance. The other 90% are totally at risk for winding up financially destitute because of the need for nursing home care.

If you’re a client or potential client who would like more information about the Living Trust Plus^TM, click here to register for this Saturday or one of our other upcoming Living Trust Plus^TM informational seminars.

At our seminar, you will:

Learn how to protect your assets and obtain valuable Medicaid and Veterans benefits to pay for long-term care.
Learn what the most important estate planning document is, and find out whether yours is up-to-date!
Find out if your Will is sufficient to meet your needs, or if a Trust is a better instrument for you!
Find out how you can protect your assets from lawsuits, divorce, and long-term care creditors!

We hope to see you at an upcoming event! If you cannot make it to a monthly seminar and would like to learn more about Living Trust Plus^TM, call us at 703-691-1888 to make an appointment for a no-cost consultation.

Everything Elder Law

Does Your Estate Planning Include Children Conceived After Your Death?

Is Living Trust Plus the Right Strategy for You?

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