The Mack Law Firm, P.C.

03/28/2022

Last time I discussed “Per Stirpes” and I have had a few questions regarding the other legal term “Per Capita”. Per Capita is Latin and means “By the heads or polls; according to the number of individuals: share and share alike”, (Black's Law Dictionary) so the inheritance passes equally to all living Beneficiaries. As an example, if you have three children and one passes away before you, then the two remaining children would inherit equally, regardless if there were descendants of the deceased child.

02/17/2022

I have had a few questions regarding the legal term “Per Stirpes”. Per Stirpes is Latin and means “By roots or stocks; by representation”, (Black's Law Dictionary) so the inheritance passes down a beneficiary’s line. As an example, if you have three children and one passes away before you, then that child’s children will inherit the child’s portion in equal shares.

11/29/2021

Interesting article (long) on the importance of careful tax planning for estates. The article summarizes the recent estate tax case Smaldino V. Commissioner Of Internal Revenue, T.C. Memo. 2021-127, November 10, 2021.

A recent case provides lots of valuable lessons on how to do estate planning right: observe legal formalities; assure economic substance to each step; reflect the plan on your tax returns; and more.

11/12/2021

Happy Veterans day. Thank you for your sacrifice, your bravery, and the example you set for us all.

11/08/2021

With the passage of the $1.2 trillion dollar infrastructure bill, new taxes and regulations are coming to estates and trusts. Many of these changes come into effect on January 1st, 2022, it is important discuss with your accountant, financial advisor, and estate planning attorney to determine how this bill will impact you.

11/02/2021

Many good candidates up for the election today. If you have not done so already, be sure to go and vote!

10/26/2021

As the Infrastructure Bill is being considered (and argued over) it is important to note that there are a number of tax changes to estate planning. Some estate planning strategies will no longer be viable, while other new strategies will be available. It is important to meet with your accountant, financial advisor, and estate planning attorney to discuss your estate planning sooner rather than later.

10/19/2021

Today is the start of National Estate Planning Awareness Week. National Estate Planning Awareness Week was adopted in 2008 to promote public awareness of the benefits of establishing an estate plan. The original resolution creating National Estate Planning Awareness Week can be found here. If you want to discuss setting up an estate plan, feel free to contact my office at 540-443-9255, or visit our website at www.bmacklawfirm.com.

At the Mack Law Firm, I proudly serve the people of Blacksburg, Christiansburg, and the New River and Roanoke Valleys by providing estate planning and probate services.

10/09/2020

See our latest Blog post on an explanation of “Can you Convey the Title to your House to your Revocable Trust?” I am commonly asked whether a house can be transferred to a Revocable Trust, and what are the implications of the transfer especially with a mortgage. This post helps explains whether you can transfer title of your house to your Revocable Trust or not.

Revocable Trust, Trust, Estate Planning, House, Real Estate, Probate

10/01/2020

See our latest Blog post on an explanation of “What is an Irrevocable Trust?” An Irrevocable Trust is a complex legal instrument that can be used for tax sheltering purposes, and for the avoidance of Probate. This post helps explains some of the requirements of setting up an Irrevocable Trust.

Revocable Trust, Irrevocable Trust, Estate Planning, Probate

09/23/2020

See our latest Blog post on a common question “Is a Last Will and Testament or Living Trust best for you??” Many people come to me wanting to learn more about a Last Will and Testament and a Living Trust and which plan is best for them. This post helps explain the differences between the two plans.

In response to recent COVID-19 concerns, we are writing to assure our clients that we are taking recommended precautions.

07/05/2020

Happy Fourth of July, everyone!