Arlington, Virginia, Estate Planning Attorney
The Law Office of James D. Fife is an Arlington, Virginia, estate planning law firm that serves the Washington, D.C., area, including Fairfax, Alexandria, Falls Church, Vienna and the surrounding communities of Northern Virginia. James D. Fife provides estate planning services for accountants, attorneys and other professionals, business owners, consultants, federal government employees, retirees and other individuals.
Mr. Fife designs estate plans that facilitate proper management of a client’s assets during his or her lifetime and includes appropriate arrangements for distributing his or her assets on death. The firm’s estate planning services help individuals avoid estate and gift taxes and minimize income taxes.
Mr. Fife’s business planning practice complements his estate planning practice. Mr. Fife uses his knowledge of business organizations in formulating estate plans for business owners that include appropriate provisions for transferring the ownership of businesses to chosen family members. He helps clients by structuring business organizations and agreements in ways that protect surviving family members against adverse estate tax consequences.
Mr. Fife is knowledgeable about a wide range of trusts and estate planning instruments, including:
- Credit shelter trusts
- Trusts for underage children and grandchildren
- Living wills
- Health care powers of attorney
- Durable powers of attorney
- Revocable, living trusts and pour-over wills
- Irrevocable life insurance trusts
- Grantor retained annuity trusts
- Qualified domestic trusts
- Generation-skipping trusts
- Charitable trusts
- Qualified terminable interest property (QTIP) trusts
James D. Fife is knowledgeable about planning techniques used to minimize estate and gift taxes. Those techniques include planning to use the annual exclusion, which allows an individual to avoid any estate and gift tax consequences when making gifts to a person during a year that do not exceed the anual exclusion amount for that year. The annual exclusion amount for 2019 is $15,000.00. A gift to a trust will not qualify for the annual exclusion unless the trust includes specialized provisions.
Mr. Fife’s services for clients include preparing trusts for family members that are designed specifically to receive gifts that qualify for the annual exclusion under current tax laws. Transferring funds to a trust for a child is normally preferable to transferring funds to a child directly if the child is young or immature.
In preparing wills and revocable living trusts, Mr. Fife typically includes language that provides for the creation of separate trusts for persons who are minors or are considered too young to manage property effectively. The inclusion of such provisions ensures that a trust will be available to manage property for a beneficiary if the beneficiary is a minor or is underage when he or she receives a gift of property under a will or revocable living trust.
Mr. Fife can explain the features of numerous trusts that are available for estate planning purposes, such as revocable living trusts, irrevocable life insurance trusts and charitable trusts. Mr. Fife can also assist an individual in selecting a trust that is suitably designed to meet the specific needs of his or her family.
Mr. Fife can help business owners design and create arrangements that facilitate continuous and effective management of their businesses when the businesses are transferred to family members or other successors.
Arlington, Virginia, estate planning lawyer, James D. Fife, works collaboratively with individuals in defining their objectives and designing estate plans that meet their particular needs. Contact the Law Office of James D. Fife today to schedule an initial consultation.