Attorneys at Law
Wills & Trusts
Our Wills & Trusts division handles Wills, Trusts, Powers of Attorney & Living Wills for residents of Virginia. Every household, regardless of size or wealth, can benefit from an estate plan. If you live in Arlington, Fairfax, Alexandria, Falls Church, Loudoun, Prince William or Stafford, call our office for a free estate planning consultation. A lawyer will sit with you, review your situation, and make suggestions. Estate packages start at $350, and if appropriate, include a power of attorney and advance directive. A review of your estate plan may help you protect loved ones and prepare you for retirement. At Terpak and Associates we strive build a partnership for success with every client.
About Terpak and Associates:
Our mission is to provide prompt, high quality legal services to benefit the lives of our clients. From complex immigration or personal injury matters to simple traffic cases, our attorneys understand that communication is a key to success. Whether you have a seven figure accident case or a straightforward family immigration matter, you need confidence that your lawyer understands your problem and is working with you to achieve results.
If you need a Northern Virginia Wills & Trusts Lawyer or an Personal Injury, Traffic, and Immigration Lawyer, we have offices conveniently located to serve your Virginia, Maryland, and Washington, D.C. location. At Terpak and Associates, we strive to build a partnership for success with every client.
Our clients range from individuals to large corporations, and we regularly appear in state and federal courts. Based in Arlington, Virginia, a few miles from Washington D.C. and Maryland, we accept personal injury and traffic cases in Virginia and we handle U.S. immigration cases worldwide.
Memberships:
Virginia State Bar, U.S. Court of Appeals for the Fourth Circuit, U.S. District Court for the Eastern District of Virginia, American Immigration Lawyers Association.
Our Northern Virginia Location:
943 S. George Mason Drive, Suite 200
Arlington, VA 22204
Practice Areas
Wills
A will is used to put things in order after death. Even a simple and inexpensive will, if properly drafted, can provide security and peace of mind. A will can distribute property, select guardians for minors, and establish trusts to protect loved ones.
Trusts
Trusts can be set up before death and can usually achieve the same objectives as a will, but with added benefits. At death, trust property is owned by the trust, so it can remain out of court and out of public view. Trusts can also minimize taxes, including the federal "death tax." Currently, two million dollars is exempt from federal estate tax. If your estate exceeds two million dollars, the federal estate tax quickly approaches 50% of the taxable estate. The exempt amount is scheduled to increase to three and a half million in 2009, and then the estate tax is temporarily repealed for one year in 2010. In 2011, it will be reinstated, with an exemption of only one million dollars. A trust may reduce or completely eliminate these taxes.
Pet Trusts
The Virginia pet trust law went into effect on July 1, 2006. Virginia now allows a person to set aside money in a trust to provide for the care of an animal. The trust ends when the animal dies or, if the trust was created to provide for multiple animals, upon the death of the last surviving animal.
Power of Attorney
A power of attorney is an authorization to act on someone's behalf in a legal or business matter. Many institutions, like banks, hospitals and the IRS, require a power of attorney to be in writing. A power of attorney may be general or specific, and can be used for simple acts like signing checks, or complicated acts like buying or selling a house.
Living Wills
A living will or advance directive can give specific directions as to the course of medical treatment if a person is unable to give consent due to incapacity. Often, people will use living wills to tell doctors who is authorized to make medical decisions, and whether to remove life support in specific situations.
Free Consultation
Please contact us for a free evaluation of your case at 703.933.0266
News
Creating a Legacy - - How estate and tax planning started early can protect your family and your business:
In the beginning, throwing all your profits back into the business makes a lot of sense. Growth is what matters. But as your business matures and your life changes, your priorities will likely shift, too. Maybe it's time to free up some cash, or perhaps you're thinking of passing the business on to your far-flung children. But how can you increase liquidity or transfer wealth without getting hit by onerous taxes or damaging your company? (Full Story)
Virginia's estate tax, and its revenue, are gone. For now:
Under Virginia's estate tax law, candy moguls Forrest and John Mars could have left the state as much as $1.6 billion each when the Northern Virginia brothers go to that big chocolate factory in the sky. But as of today, the so-called death tax is gone. The Mars brothers' personal wealth - accumulated from the sale of M&Ms, Milky Ways, Starburst and other popular food products - and the fortunes of many other well-off Virginians will not be shared with the state. The General Assembly and Gov. Timothy M. Kaine had concluded the tax is bad for business, not to mention sort of creepy. Still, they acknowledge, it wasn't easy to lose the revenue. (Full Story)
De Niro: You Sued Me Because I Had Cancer:
Oscar winner Robert De Niro has filed a motion against Fireman's Fund Insurance to dismiss a suit the company filed against him in 2006. De Niro's rep Stan Rosenfield tells TMZ "This was filed in response to Fireman's Fund's decision to sue Robert De Niro because he was diagnosed with cancer. (Full Story)
Procter & Gamble Awarded $19.25 Million in Satanism Lawsuit:
Procter & Gamble Co. (PG) has won a jury award of $19.25 million in a civil lawsuit filed against four former Amway distributors accused of spreading false rumors linking the company to Satanism to advance their own business. (Full Story)