Corbin Estate Planning Lawyer, Virginia

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Daniel J. Bounds
About | Practice Areas
Bounds & Bounds, PLLC
1724 Cloister Dr Richmond, VA 23238» view map
Divorce & Family Law
40+ Years Combined Experience

All of our attorneys are Marines. We think outside the box to get the job done–stress be damned. We believe success is built upon a range of experiences.

800-799-5380
1. Daniel J. Bounds Richmond, VA
  Attorney at Law - VA, 2019
  Louisiana State University J.D.
2. AboutBounds & Bounds, PLLC
  Our firm is always ready to go the distance and represent your interests at trial.
3. Practice AreasExpertise
  Divorce & Family Law
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Includes: Gift Taxation

Harris W. Leiner

Estate Planning, Family Law, Litigation, Real Estate

Status: In Good Standing

CONTACT

10900 Nuckols Road, Glen Allen, VA 23060

Penny Michele Clark

Commercial Real Estate, Estate Planning

Status: In Good Standing

CONTACT

10803 Crestwood Drive, Spotsylvania, VA 22553

Christopher Dwayne Robison

DUI-DWI, Family Law, Estate Planning, International

Status: In Good Standing

CONTACT

Montross, VA 22520

Edward M. Quinto

Corporate, Estate Planning, Real Estate, Trusts

Status: In Good Standing

CONTACT

3441 Commission Court, Woodbridge, VA 22192

Manus Erwin Holmes

Commercial Real Estate, Real Estate, Estate Planning

Status: In Good Standing

CONTACT

9589 Thornecrest Drive, Mechanicsville, VA 23116

Manus Erwin Holmes

Commercial Real Estate, Real Estate, Estate Planning

Status: In Good Standing

CONTACT

9589 Thornecrest Drive, Mechanicsville, VA 23116

Robert Glenn Hearns

Estate Planning, Estate, Guardianships & Conservatorships, Elder Law

Status: In Good Standing

CONTACT

4870 Sadler Road, Glen Allen, VA 23060

Ryan C. Young

Wills & Probate, Estate Planning, Estate, Business

Status: In Good Standing

CONTACT

5030 Sadler Place, Glen Allen, VA 23060

John C Bennett

Real Estate, Estate, Estate Planning, Wills & Probate

Status: In Good Standing

CONTACT

306 N West St, Culpeper, VA 22701

James Edward Cole

International, Gift Taxation, Tax

Status: In Good Standing Licensed: 35 Years

CONTACT

4470 Cox Road, Glen Allen, VA 23060

800-923-0641

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LEGAL TERMS

SPENDTHRIFT TRUST

A trust created for a beneficiary the grantor considers irresponsible about money. The trustee keeps control of the trust income, doling out money to the benefi... (more...)

A trust created for a beneficiary the grantor considers irresponsible about money. The trustee keeps control of the trust income, doling out money to the beneficiary as needed, and sometimes paying third parties (creditors, for example) on the beneficiary's behalf, bypassing the beneficiary completely. Spendthrift trusts typically contain a provision prohibiting creditors from seizing the trust fund to satisfy the beneficiary's debts. These trusts are legal in most states, even though creditors hate them.

GROSS ESTATE

For federal estate tax filing purposes, the total of all property owned at death, without regard to any debts or liens against the property or the costs of prob... (more...)

For federal estate tax filing purposes, the total of all property owned at death, without regard to any debts or liens against the property or the costs of probate. Taxes are due only on the value of the property the person actually owned (the net estate) plus the amount of any taxable gifts made during life. In a few states, the gross estate is used when computing attorney fees for probating estates; the lawyer gets a percentage of the gross estate.

INVENTORY

A complete listing of all property owned by a deceased person at the time of death. The inventory is filed with the court during probate. The executor or admini... (more...)

A complete listing of all property owned by a deceased person at the time of death. The inventory is filed with the court during probate. The executor or administrator of the estate is responsible for making and filing the inventory.

IN TERROREM

Latin meaning 'in fear.' This phrase is used to describe provisions in contracts or wills meant to scare a person into complying with the terms of the agreement... (more...)

Latin meaning 'in fear.' This phrase is used to describe provisions in contracts or wills meant to scare a person into complying with the terms of the agreement. For example, a will might state that an heir will forfeit her inheritance if she challenges the validity of the will. Of course, if the will is challenged and found to be invalid, then the clause itself is also invalid and the heir takes whatever she would have inherited if there were no will.

SURVIVING SPOUSE'S TRUST

If a couple has created an AB trust, the revocable living trust (Trust B) of the surviving spouse, after the first spouse has died.

INHERIT

To receive property from someone who has died. Traditionally, the word 'inherit' applied only when one received property from a relative who died without a will... (more...)

To receive property from someone who has died. Traditionally, the word 'inherit' applied only when one received property from a relative who died without a will. Currently, however, the word is used whenever someone receives property from the estate of a deceased person.

INHERITANCE TAXES

Taxes some states impose on people or organizations who inherit property from a deceased person's estate. The taxes are based on the value of the inherited prop... (more...)

Taxes some states impose on people or organizations who inherit property from a deceased person's estate. The taxes are based on the value of the inherited property.

ABATEMENT

A reduction. After a death, abatement occurs if the deceased person didn't leave enough property to fulfill all the bequests made in the will and meet other exp... (more...)

A reduction. After a death, abatement occurs if the deceased person didn't leave enough property to fulfill all the bequests made in the will and meet other expenses. Gifts left in the will are cut back in order to pay taxes, satisfy debts or take care of other gifts that are given priority under law or by the will itself.

BYPASS TRUST

A trust designed to lessen a family's overall estate tax liability. An AB trust is the most popular kind of bypass trust.

SAMPLE LEGAL CASES

Ott v. L & J HOLDINGS, LLC

... Lou Ann consulted Glenn H. Goodpasture, a Fredericksburg attorney, who formed an entity called L & J Holdings, LLC (L & J) to accomplish her purpose. Lou Ann had also consulted R. Leigh Frackleton, Jr., Goodpasture's law partner, with respect to estate planning. ...

Keener v. Keener

... More than four years before his death, the testator consulted an attorney specializing in estate planning, who prepared a "pour-over" will that left all the testator's property to the "Hollis Grant Keener Revocable Living Trust" (the trust). ...

Campbell v. Campbell

... App. 580, 586, 397 SE2d 257, 261 (1990). "[G]ifts to family members c[an] be considered dissipation," but a "pattern of pre-separation giving as a part of estate planning" can provide evidence to support a finding that the giving was not done in anticipation of divorce. ...

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Corbin Estate Planning Lawyer, Virginia

Sponsored Law Firm

Bounds & Bounds, PLLC

SPONSORED LAWYERS

Harris W. Leiner

Penny Michele Clark

Christopher Dwayne Robison

Edward M. Quinto

Manus Erwin Holmes

Manus Erwin Holmes

Robert Glenn Hearns

Ryan C. Young

John C Bennett

James Edward Cole

TIPS

LEGAL TERMS

SPENDTHRIFT TRUST

GROSS ESTATE

INVENTORY

IN TERROREM

SURVIVING SPOUSE'S TRUST

INHERIT

INHERITANCE TAXES

ABATEMENT

BYPASS TRUST

SAMPLE LEGAL CASES

Ott v. L & J HOLDINGS, LLC

Keener v. Keener

Campbell v. Campbell

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