There are many issues and factors that constitute successful estate planning. One of the biggest in terms of assets is what people have in their retirement plans, primarily IRA's and 401(k) plan. Several potential pitfalls exist in terms of how people withdraw money, transfer it or move it from place to place. If not done properly, it could cost people dearly in taxes.
When people consider the estate planning process, they need to keep in mind that there is not a one-size-fits-all approach to planning for the future. Every person is different, and every person's retirement planning is different too. While many Virginia residents will have their own factors to consider, they would be hard-pressed to have as explosive a case as that of a deceased Taiwanese billionaire.
As more and more residents of Virginia move toward retirement age, the need for estate planning increases. Many facets of post-retirement life need to be addressed, not least of all planning for long-term care. One Virginia retirement community has been making news because of how it is treating its elderly residents differently depending on what level of care they require.