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Our Office

  • Blacksburg Office

    Address

    2000 Kraft Drive
    Suite 2165
    Blacksburg, Virginia 24060

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Reviews & Ratings

  • 5.0/5.0

    We recently consulted with Brian Mack regarding financial and insurance matters for an aging relative. He was immensely helpful in guiding us to the best path forward. Personable, compassionate, knowledgeable, thorough -- these are a few ...
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    — Client

  • 5.0/5.0

    Brian and The Mack Law Firm, P.C. was incredible to work with! My family and I solicited Brian's assistance in formalizing our estate planning. Prior to meeting with Brian we were apprehensive and quite honestly didn't know much about estat...
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    — Client

  • 5.0/5.0

    When my mother passed away, I was left to figure out all the legalities, while at the same time, dealing with my grief. Being recommended to consult with Brian was a tremendous blessing. Not only did Brian express genuine sympathy, He provi...
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    — Client

  • 5.0/5.0

    It was a great experience. He was responsive and knowable which made it a very easy process. Would rec

    — Client

  • 5.0/5.0

    Working with The Mack Firm was incredible. I was give the run around by many different people to help settle my fathers estate and he explained everything smoothly and efficiently to help my better understanding of the situation and what wa...
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    — Client

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  • posted: Jun. 24, 2020
  • brianmack .
  • Firm News

What is a Revocable Trust in Virginia?

          A Revocable Trust, sometimes called a Living Trust, is a document where you as the Grantor create a Trust for the care and management of your assets.  You can include many different types of assets: real estate, bank accounts, companies, etc.  It is extremely important to include these assets prior to your passing, otherwise the assets will pass by probate, and probate can be a long and costly matter.

          There are several reasons why someone would want to setup a Revocable Trust, such as:

  1. Avoiding Probate. Assets included in a Revocable trust are held in the Trust’s name rather than the Grantor’s name.  This means that any assets included in the Trust will not be subject to probate.
  2. Avoiding Estate taxes. The Estate Tax Exemption is currently at approximately $11.5 million for an individual and $23 million for married couples.  It is important to note that this is a temporary ceiling increase and will sunset in 2025.  The IRS has provided guidance indicating that the Estate Tax Exemption, if used now, will be honored even after the sunset date.
  3. Insuring that loved ones are taken care of. This could be an adult with a disability or simply a child who has difficulty with money.  A Revocable trust can be drafted in a way to protect them and prevent their creditors from accessing the assets of the Trust.

If you are interested in having a Trust set up please feel free to contact our office.  Call our office today at 540-443-9255, or email at [email protected] to discuss your estate planning needs with an experienced estate planning attorney.