December 2011

According to the International Business Times, a 94-year-old Italian woman recently left her entire estate of around $13 Million to her 4 year old cat.  The question that immediately comes to mind is “What exactly does a cat spend $13 Million Dollars on?”  Unfortunately for the cat, the thoughts of unlimited cat-nip and mice were fleeting, because the inheritance has been taken away.   Under Italian law, animals are not allowed to inherit.  It is likely that the inheritance will pass to the elderly woman’s caregiver, as opposed to her feline friend.  Unlike in Italy, Virginia law allows assets can be designated for the benefit of pets and/or animals under specific circumstances. 

Spencer

Years ago, Virginia decided to create an on-line archive for Health Care Directives. As of last week, it is up and running. The service is free to all Virginia residents. Check it out at:

https://www.virginiaregistry.org/

default.aspx

Dan

Did you know that a husband and wife can own real property in Virginia in a “super form” of joint ownership called ‘tenancy by the entirety’ (“TBE”)?  In this form of ownership, a judgment lien against only one spouse will not attach to the property as a whole, unless the tenancy is destroyed by death or divorce.  Further, your JGB attorney can transfer your TBE real property to your Revocable Living Trust for estate planning purposes, through a properly crafted deed while still preserving this creditor protection, per the Virginia Code.

Jeremy