Orsbon & Fenninger, LLP

Estate Planning and Estate Administration

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August 2017 Archives

Educational trusts and estate planning

Parents and grandparents living in North Carolina are often concerned about the cost of higher education. These individuals often seek out ways to begin saving and investing early so that their children and grandchildren will be able to pursue their educational goals and not graduate with burdensome debt.

The uses of a funeral trust

People in North Carolina who are creating an estate plan might want to consider a funeral trust. If a person has enough money to pay for long-term care and funeral expenses, a funeral trust might not be necessary. A person may also opt instead to have a life insurance policy to cover funeral expenses. However, a funeral trust can be a way for a person to make arrangements that will prevent the family from having to make difficult decisions while they are grieving. It may also be a good tool for people who have not yet put their wishes for a funeral and burial in writing.

Creating trusts in blended families

North Carolina couples who are creating an estate plan and who have children from previous marriages might be concerned about making sure that children are treated equally. For example, one woman married a man who had two daughters. In the original version of the estate plan, a trust was set up. The man owned two properties, and according to the terms of the trust, the home that the two daughters had grown up in went to them. His spouse would receive the other property. All other assets would go to the surviving spouse, and on the death of both spouses, all assets would be split 50/50.

Using a trust in an estate plan

People in North Carolina who are creating an estate plan might think that a trust is just for wealthy families. That is not accurate, as they can be used in a number of ways. For example, a special needs trust allows a disabled loved one who is receiving government benefits to be supported while continuing to get those benefits. A spendthrift trust will manage assets for an irresponsible beneficiary while a charitable trust donates money to charity.

Planning well for your exit from your small business

Small business owners know that it takes an incredible amount of time, effort and planning to start and sustain a business operation of any kind. You may have put an enormous effort into starting your company, but you should also plan how you want to dissolve or leave it one day. Whether you wish to eventually close, retire or sell, it is wise to plan today for a problem-free future.