November 2017 Archives

Why everybody should think about estate planning

North Carolina residents or anyone else with assets should consider creating an estate plan. Doing so may provide a level of control over who gets cash inside of a 401k or who gets ownership of a house. An estate plan may also protect beneficiaries who aren't good at managing money from potentially squandering their inheritance. A trust may be an effective tool that may create guidelines for how an inheritance should be used.

Using transfer on death to bypass probate

North Carolina residents might wonder how they can arrange their estates to avoid probate. One man named his daughter as a beneficiary on investments and left her his car and home in his will. He wondered if there might be a better way of doing this.

Divorce and estate planning

People in North Carolina who are getting a divorce may want to consider changing their estate plan as well. If a person dies before the divorce is final or shortly after the divorce, the ex- or soon-to-be-ex-spouse could end up with the person's assets.

Set the stage for continued business success and a lasting legacy

Successful business owners like you understand the importance of good leadership. After all, your North Carolina business did not grow into the productive, prosperous company it is today by osmosis. You put your whole heart and soul (and a lot of time and effort) into bringing your long ago dream to fruition. Now, the time has come to think about the future, namely who will take over the reins of your business when you are no longer here to man the helm.

When an irrevocable trust needs to be decanted

Traditionally, the only way to change an irrevocable trust is with the permission of beneficiaries and costly, time-consuming legal action. The idea behind an irrevocable trust is that the assets in it are outside of the control of the grantor and that it remains unchanged. However, some states, including North Carolina, now permit a process known as decanting that changes the irrevocable trust.

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Orsbon & Fenninger, LLP - Estate Planning

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