May 2018 Archives

Why estate planning can be an important step

People in North Carolina often want to enjoy a greater level of control and management of their assets and their future, even when facing declining health. This means that estate planning can be particularly critical not only to setting one's affairs in order but to securing peace of mind for oneself and one's family. Making an estate plan can be important for people with businesses and other sizable assets; however, it can also be a critical step for people with smaller estates who want to protect their loved ones.

Can a charitable trust help meet your goals?

If you are among the few in North Carolina who have taken the time to plan your estate, you should be proud of yourself. Your efforts have the potential to provide your family with a strong and secure future. You may also have created a plan that will relieve your loved ones of the stress of disputes over their inheritance or the burden of trying to determine your wishes if you should become incapacitated and unable to express your desires for medical care.

Learning the basics of a revocable living trust

As the name suggests, a living trust is one that North Carolina residents or others use to manage their affairs while alive. A revocable living trust is one in which a person can change its terms or terminate the document entirely at their discretion. Putting assets into such a trust could make it possible to avoid probate even if they have limited impact on estate taxes.

Mistakes in estate planning

Only 40 percent of people in the United States who are at least 60 years old have completed the appropriate documents to ensure that their healthcare and finances are looked after if they are unexpectedly incapacitated. People who do not have an estate plan that addresses these issues may be victims of elder abuse.

Estate planning for special needs individuals

If a North Carolina family has a special needs member, it may be necessary to account for that in an estate plan. Ideally, a family will create a special needs trust (SNT) where family members can make contributions for that person's care. It can also be where an inheritance or other gifts are placed as to not jeopardize that person's ability to collect government benefits.

Taking care when naming trustees

Some people in North Carolina recognize the value of establishing trusts as a component of their estate plans. While trusts can help people avoid probate and distribute their assets in a tax-advantaged manner, it is important that individuals do not make mistakes when they are choosing who will be tasked with administering their trusts.

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