January 2019 Archives

Tips for charitable giving as part of an estate plan

Some North Carolina residents who are creating an estate plan may want to include a charitable donation. This can be a way for people to support a cause that is important to them during their lifetime. It can also be a way to reduce estate tax. There are several ways in which to arrange this charitable donation.

Estate planning advice for parents after remarrying

North Carolina residents who don't pay attention to their estate plan after getting remarried could accidentally exclude their children from it. Ideally, an individual will have at least a will. Dying intestate could result in the courts determining where a person's assets go. Even if a person has a will, it may not be the final authority on who receives an asset. If a beneficiary designation has been created, it will have the final say.

Acting as executor is a job, and you can get paid

No matter how much you love your family members, you typically cannot control how they handle their affairs. Immensely organized may describe some of them, while others may haphazardly store important items and documents or seem to hoard possessions. Whatever the case may be, if a loved one named you as the executor of the estate, you will have to contend with settling the final affairs, no matter how organized or unorganized he or she may have been.

Incentive trusts useful when leaving money to addicted family

Many families in North Carolina have experienced firsthand the devastating effects of the nationwide opioid crisis. When people are addicted to opioids, their main focus seemingly is to secure drugs at all costs, even if it means stealing money for the drugs from other family members. The loved ones of people suffering from addiction are often in the position of having to spend money in the hopes of assisting in the addict's rehabilitation while at the same time protecting the family's finances from the addict's urges to obtain drugs.

How trusts differ from wills

Those who live in North Carolina or any other state could benefit from creating either a will or a trust. While neither is better than the other, they provide different ways for a person to create an effective estate plan. A trust is considered its own entity that is allowed to own property and transfer it per its terms. If a person has a living trust, he or she can be both the beneficiary and the trustee.

Estate planning options for baby boomers

In 2019, the youngest members of the baby boom generation in Charlotte will turn 55, an age when many think more about planning for their future. This can include making detailed plans for retirement as well as considering the eventual distribution of assets to loved ones. Indeed, baby boomers are the single wealthiest generation recorded in American history, with over $30 trillion in assets that will be spent or passed down in the several decades to come. Despite their wealth, however, many baby boomers do not have estate plans in place. According to one survey, 42 percent of people in this generation do not even have a basic will.

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