March 2019 Archives

Setting money aside for life after reanimation

North Carolina residents who have ever contemplated cryonics may be interested to learn that there is an estate planning solution for them. For some people, the idea of having their body scientifically frozen when they die with the hopes that it could be revived one day in the future is a viable option. One concern that they may have is how they will be able to afford to live after being revived if they have no access to funds. The answer is a revival trust.

The value of estate planning for singles without kids

You may have friends and acquaintances around your age who are making plans for the future. That may include planning for retirement, downsizing their homes or writing their wills. While you may have similar goals in the near future, perhaps you have not given much thought to estate planning because you are single with no children. Unlike your friends with kids, you may feel there is no need to provide for your heirs. However, estate planning is much more than this.

How family dynamics make estate planning tough

Family dynamics can complicate the process of estate planning in North Carolina and around the country. According to a survey from Key Private Bank, 77 percent of respondents said that this was the toughest issue for their clients to overcome. Those who took part in the survey had clients with at least $2 million in assets. While emotions can be hard to account for in an estate plan, 43 percent of respondents said that it was worse to not have a plan at all.

Estate plans with revocable trusts

One reason North Carolina residents may want to include revocable trusts in their estate plans is to make sure that their assets are distributed in accordance with their wishes. There are many ways the distribution can be handled. The grantor can opt to use a different trust for each beneficiary. Assets can also be distributed all at once, apportioned into equal or unequal parts, allocated to favorite charities, held in a trust to be used by great-grandchildren and more.

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