Parental expectations about their children often determine the structure of North Carolina estate plans. For single parents, the stakes tied to estate planning may be even greater. In cases where a single parent dies leaving a minor child, the child might be forced to leave the area in order to live with the other parent or a different relative. The state of the relationship with the other parent is often a major factor in making planning decisions.
Estate planning concerns for single parents
Family drama often complicates estate planning
Certain family dynamics can make the estate planning process even more difficult for North Carolina residents. Fighting siblings, spendthrift children and other hostile relatives can raise issues that should be addressed during the actual planning process. Candid conversations during life and a letter of wishes left for reading after death can ease the difficulties. However, many issues can be addressed directly via estate planning instruments.
Use your estate plan to lessen the chances of family conflict
If you feel like you are struggling when it comes to estate planning, you are not alone. Many North Carolina residents wonder what details will help them best express their end-of-life wishes and it can be difficult to even know what those wishes are.
Old strategy helped by tax law changes
Changes in tax law have brought an old strategy back for taxpayers in North Carolina and across the country. It allows taxpayers to save taxes on appreciated assets. The renewed interest in the strategy comes from an increase in the number of tax exemptions that went up to $11.4 million.
Professionals may make the best trustees
Individuals in North Carolina who have a high net worth may want to consider creating a trust. Doing so can make it easier to transfer large sums of money in an orderly fashion after passing. However, it is important that an individual choose the right trustee to oversee this document. In most cases, a child or spouse is not going to be the right person for the job.
Successful estate plans pay close attention to several issues
Families that hold substantial assets in North Carolina typically seek financial and legal advice when planning their wealth transfers. Every person who writes a will, sets up a trust or plans a business succession must grapple with unique issues, but some matters apply broadly to most estate planning situations. These include family dynamics and the selection of executors or trustees.
