People in North Carolina who are creating an estate plan might think that a trust is just for wealthy families. That is not accurate, as they can be used in a number of ways. For example, a special needs trust allows a disabled loved one who is receiving government...
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Planning well for your exit from your small business
Small business owners know that it takes an incredible amount of time, effort and planning to start and sustain a business operation of any kind. You may have put an enormous effort into starting your company, but you should also plan how you want to dissolve or leave...
Tips for making beneficiary designations
Some North Carolina residents may have filled out beneficiary designations for their retirement account along with a lot of other new hire paperwork. They may not have carefully considered their choices, or it could be time to make changes to those designations. There...
The benefits of irrevocable trusts
People in North Carolina have many options to choose from when deciding how they want to protect the assets they intend to leave to heirs. However, an irrevocable trust has benefits that are more ideal for some estate holders. Irrevocable trusts allow individuals to...
Choosing the right trustee
There are several factors North Carolina residents who are setting up a trust should consider when choosing a trustee. It is important to choose someone who agrees to be a fiduciary. A fiduciary has a legal obligation to look after the settlor's interests. It is also...
3 ways a power of attorney agent may abuse authority
Many North Carolina residents have likely heard at some point about the benefits of having a power of attorney document. This document allows you to appoint an individual to attend to your financial needs should you lose the ability to do so yourself. Because you...
Setting up a charitable trust
People in North Carolina can contribute to a charity as well as passing on assets to a beneficiary with a charitable split-interest trust. There are two types of charitable trusts. A charitable lead trust is set up to make donations to a charity on a regular basis for...
IRS offers extensions to declare portability
Portability is an estate tax provision that allows married couples to combine their estate tax exemption. That exemption is currently close to $11 million between both spouses, but many executors in North Carolina may not understand that it isn't given automatically....
Plans for long-term living assistance in North Carolina
According to a survey recently conducted by the Associated Press-NORC Center for Public Affairs Research, just 33 percent of older Americans have saved enough money to pay for long-term care that they may require. The survey also indicated that more than half of...
Irrevocable life insurance trust administration
An irrevocable life insurance trust may have many estate planning benefits when drafted and administered properly. Trustees in North Carolina are urged to be aware of their fiduciary duties, which means that their administrative actions must be in the trust...
