You feel ready to tend to your estate plan, and you learn about wills and trusts. Do you understand the different trust options? CNN Money describes multiple legal entity types. Determine which suits your needs most favorably. Revocable/Irrevocable With a revocable...
What are the benefits of a living trust?
Even with a last will and testament in place, you may still want to create a living trust. While a will dictates what you would like done with your assets and property once you pass, names guardians and appoints an executor to look over the estate, a living trust can...
Debt and your estate plan
Those creating or modifying an estate plan have a wide range of issues to take into consideration. Sometimes, people face a lot of uncertainty as a result of debt and there are different ways in which debt can affect an estate plan. For example, some people have to...
Should I set up a trust?
You have worked your whole life to accrue assets, like your home, retirement savings, vehicle, and more. That is why proper estate planning is so important. A solid estate plan preserves your assets and also ensures your family members receive the proceeds to ensure...
Is establishing a special needs trust necessary for our child?
There may be days when it feels like you and your spouse are the only people in North Carolina who genuinely understand what your son or daughter requires to thrive. Establishing and funding a special needs trust might give you the peace of mind that he or she will...
What is decanting?
Some people are not sure about setting up trusts because they can be hard to change. Irrevocable trusts, for example, cannot be altered unless the beneficiaries consent to it. Fortunately, North Carolina law provides residents with a way to change the terms of their...
What will happen to my pet when I am not around?
A common fear among many pet owners is what may happen to their pets upon their death. To many people, pets are like family. Since they cannot inherit property or money, it becomes hard to dictate what will happen to them after you are gone. The State of North...
What is a special needs trust?
When you have a child with special needs, his or her care is always on your mind. In addition to his or her current care, as the parent, you have to plan for your child’s future also. In the unfortunate event that you are not there in his or her future, you need a...
Tax benefits of a charitable remainder trust
Estate planning is about more than determining what happens to your property after your death. It is also an opportunity to give charitable contributions and enjoy some tax breaks. Setting up a charitable remainder trust allows you to make generous donations while...
How to estate plan after a second marriage
Being part of a blended family can make estate planning harder. Therefore, it is important that those in North Carolina and throughout the country who are getting married for a second time review their current plan. Updating beneficiary and insurance forms can help to...
