Trusts are an essential component of any estate planning process. Done right, these tools can hold assets for your beneficiaries and ensure that your wishes and legacy are honored long after you are gone. There are two main types of trusts: revocable and irrevocable...
trusts
What are the pros and cons of setting up a charitable trust?
A charitable trust is a powerful way to impact society positively. But more than the intangible rewards that a person may reap out of it, there are also some personal perks that you can benefit from starting one. If the thought has crossed your mind but you still have...
The difference between an individual and corporate trustee
Establishing a trust can be an excellent decision for your financial legacy. However, with the establishment of a trust, you have to make several important decisions, including establishing a trustee. You have complete control over who you choose to control your...
What do executors of estates manage?
Estate plans are not simple matters, and the people who oversee them - executors - do not have an easy task at hand. What exactly do these executors have to manage? What do they hold responsibility for when it comes to keeping an estate plan processed as necessary?...
What you should know about spendthrift trusts
Do you want to make a trust for your child, but you want to keep him or her from squandering the inheritance? If so, a spendthrift trust might be the way to go. This type of trust ensures that the beneficiary will not be able to mishandle your assets. While a...
Important points about charitable trusts in North Carolina
For North Carolina residents who have been fortunate enough to accrue wealth and have a successful life, there is often a desire to give back and help those who are in need. As part of their preparation for the future, they will often think about donating to...
Understanding the basics of trusts
Trusts are a valuable estate planning tool to include in an estate plan. For that reason, all estate planners should be familiar with the basics of trusts and how a trust may be able to help ensure their wishes for their estate are fulfilled if they decide to include...
Using a special needs trust to provide for a disabled child
One of the central purposes of preparing an estate plan is to provide the needs of all of the children of the maker of the will. If one of those children happens to be disabled, the planning becomes even more complicated. One of the best – and most used – estate...
Estate planning can help keep the family money
We get it, estate planning seems daunting. But, in the midst of the craziness of the last year or two, it has become quite the popular topic in the news and on social media. This is because estate planning is how we plan for the inevitable, death and taxes....
Why should I establish a trust if I already have a will?
It is commonly known that having a will is important if you have a preference regarding who you want to inherit your property and assets when you die. Many people in Charlotte have taken the wise step of executing a will. But is a will their only estate planning tool?...
