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...
trusts
Why trusts may be better than wills
According to the American Association of Retired Persons (AARP), individuals in North Carolina and throughout the country should have a trust instead of a will. Trusts are separate entities that hold assets for the benefit of one or more individuals. Therefore, there...
Why trusts can help the estate planning process
Trusts can be an important part of the estate planning process for many people in North Carolina. Since they offer greater privacy and flexibility, people may opt to create a trust to handle matters in a way that may be far more challenging when using a will. Trusts...
Spendthrift trusts provide peace of mind
When North Carolina residents draft their estate plans, they are sometimes worried that their heirs will be unprepared for a significant inheritance and fritter away assets that they have worked hard all of their lives to accumulate. These concerns may be especially...
Estate planning concerns for single parents
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...
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...
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...
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...
Estate planning tips for collectors
Individuals who like to collect valuables may have to work a little harder to ensure that their estate plan accounts for those items. This is because payment and other records may not be found on tax returns or other formal statements. Therefore, North Carolina...
A DAPT could be a powerful estate planning tool
An estate planning tool called domestic asset protection trusts (DAPTs) may make it possible to minimize income and estate taxes. The DAPT is a self-settled irrevocable trust, which means that a person can both create it and be a beneficiary. However, the trustee must...
