trusts Archives

Dealing with a recalcitrant trustee

Trusts are often an attractive method for North Carolina estate owners to pass on wealth outside the probate system. However, it is important that people select the right trustees when setting up a trust. Otherwise, the consequences could be significant for the intended beneficiaries. Trustees have a responsibility to manage assets in the interests of the beneficiaries, but some may be neglectful, disconnected or even corrupt.

How silent trusts can help people plan for the future

Many people in North Carolina want to pass on their assets to their children, and they may see the advantages of planning early on for wealth transfer. By creating trusts earlier in life, people can not only put their estate plans in place but also reap significant tax benefits. At the same time, many people are concerned that they could actually impact their children's lives negatively by letting them know that a large trust fund will be waiting for them.

Educational trust considerations for multiple heirs

A parent or grandparent in North Carolina who wishes to fund the education of heirs through an estate plan will need to consider issues like equal treatment and differences in educational costs. Paying for the schooling of multiple heirs could be accomplished by setting up a single pot trust for all of the beneficiaries or separate trusts for each heir.

Giving to charity through estate planning

People in Charlotte who are thinking about making a plan for their estates may be considering how they can integrate their commitment to charitable giving. Many people set goals for philanthropy during and after their lifetimes and hope to create a family commitment to charitable support. There are a number of reasons why people may want to include gifts to charity as part of their estate. For some, they may wish to reap the tax benefits of this approach while others may want to share part of their wealth with a cause they have cared about for many years.

Using estate plans

North Carolina residents may point to the management of taxes as the main motive for creating an estate plan. However, there are multiple other reasons why they should consider estate planning.

Trusts are customizable, fall into two main categories

Trusts are among the most useful tools available for estate planning in North Carolina. They take many forms and can be designed to fit a particular person's situation. The specific structure of a trust determines how it controls assets, how assets are taxed and whether they're protected from creditors. The person who creates the trust is referred to as the settlor or grantor. Once the settlor transfers assets into a trust, they are managed by the trustee according to the trust's provisions.

Surviving spouses often require additional estate planning

When a spouse dies in North Carolina, most of the focus goes to the estate planning that was accomplished by the recently deceased. This, of course, is appropriate. However, the surviving spouse should also complete an in-depth analysis regarding the efficacy of their estate planning in light of the changed circumstances. This chore is often neglected to the detriment of all concerned.

Steps to creating an estate plan

Many people in North Carolina are among the half of all baby boomers and 70 percent of all Americans who do not have an estate plan. All adults need an estate plan regardless of their age or income level.

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