Gastonia Estate Planning Lawyer

Estate Planning Attorney in Gastonia, NC

Estate planning requires strong preparation to ensure you and your loved ones are taken care of in the future. A thorough, legally enforceable plan has many elements that can be difficult to navigate on your own. A Gastonia estate planning lawyer can assist you and your family with all estate-planning matters, ensuring everything is in place, giving you peace of mind.

Orsbon and Fenninger, LLP, have been assisting the members in our community for decades. The residents of Gastonia trust us with finding solutions to their estate planning needs, no matter what the size of their estate is. Our seasoned legal team values the relationships built with our clients and is dedicated to respectfully advising them with their interests first and foremost.

The Importance of Estate Planning

Estate planning can include many components that document your final wishes, provide for loved ones, avoid probate, and avoid taxes.

An estate plan can determine how your assets will be distributed after you pass. It can include direction on the distribution of financial gifts, life insurance, wills, trusts, and business arrangements and agreements. Your plan can also appoint a guardian for your children or include provisions for a special needs family member.

Appointing a person who can make financial decisions on your behalf should you become incapacitated can be part of a detailed estate plan. Our estate planning lawyers can help you designate the right person for this vital task and ensure your wishes are clearly stated.

Other related areas of estate planning include:

• Designating an executor of your estate
• Avoiding or managing probate
• Establishing a financial and medical durable power of attorney
• Navigating family limited partnerships and limited liability companies
• Drafting legal documents to reduce inter-relative disputes and/or contested affairs

If an individual passes away without appropriate estate plans in place, state laws will determine how their assets are distributed, and the court will appoint someone to manage the estate and make vital decisions that the individual may not have agreed with.

Specific Considerations Regarding Estate Planning in Gastonia

With the older adult population expected to grow by nearly 50% in most counties in North Carolina, estate planning is crucial. Moreover, the median sale price of a home in Gastonia is $308,000, and the average household income is $60,554, both factors that indicate the average estate values in the area. However, estate planning is important for everyone, not just the elderly or the wealthy. Every adult should have an estate plan in place that they can revise after major life changes. You can learn more about why estate planning is important in North Carolina for all adults.

The Gaston County Clerk of Superior Court handles all estate affairs and presides over pertinent hearings in the area, located at 325 Dr. Martin Luther King Jr. Way in Gastonia. Our legal team is well-versed in this court’s procedures and can confidently advocate for you in any proceedings.

Hire an Estate Planning Lawyer

There are several benefits to hiring an estate planning lawyer. Language matters in the drafting of legal documents, such as wills or trusts, and ensuring all documentation is legally enforceable. Estate planning lawyers are adept at maximizing legal protections, ensuring that your decisions are adequately communicated, and your wishes are adhered to. They can also assist with confirming both asset and account values, as well as protect against any beneficiary disputes.

Creating a thorough estate plan with a seasoned estate planning lawyer is also highly recommended in the following situations:

• You have dependents (and/or a large family)
• You are at risk of becoming incapacitated
• You have assets in other states or countries
• You own investment properties or a family business
• You believe your will may be contested

At Orsbon & Fenninger, LLP, our estate planning lawyers have over 68 years of combined experience, are highly skilled, and can assist you and your family with all aspects of estate planning. Some of the tools our attorneys use include:

• Wills
• Trusts
• Advance Directives
• Powers of Attorney
• Elder law strategies

Protect your legacy with a team of compassionate and effective estate planning lawyers skilled in asset protection, avoiding probate, minimizing taxes, and providing for your family members.

FAQs

Are Estate Planning Attorneys Worth It?

Estate planning attorneys are worth it, as they are highly proficient at analyzing and categorizing your assets and ensuring that your wishes are respected and enforced. They are well-versed in all of the applicable legal codes and can assist in beneficiary contestations should they arise. Most importantly, estate planning lawyers help ease any burden you might have as a provider, ensuring your family is properly looked after in the way you desire.

How Much Can You Inherit Without Paying Taxes in NC?

North Carolina does not currently have an estate tax, though assets are nonetheless subject to federal estate taxes should their value be high enough. There is also no inheritance tax in place. With this in mind, the most one can inherit yearly without paying taxes is $19,000 per recipient, with a lifetime exemption of $13.99 million. Any amount gifted above the yearly threshold will count against your lifetime exemption.

Do I Need an Attorney for Estate Planning?

North Carolina does not require legal assistance for estate planning, but it is highly advised. Without professional help, a poorly drafted will may be unenforceable due to the unfulfillment of several legal requirements. Additionally, family disputes, trust allocations, interstate assets, and more make the help of a lawyer essential. When you hire an estate planning lawyer, they can meticulously draw up all documents, ensuring they are legally enforceable, and represent all of your wishes.

How Much Does an Estate Planning Attorney Cost?

The cost of an estate planning attorney can vary between practices and locations. Some attorneys may charge flat fees for certain services, or they may charge by the hour. Complex estate plans will cost more than drawing up a single document, such as a will. It’s wise to consult with an attorney to discuss fees as well as to determine whether they are a good fit for you. You can find out how much estate planning costs in North Carolina and the factors that influence the price

Orsbon & Fenninger, LLP – Trusted Estate Planning in Gastonia

At Orsbon & Fenninger, LLP, our seasoned attorneys will make sure you have the tools in place to put you and your beneficiaries in an optimal position. Our team is well-versed in North Carolina’s state laws and the local culture of the area. We believe in putting our clients’ wishes first and in working diligently to make sure all of their assets are adequately protected.

We are readily available to make your estate planning effortless and thorough. Schedule a consultation today. Together, we can decide on the plans that would most benefit your circumstances, your goals, and your family.

Gastonia, NC Estate Planning Resources

• The pros and cons of setting up a charitable trust

• Living Will vs. Advance Directives in North Carolina

• How a trust protects your adult child when a marriage fails

• Four ways someone could abuse power of attorney

• What happens to an estate plan if both spouses die?

• Should you rely on a sweetheart will?

• Essential components of estate planning in North Carolina

• Digital assets and estate planning in North Carolina