Choosing an Executor
Choosing an executor is one of several important decisions you will need to make during the estate planning process. It may be easy just to pick one of your kids or another family member to take on this role, which is fine in some cases, but there several considerations to keep in mind before...
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What to Include in Your Will
A will is a legal tool that allows you to provide directions as to how you want your personal assets distributed when you die. This is what many people think of when a will comes to mind, but it can do so much more. There are several other provisions you can include in...
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What to Consider in Choosing a Guardian for your Children
If you are the parent of a minor child, one of the most important estate planning decisions you will make is choosing a guardian. The guardian you choose will take over the enormous task of caring for your children should you pass away or become incapacitated. While the possibility of this happening is heart-wrenching,...
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North Carolina Small Estates
Some states, like North Carolina, have provisions for smaller estates that allow the estate to be administered in a way that is less expensive and time-consuming than the probate process for larger estates. To qualify for small estate administration, certain requirements must be met. Additionally, you must be prepared to pay a court...
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Inheritance for Surviving Spouses
The law recognizes that we come to depend on our spouses in a multitude of ways. We depend on our spouses for things like both emotional and financial support. If your spouse passes away and, for some reason or another, fails to leave you an inheritance or leave you a small inheritance, you may...
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Filing the Estate Income Tax
The executor of the estate has many responsibilities when it comes to the managing and settling of the estate. One such responsibility is filing income tax on behalf of the estate. The executor is required to file a federal income tax return using Form 1041 for the estate if the estate has a gross...
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James Brown’s Estate
On January 18, 2007, the last will and testament of James Brown was admitted for probate in South Carolina. The late rock and roll legend had passed away on Christmas Day of 2006. But, almost 13 years later, his estate has yet to be fully resolved. The issues and complications that have come up...
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Recent Supreme Court Ruling Regarding Taxation of Trusts
The Supreme Court recently issued a unanimous decision in North Carolina Department of Revenue v. The Kimberley Rice Kaestner 1992 Family Trust. At the center of the case was a dispute as to whether or not North Carolina had the authority to tax the trust given the specific facts of the case. You see,...
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How Do You Create a Valid Will in North Carolina?
Creating a WillEstablishing an estate plan and creating a will are important to help ensure your wishes are honored and your family is provided for after you pass. Without a valid will in place, your estate will be distributed not according to your wishes, but according to the intestacy laws of...
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What Is a Durable Power of Attorney?
Durable Power of AttorneyA power of attorney legally authorizes a purpose to act as your agent. The types and purposes for using a power of attorney greatly vary. You, as the principal, may wish to grant your agent broad or limited authority. You may want to limit the authority to one specific situation. A...
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