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Tuesday, July 23, 2019

How Do You Create a Valid Will in North Carolina?


Creating a Will

Establishing 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 the state. Essentially, state intestacy laws give your property to your closest relatives, usually starting with your spouse and children.
Read more . . .


Thursday, July 18, 2019

What Is a Durable Power of Attorney?


Durable Power of Attorney

A 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 power of attorney is a great thing to use if you cannot make it to something like a real estate closing and wish for someone to act on your behalf to close the deal.
Read more . . .


Monday, July 15, 2019

What Is an Incentive Trust?


You may have spent some time considering who you want to receive your assets when you pass away. You may also have spent some time wondering and worrying about what that person or those people who receive your assets will do with them once they inherit them. It can put you in a difficult position when you want to leave a family member or loved one a portion of your estate, but worry about the impact a lump sum financial gain will have. What if the inheritance disincentives finding and sustaining gainful employment? What if all of the inheritance is squander all too quickly? If these kinds of concerns have been on your mind, it is time to consider establishing an incentive trust.

What is an incentive trust?

An incentive trust is a trust that imposes requirements on the trust beneficiaries, which must be fulfilled for them to receive distributions of trust assets.
Read more . . .


Sunday, June 30, 2019

Terminating a Living Trust


Trusts terminate due to a variety of circumstances. Usually, it is as simple as having all of the trust property distributed to beneficiaries and then the trust is effectively terminated. This is what happens with the majority of living trusts which are frequently used as a way to avoid probate while still distributing assets to designated beneficiaries. Once the trust assets have been distributed according to the terms of the trust, the trust closes. For whatever reason, however, you may want to terminate a living trust earlier than originally planned.
Read more . . .


Thursday, June 27, 2019

Dying Without a Will


If you die without a valid will in place, you are deemed to have died intestate. Without a valid will, the state intestacy laws will apply and your assets will be distributed accordingly. This is why it is so important to estate plan. Without a valid will, you lose control of who will get what from your estate. Take the time to put an estate plan in place and know that your wishes will be honored after you pass away.
Read more . . .


Monday, June 24, 2019

Advanced Health Care Directives


An often overlooked, but very important, aspect of estate planning are health care directives. These are legal documents that can describe the medical care you want should you be unable to communicate your wishes to your family, friends, and treating medical providers. You should not wait until you are ill, injured, or otherwise incapacitated to put these documents into place. They are crucial in the event of the unexpected happening. If you ever become incapacitated, health care directives can ensure that your wishes are carried out even when you are unable to communicate them.
Read more . . .


Monday, May 27, 2019

Estate Planning for Your Pet


Whether it is a dog, cat, bird, or other kind of animal, our pets are like family. Like family, we want to make sure our pets are properly cared for after we pass away. This is possible with careful estate planning.
Read more . . .


Friday, May 24, 2019

Don’t Wait to Estate Plan


Estate planning does not seem like a pleasant prospect. It does involve thinking about death and incapacitation, two things people generally do not want to reflect on. Estate planning, however, is too important to avoid. Confronting difficult questions is the only way to legally protect yourself and the best interests of your loved ones. If you think you are too young, too healthy, too poor, or any other reason to need to estate plan now, reconsider.
Read more . . .


Monday, May 20, 2019

Taxation of Trusts


Just like individuals, trusts are subject to taxes at both the state and federal level. How a trust is taxed will vary depending on the type of trust funds. Sometimes a trust will incur the tax liability. Other times a trust fiduciary or beneficiary will incur the tax liability.

How are Trusts Taxed?


In North and South Carolina, trusts are subject to taxes when there is taxable income being generated by the assets held in trust.
Read more . . .


Thursday, April 18, 2019

A Lawyer To English Dictionary


It is easy for attorneys to forget that the specialized terms we toss around every day are not words that most people have ever heard before. At Monk Law, we go out of our way to ensure our clients fully understand all of the documents they are signing, and the terms in them. 

It is our duty to our clients to make sure that we communicate clearly, so below is a list of common estate planning terms and a plain English definition of them.
Read more . . .


Friday, April 12, 2019

Inheritance Taxes: The Estate Tax’s Sneaky Cousin


When people rail against the “death tax” what they are typically talking about are estate taxes. But the close cousin of the estate tax, the inheritance tax, can cause just as much mayhem if not properly planned for. 

What’s the difference between estate taxes and inheritance taxes? 


The “death tax” that everyone knows about is the estate tax. The federal government, and some states, take a percentage of the wealth that is transferred at someone’s death. The tax is paid by the estate of the person who died.
Read more . . .


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