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Monday, November 18, 2019

How Can You Protect an Heir’s Inheritance from His or Her Spouse?


Whether you fear that your child has married someone unreliable or you have faced the reality that around half of all marriages end in divorce, there can be a number of reasons why you would worry about leaving an inheritance to your child that would end up in the hands of a spouse who winds up as a former spouse. During divorce proceedings, all marital property will be subject to division. The court will first determine what constitutes marital property and what is separate property. 

Generally speaking, marital property is any property acquired by you or your spouse during the course of your marriage, with some exceptions. Separate property generally includes property acquired by you or your spouse before marriage or property you acquired during the marriage by devise or gift.
Read more . . .


Wednesday, November 13, 2019

What Are the Most Common Estate Planning Mistakes to Avoid?


Putting an estate plan in place is so important. One of the most common estate planning mistakes is not having an estate plan at all. That being said, a properly drafted estate plan is critical to best serving you and your loved ones. Mistakes in the drafting of an estate plan can have serious consequences such as unintentionally disinheriting someone, to leaving your family to deal with large tax bills or intense legal battles. The best start to avoiding common Read more . . .


Friday, November 8, 2019

Why Would You Want to Avoid Probate?


You may have heard many negative sentiments about the probate process. However, many people do not actually understand the specifics about why people try to avoid probate. Proper planning ahead of time can help ensure that your estate will not need to go through probate at all or will, at least, substantially avoid it.
Read more . . .


Tuesday, October 15, 2019

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 doing so. The executor plays a central role in the administration of your estate. There is much responsibility involved, and other dynamics at play that should be taken into account in order for the Read more . . .


Thursday, October 10, 2019

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 a will that can be extremely beneficial to your estate and your loved ones.
Read more . . .


Monday, October 7, 2019

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, it is also something that you must consider for your sake and for the sake of your children. Confronting this difficult possibility and planning accordingly will end up bringing you peace of mind because you will know that your children will be in good hands should anything happen to you.

What to Consider in Choosing a Guardian for your Children

There are a number of things you should consider when Read more . . .


Thursday, September 19, 2019

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 fee and carefully prepare all of the requisite forms.
Read more . . .


Monday, September 16, 2019

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 be able to recover an inheritance or a larger inheritance pursuant to North Carolina’s elective share law. The elective share law works to prevent a person from disinheriting his or her spouse.

What is an elective share?

Under North Carolina’s elective share law, when a person passes away, the surviving spouse is granted the opportunity to recover a certain minimum amount of assets from the deceased spouse.
Read more . . .


Wednesday, September 11, 2019

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 income of $600 or greater for the relevant tax year, or there is a beneficiary of the estate who is a nonresident alien. 

You are probably wondering what kind of income would be generated by the estate. Sometimes, an estate includes something like rental property.
Read more . . .


Friday, August 16, 2019

What Is Medicaid Planning?


Long term care is very expensive. Many people who are over the age of 65 will need long-term care at a certain point. Fortunately, Medicaid will help pay for long-term care for some people. There are, however, strict asset and income limitations in place in order to qualify for the program. Read more . . .


Tuesday, August 13, 2019

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 during the probate process have stalled the process significantly.

Why Was James Brown’s Estate Stuck in South Carolina Probate Court for So Long?

One of the main issues that has taken considerable time during the probate process relates to Brown’s final marriage to Tomi Rae Hynie.
Read more . . .


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