NC and SC Estate Planning and Elder Law Firm

A living trust as a legal construct in which assets can be stored for distribution at some point and under certain specified conditions to the trust beneficiaries. The trust is managed by the trustee according to the terms set forth in the trust document and for the benefit of the beneficiaries. Many people establish a living trust in order to avoid the probate process. Probate is the public, court-supervised process of administering a decedent’ estate. It can be time consuming and costly.

To establish a trust, the trustor, the creator of the trust, transfers assets into the trust and appoints a trustee to manage the trust for the benefit of the beneficiaries. Trusts can be established for a number of reasons, including probate avoidance, and have many benefits. If you are looking to include a trust in your estate plan, you will need to choose a trustee to manage that trust.
Read more . . .

Simon immigrated from Ireland to the United States with his family when he was 7 years old and then spent his formative years living in New York. He moved to Charlotte in 2004 and acquired his Bachelor of Arts in history and political science from the University of North Carolina at Charlotte, and then obtained his Juris Doctorate from Elon University School of Law on a full merit scholarship. Since graduating law school, and in an effort to constantly increase his business acumen, Simon has taken numerous post-graduate programs studying business analytics, economics, and negotiation tactics at Harvard University.

Taxes are rarely anyone’s favorite subject. With tax season just wrapping up, you may have had your fill of the topic for a while. Regardless, however, taxes remain an important thing to confront. This may be especially true in the

Do you have a charitable cause you hold close to your heart? Are you looking for ways to make a charitable impact most effectively in your estate plan? If so, you may want to learn more about a charitable lead trust, what it can do, and the benefits it can bring to you, your loved ones, and your favorite charities.

Charitable Lead Trusts

A charitable lead trust is an irrevocable trust which makes charitable contributions for a certain period of time. Afterwards, the assets remaining in the trust are eventually transferred to the named beneficiaries of the trust, who are usually family and other loved ones. This is not to be confused with the charitable remainder trust, which serves similar purposes, albeit inversely. You see, with a charitable remainder trust, the trust pays out a stream of income to family members, or other named parties, for a set period of time and then transfers the remainder of the trust assets to a charitable organization.
Read more . . .

Have you ever heard of a living trust? Have you ever considered using a living trust in your estate plan? While an extremely useful estate planning tool, many have not heard of a living trust or, may have heard of it, but have never considered adding to their estate plan. That is mainly because trusts remain mysterious to most. Many view it is something that wealthy individuals establish for things like tax purposes. The truth is, however, that trusts can be useful to everyone. To give you a clearer picture of what a living trust is, we will discuss the pros and cons of living trusts here.
Read more . . .

When you think about estate planning, you may start to wonder about what an estate really is. What is included in this estate you are planning for? It is a good question and a great way to begin reflecting on your estate and how you want it to be handled after you pass away. Let’s take a look at the different meanings of the word “estate” and the implications the relevant definitions can have on your estate planning process.

Many single parents are the sole providers and caregivers to their children. It is important to approach estate planning for single parents with this in mind. In a strong estate plan, the tools used will reflect the unique circumstances of the individual. Single parents, here are some things to consider when engaging in estate planning.

Estate Planning Considerations for Single Parents

One of the big things that single parents should consider when estate planning is the possibility of getting remarried.

We are all guilty of it. We take for granted our health. When we are feeling good, it can be difficult to imagine feeling otherwise. Health is, of course, a gift to be enjoyed, but it is not something to be complacent about. Even those of us who do all we can to maintain a safe and happy lifestyle are not immune from injury or sudden illness that could leave us incapacitated.
Read more . . .

One of the biggest transitions a person may make in their lifetime is moving from their house into a nursing home. Of course, a nursing home can be a great new residence, especially for someone with advancing needs as they age, but it can be a difficult transition, nonetheless. There is a great deal to adjust to and there will also be many logistical hoops to jump through. It will come with other big decisions as well. For instance, what should a person do with their home when they move into a nursing home or assisted living facility? It is an important question with potentially large sentimental and financial implications.
Read more . . .

When you think of estate planning, you may think of who you want to inherit your home, your financial holdings, and other higher financial value items. This is, after all, an important part of estate planning and absolutely something that merits significant reflection. Amidst all of your estate planning decision making efforts, remember to take stock of your sentimental assets as well. Not all assets of significance have great financial value, after all. Some of your most treasured items may not be worth something to someone who does not know you, but may be something close to your heart, nonetheless.
Read more . . .