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Estate Planning

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 . . .


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 . . .


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 . . .


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 . . .


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Monk Law Firm, PLLC assists clients throughout Charlotte, Rock Hill, Fort Mill and the surrounding areas.



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| Phone: 803-594-4453
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| Phone: 704-369-9977

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