• Charlotte: +704.369.9977
  • Fort Mill: +803.594.4453
Consultation Request
Share

Wills and Trusts

Monday, April 26, 2021

What Is a Spendthrift Trust?


There are so many different kinds of people in our lives that we care about and want to provide for. Do you have a loved one with whom you want to provide financial support, but worry about where this support will end up? From creditor issues to poor money management skills, it can be stressful to go back and forth on whether or not you want to risk giving assets to someone who may so easily lose everything. Here, we discuss the spendthrift trust, the possible solution to this problem you may have been grappling with.
Read more . . .


Monday, February 22, 2021

What Are the Different Types of Trusts?


Trusts are often the less recognized and discussed aspect of estate planning. This is unfortunate because trusts can accomplish many things when properly utilized and implemented. A trust can help you avoid the costs and delays of probate.
Read more . . .


Friday, January 29, 2021

What Can You Accomplish with a Will?


A Last Will and Testament, simply referred to as a “will,” is probably one of the most notable estate planning tools. Most people know the basics of a will and think of it only in terms as a way to tell everyone else who you want your property to go to after you die. While a prominent part of the will, there is so much more that can be accomplished by a will and people should know about this as they consider the importance of estate planning.
Read more . . .


Wednesday, January 27, 2021

How Are Revocable Trusts Taxed?


During the estate planning process, the benefits, as well as the importance of various legal tools, are discussed. The potential advantages of having different types of Read more . . .


Monday, January 25, 2021

How Are Irrevocable Trusts Taxed?


While trusts may be often discussed as being included in an estate plan, the tax consequences of a trust are not always addressed. This is unfortunate because trusts can have significant tax implications for both grantors and beneficiaries. Here, we will address how irrevocable trusts are taxed.
Read more . . .


Friday, June 26, 2020

What Is an Irrevocable Life Insurance Trust?


It is no surprise that life insurance is one of the most commonly purchased financial products in the U.S. The benefits of life insurance can provide critical financial relief in the wake of the death of a loved one. Life insurance proceeds can replace the earnings of a breadwinner or cover cost of burial and unpaid taxes. With all of the benefits that come with life insurance, it is also important to be mindful of some of the potential pitfalls associated with life insurance.
Read more . . .


Thursday, January 23, 2020

What Are the Fiduciary Duties of a Trustee?


A fiduciary shares a legal relationship with the principal that comes with certain responsibilities, or duties. The Principal is owed the duty and the fiduciary carries the burden of upholding the duty. A prime example of a fiduciary relationship is that which exists between a trustee and trust beneficiaries. Read more . . .


Wednesday, December 11, 2019

Should You Specify Your Desired Funeral Arrangements in Your Will?


Some people have a very specific idea of how they want their funeral to be arranged. Some may be elaborate and large celebrations of life, others may be low key, intimate affairs. Regardless of the style you have settled on, you will want to make it clear to your loved ones as to how you wish to be honored when you pass. There are several ways to do this.

Specifying Your Desired Funeral Arrangements in Your Will

Your will is one place where you could specify your desired funeral arrangements.
Read more . . .


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 . . .


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 . . .


Friday, August 9, 2019

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, Kimberly Rice Kaestner’s father, Joseph Lee Rice, created the trust in New York for the benefit of his children. He appointed a New York resident as a trustee.
Read more . . .


Archived Posts

2021
2020
December
November
October
September
August
July
June
May
April
March
February
January
2019
2018
December
November
October
September
August
July
June
May
April
March
February
January
2017
December
November
October
September
August
July
June
May
April
March
February
January
2016
December
November
October
September
August
July
June
May
April
March
January
2015
December
November
October
September
August
July
June
May
April
March
February
January
2014
December
November
October
September
August
July
June
May
April
March
February
January
2013

← Newer12 Older →


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



© 2021 Monk Law Firm, PLLC | Disclaimer
1701 First Baxter Crossing, Suite 101, Fort Mill, SC 29708
| Phone: 803-594-4453
6000 Fairview Road, Suite 1200, Charlotte, NC 28210
| Phone: 704-369-9977

Estate Planning | Elder Law / Medicaid Planning | Guardianships | Probate / Estate Administration | Special Needs Planning | Veterans Benefits | Business Law | Business Succession Planning | Florida Veteran's Aid and Attendance | Covid-19 Update

Law Firm Website Design by
Zola Creative