Wills and Trusts

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 . . .

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 . . .

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 . . .

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 . . .

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 . . .

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 . . .