Estate Planning

Estate planning is something everyone should do as soon as possible. It is an important process that puts critical legal tools in place to protect you and your loved ones. There will be many difficult decisions you will have to make during the estate planning process.
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Many people have charitable causes about which they are passionate. When estate planning, you may wish to consider planned charitable giving which will allow you to support your charitable interests. There are several ways to include charitable giving.

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Estate planning involves putting important tools and legal protections in place related to your end of life wishes as well as others associated with ensuring your healthcare decisions are respected and your financial well being is protected. This does not mean that estate planning is only for those individuals who are older or who may be in poor health. Estate planning is important for everyone regardless of age or health status.
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There are many different trust types available to use when estate planning. Each different type of trust serves a different purpose and has its own benefits. The value that you may find in the proper implementation of the right kind of trust to serve your own purposes can be substantial. This is part of the reason why it is so important to begin Read more . . .

The administration of an estate can be a lengthy and sometimes frustrating process. The personal representative of the estate is tasked with its administration and the job duties are extensive. To administer the estate, the personal representative must, among other things, gather and protect all assets, take inventory of the assets, notify all creditors, determine which debts are legitimate and must be paid off, and distribute the assets to the beneficiaries as directed by the will or, if there is no will, as directed by state intestacy laws.
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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 . . .

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.
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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.
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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.
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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.
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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.
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