Understanding NC’s Intestate Law: What Happens If You Die Without a Will
A Will is a crucial part of estate planning, but what happens if a person dies without one? Contrary to common belief, property doesn’t simply transfer to the State. Instead, in North Carolina, the property of individuals who pass away without a Will is distributed according to the North Carolina Intestate Succession Act. The NC…
Read MoreUnderstanding Trust Funding in Real Estate: A Guide
Trust funding, especially in the context of real estate, is a nuanced process. To comprehend how we might transfer the title of real property into a trust, we must first establish an understanding of the background concepts. Real Estate and Its Unique Characteristics Different from most personal property, real property carries unique characteristics and abides…
Read MoreUnlocking the Process of Transferring Real Estate into a Trust
Are you considering incorporating real estate into a trust but unsure about the process? It’s simpler than you might think. This article will delve into the key aspects of transferring real estate into a trust, enlightening you about deeds, mortgage implications, and the decision-making process. General Warranty Deed vs. Quitclaim Deed Transferring real estate into…
Read MoreEstate Taxes – Planning Approaches for Married Couples
The U.S. Federal Estate Tax is the tax levied on an individual’s estate on the transfer of his assets at his death. As a starting point, to understand how estate planning can be used to minimize estate taxes there are two concepts to be familiar with. The first concept is the Federal Estate Tax Exemption…
Read MoreShould I Put My House in a Trust in North Carolina?
Your home is an incredibly valuable asset – for many people, it is their greatest source of wealth. You’ll likely want to make sure you pass it on to your family or other named beneficiaries when you pass. While there are many ways to do so, a trust may be the best option. Are you…
Read MoreTax & Advanced Planning
Many topics fall under the category of Advanced Estate Planning. Usually Advanced Estate Planning is synonymous with reducing the Federal Estate Tax. An overview of some estate tax planning approaches is below: Estate Taxes Minimization Tools The Federal Estate Tax Exemption amount is the amount an estate can pass free of taxes. The current Federal…
Read MoreFirst Steps of Estate Planning
If you’ve recently lost a loved one, please accept our condolences. The weeks ahead will be difficult on many levels, handling the estate of the lost included. Our experience suggests that the steps below apply in most circumstances and will help guide you through the next several weeks. Notify family and friends of your loved…
Read MoreSecure Your Loved One’s Future with a Special Needs Trust in North Carolina
It’s National Developmental Disabilities Awareness Month: Secure Your Loved One’s Future With a Special Needs Trust in North Carolina Raleigh, NC. – February 23, 2023. In honor of March 2023, Developmental Disabilities Awareness Month, the Trusts and Estates Law Group shares valuable advice about why North Carolina families should consider setting up a special needs…
Read MoreHow Can I Get Help Paying for Skilled Nursing or Assisted Living in North Carolina?
If you’re planning to enter a skilled nursing home or assisted living facility, you can either use your own income and assets or you can qualify for Medicaid or Special Assistance. Medicaid and Special Assistance will cover long-term care expenses, unlike Medicare and most health insurance. While many Americans have Medicare, Medicare only offers temporary…
Read MoreNomination of Guardian
If a loved one suddenly becomes incapacitated without a power of attorney, who makes decisions on their behalf? You can petition the court to become the legal guardian of a minor child or incapacitated adult if the person did not name an agent under power of attorney (or in the case of a child, did…
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