Succession planning for small business partners can often be facilitated with a buy sell agreement. The best way to explain the value of this type of an agreement is to provide a simple example. Let’s say that you have one business partner, and the business has been successful over the years. Your share in the business is your most valuable asset.What would happen in the event of the death of you or your partner? If you were to predecease the co-owner, your heir or heirs would own your share … [Read more...]
Guardianship Can Be Prevented
When you think about estate planning, the events that will take place after you pass away are naturally going to come to mind first. Without question, it is important to take the proper steps to make sure that your assets get into the hands of your loved ones in the best possible way. That being said, you should also consider end of life matters such as possible guardianship and prepare for them in advance. Incapacity Is Common This is a subject that no one is especially anxious to address, … [Read more...]
Q & A Session With an Elder Law Attorney
Most of our clients are somewhat surprised when they find out how an elder law attorney can help them preserve their legacies for the benefit of their loved ones. We often hear many of the same questions when we interact with people here in our office, and this gave us an idea. In this blog post, we'll share a hypothetical question-and-answer session between a client and a member of our firm. Do a lot of people need nursing home care eventually? One of the very best elder law resources on the … [Read more...]
A Spendthrift Trust Can Provide a Solution
You are not alone if you are a financially successful person with a spendthrift in the family, and this can present a significant estate planning challenge. On the one hand, the person in question has often come to you for financial assistance. You are always willing to help, but you will not be around forever.If you leave a direct inheritance to this family member who is not good with money, the family member may burn through it very quickly. Going forward, there would be nowhere to turn … [Read more...]
What Is a Stretch IRA?
There are some helpful strategies you can choose during the estate planning process that many people never think about. This is one of the major reasons why you should develop a relationship with a licensed attorney that can explain your options to you. Personalized attention is key, and that’s exactly what you get when you work with our firm. With that in mind, we will look at the stretch IRA, an opportunity you may be able to take advantage of if you have an individual retirement account … [Read more...]
A Look at Four Different Types of Wills
A lot of people are under the impression that estate planning revolves around the creation of a last will. In reality, there are a multitude of different legal devices in the estate planning toolkit. Plus, this comes as a surprise to many people, but there are multiple types of wills. We will look at four different wills in this blog post to provide some insight. Last Wills Of course, the most commonly utilized estate planning document is the last will or last will and testament. You can state … [Read more...]
Medicaid Planning: Action Is Required
Our Charlotte elder law attorney assists people who are concerned about the eventualities of aging. The major elder law issue of our day is long-term care and the costs that go along with it.Many people assume that Medicare will pay for long-term care, and this makes sense since the program is ostensibly designed to address medical issues that seniors typically face.A lot of us would say that it isn't fair, but Medicare will not pay for help with your activities of daily living -- your … [Read more...]
A Probate Attorney Can Provide Assistance
The last will is the most commonly utilized vehicle of asset transfer in the field of estate planning. That being stated, many people have misconceptions about the administration process when a will is used. They envision a solemn meeting taking place after the funeral that centers around the “reading of the will” and the imminent distribution of assets. In reality, things are handled much differently.Your estate would be probated if you use a last will as the centerpiece of your estate … [Read more...]
Trust Administration and the Role of the Trustee
When you find out about some of the drawbacks that come with using a last will as the centerpiece of your estate plan, you may be interested in an alternative. For many, the legal device called a revocable living trust will be a better choice. Contrary to popular belief, you don’t have to be extremely wealthy to benefit from this type of trust.There are other trusts that can be utilized, and we will look at them in future blog posts. In this piece, we will examine the trust administration … [Read more...]
The Fundamentals of Estate Planning
Estate planning should be viewed as a relatively broad process that includes several different aspects. The ideal estate plan will vary depending on the situation, because each case is different, and there are multiple approaches that can be taken. That being said, there is a foundation that applies to everyone, and we will take a look at it in this blog post. Avoiding Intestacy The most basic reason why you should put an estate plan in place is to avoid intestacy. This is what happens if you … [Read more...]
