When you are thinking about the subject of estate planning, the matter of asset transfers will be front and center. It is definitely important to take the right steps to get bequests into the hands of your loved ones in the best manner. There are a number of approaches you can take, and this is why you should discuss your options with a licensed estate planning attorney from our firm. This being said, there are some other matters to address when you are devising your estate plan. In addition … [Read more...] about Don’t Overlook Incapacity Planning
What Is a Limited Liability Company?
Asset protection can be a concern if you are the owner of a business or a professional practice. There are always litigious types out there who look for successful people to target so you have to be vigilant and take the right steps to protect what you have earned. Many different types of business owners could be targeted by litigants, but people who are in certain lines of work are more vulnerable than others. If you are in one of these high-risk professions (think medical, pharmaceutical, … [Read more...] about What Is a Limited Liability Company?
What Is a First Party Special Needs Trust?
People with disabilities often rely on need-based government benefit programs. Medicaid is a health insurance program. It is jointly administered by the federal government along with each state government. Supplemental Security Income is another need-based benefit program that provides income for people with disabilities. Since these are need-based programs, there are income and asset limits. It is possible to use a special needs trust to make assets available to enhance the beneficiary's … [Read more...] about What Is a First Party Special Needs Trust?
What Are the Drawbacks of Joint Tenancy?
You should certainly consider the source when someone is giving you advice, including in the estate planning realm. Sometimes people mean well, and they make suggestions, but they do not understand all of the facts. As a result, misconceptions can circulate, and they can lead to negative consequences. With this in mind, we will look at the drawbacks of joint tenancy in this blog post. A Simple Solution? Joint tenancy is pretty straightforward on the surface. A joint tenant is a co-owner of … [Read more...] about What Are the Drawbacks of Joint Tenancy?
Do I Pay an Inheritance Tax When Someone Leaves Me Money?
When you are receiving an inheritance, you may wonder if you are required to pay a tax on the inheritance. The answer is probably not. The recipient of an inheritance is not going to be paying transfer taxes on the inheritance unless there is an inheritance tax in the state within which the recipient resides. Only six states have an inheritance tax (though Kentucky is one of them). There is no federal inheritance tax. An inheritance tax is not the same thing as an estate tax. An … [Read more...] about Do I Pay an Inheritance Tax When Someone Leaves Me Money?
Can a Trust Provide Asset Protection in Charlotte NC?
There is no one way to plan an estate. This is something to keep in mind if you are tempted by websites advertising do-it-yourself estate planning. You may find your way to a site that will allow you to download a generic last will or perhaps a living trust. It looks like all you have to do is pay a fee, download a form, and fill in some blanks, and you are all set. First off, consumer watchdogs such as Consumer Reports have advised against do-it-yourself estate planning because unintended … [Read more...] about Can a Trust Provide Asset Protection in Charlotte NC?
Can Life Insurance be Paid to a Trust?
If your family is supported by two incomes, have you considered what would happen if you suddenly lost one of those incomes? Being prepared for this type of unexpected occurrence is part of what estate planning is all about. While many clients believe that estate planning is only important for seniors, that is certainly not the case. In fact, it may be more important for young adults and new families to take steps to plan. Life insurance is one of the most common ways to prepare for the … [Read more...] about Can Life Insurance be Paid to a Trust?
What Do You Need to Know About the Estate Administration Process?
There is a lot you should know about the estate administration process especially if you will serve as an executor for a loved one’s estate. This article will share with you some of the most important things an executor should know. When a loved one asks you to serve as an executor of an estate, chances are that your first thought isn’t about all the work that job requires. If you’re like most people, there’s an initial rush of satisfaction and a feeling that you’ve just been given an incredible … [Read more...] about What Do You Need to Know About the Estate Administration Process?
The Ins and Outs of Huntersville Trust Administration
When it comes to estate planning, trust administration is a critical component. Included in that is the trustee’s role in administering the trust. The trustee is the person who has been chosen to be responsible for complete management of the trust property and other important duties. With Huntersville trust administration, here are several really important facts that a trustee must know to properly fulfill his or her duties. Recognize that Huntersville trust administration can be … [Read more...] about The Ins and Outs of Huntersville Trust Administration
What Type of Trust Protects Assets?
Securing your wealth is important which is why our estate planning lawyers work with families on effective asset protection strategies. As more than one commenter has observed, getting wealth is one thing; keeping it is something else entirely. That’s true for all of us -- you don’t have to be wealthy for your assets to be at risk. How to Make the Most of Your Insurance Policies For most of us, insurance is the only real asset protection we’ve ever known – though many people may not recognize … [Read more...] about What Type of Trust Protects Assets?
