When you are planning for retirement, you may consider moving to another state for one reason or another. If you are making this decision, you should certainly take taxation into consideration, and there are some potentially significant taxes that you may overlook. State Income Taxes on Retirement Income In most states, you have to pay state-level income taxes on pension payments and 401(k) and individual retirement account income. However, there are nine states that do not have state-level … [Read more...] about Will You Pay Taxes on Retirement Income?
You Don’t Have to Be Rich to Create a Pet Trust
You may have heard about the estate plans of some very wealthy, high-profile people that pampered their pets. Leona Helmsley was a billionaire that was known as the “Queen of Mean” because of her dismissive attitude and crude statements. She may not have been very nice to some humans, but she certainly had a soft spot for her Maltese, Trouble. Helmsley reportedly established a trust fund for the dog that was funded with $12 million. That made Trouble the wealthiest dog in the world, right? … [Read more...] about You Don’t Have to Be Rich to Create a Pet Trust
Are These Documents Included in Your Estate Plan?
An estate plan should be comprehensive in nature, and many people do not take the time to learn about the components that should be included. With this in mind, we will look at the specific documents that should be part of the plan. Living Trust A lot of people assume that you should use a will to facilitate asset transfers. In reality, though, for many people a living trust should be at the core of their estate plans. When you have a revocable living trust, you are taking a holistic … [Read more...] about Are These Documents Included in Your Estate Plan?
Can You Dissolve a Trust?
You may assume that a trust is a trust. In fact, there are different types of trusts, and a major dividing line is the matter of revocability. Irrevocable Trusts Generally speaking, an irrevocable trust cannot be dissolved after it has been created, but there are some rare exceptions. When you establish an irrevocable trust, you often cannot act as the trustee. Why would you want to surrender control of your assets? This can be beneficial under a few different circumstances. The federal … [Read more...] about Can You Dissolve a Trust?
Should I Use a Transfer on Death Account to Avoid Probate?
Probate is a legal process that will be necessary if you rely a simple will to state your final wishes. You would name an executor in the document to take care of the hands-on tasks, and the court would supervise while the estate is being administered. It serves a purpose because final debts are paid during probate, and the validity of the will is determined. If anyone wants to contest the terms, they can come forward while the estate is being probated by the court. There is nothing … [Read more...] about Should I Use a Transfer on Death Account to Avoid Probate?
A Conversation With an Estate Planning Lawyer
If you were sitting next to an estate planning lawyer on an airplane and you had a chance to pick the lawyer's brain, what would you ask? It would definitely be an enlightening conversation, and we will present a hypothetical give-and-take here to pass along some valuable information. Why is estate planning important? You would die intestate if you pass away without any estate planning documents. The probate court would step in to sort things out, and the court would appoint a personal … [Read more...] about A Conversation With an Estate Planning Lawyer
John Potter Designated as CELA and NC Board Certified Specialist in Elder Law
John R. Potter has been designated as a Certified Elder Law Attorney (CELA) by the National Elder Law Foundation and a Board Certified Specialist in Elder Law by the North Carolina State Bar. The National Elder Law Foundation (NELF) – the only nationwide organization approved by the American Bar Association to offer certification in the area of elder law - has announced that John R. Potter, an attorney practicing in Charlotte and Huntersville, North Carolina, has successfully completed its … [Read more...] about John Potter Designated as CELA and NC Board Certified Specialist in Elder Law
Don’t Buy Into These Estate Planning Myths
There are some common misconceptions that people pass around about aspects of the estate planning process. In this post, we are going to look at a handful of them to give you some insight that may save your family a lot of time, money, and stress. Estate planning is not necessary unless you are very wealthy. The idea that estate planning is only for the rich is completely false. Yes, high net worth individuals have to take steps to preserve their resources, and the estate tax can be a source … [Read more...] about Don’t Buy Into These Estate Planning Myths
This VA Benefit Can Give Seniors a Boost
Long-term care is a major elder law concern. About 70 percent of seniors will need help with their day-to-day needs, and more than one third will require nursing home care. A year in a nursing home in the Charlotte, North Carolina area comes with a price tag of about $100,000, and the figure is $80,000 for Ashland, Kentucky. One year is the average length of stay, and of course, a married couple may receive two different sets of nursing home bills. In-home care is another option for some … [Read more...] about This VA Benefit Can Give Seniors a Boost
Avoid Ancillary Probate With a Living Trust
It is a good feeling to get away and spend time at your vacation home if you are fortune enough to have an additional piece of property out-of-state. You can make memories with your family and friends, and real estate can be a good investment. When you are planning your estate, you should be aware of the potential for ancillary probate if you are in this position, and we will examine the subject here. Estate Administration Probate is a process that serves a purpose when an estate is being … [Read more...] about Avoid Ancillary Probate With a Living Trust
