One of the most commonly held misconceptions within the realm of estate planning is the idea that you lose all control of assets that you convey into a living trust. For this reason, many people don’t even consider the possibility. They are not prepared to make a decision that is etched in stone. This sentiment is understandable, but in reality, the most widely utilized trust in the field of estate planning is the revocable living trust. With a revocable trust, you can act as the trustee and … [Read more...]
Steps to Take Along the Estate Planning Process
Any time you are involved in a complicated endeavor, it is wise to break it down step-by-step. This is certainly applicable to the estate planning process. In this post, we will take a brief look at the different relevant factors that you should take into consideration. Legacy Preservation One concern is making sure you have something to leave behind because you really don’t have to be too concerned about estate planning if you have nothing left to leave behind to your loved ones. How could … [Read more...]
Alzheimer’s Association Has North Carolina Chapter
To fully grasp any of the elder law issues that are important for seniors at the present time, you have to learn all that you can about Alzheimer’s disease. Everyone has heard about it, but the facts may surprise you, and not in a good way. The Alzheimer’s Association is an extraordinary resource that goes the extra mile to provide as much information and real-life assistance as they possibly can. According to their website, the disease strikes one out of every 10 seniors, and the likelihood … [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...]
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...]
Don’t Overlook Incapacity Planning
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...]
Revocable Trust vs Will: Which is Better?
Although most people equate estate planning with simply creating a last will and testament, a will is not always the best choice. If you use a will to state your final wishes, your heirs will receive lump-sum inheritances. However, everyone is not good at managing money, and this can be disconcerting. Let our attorneys explain how using a revocable trust can be a better choice than a simple will. Revocable trust vs will Many clients ask which is better? When considering the question revocable … [Read more...]
Florence Elder Law Attorneys Can Help with the Difficult Issues
There may come a time when your elderly loved ones start showing signs of having diminished capacity. When that happens, you will need to establish a way to help them manage their affairs. Some of the most obvious signs of diminishing capacity include loss of memory and disorientation. If you have noticed these signs it may be time to take action and the first step is to create an incapacity plan. Unfortunately, this type of planning can be difficult for you and your family. Let our Florence … [Read more...]
Durable Power of Attorney for Property in Charlotte: What Are Its Advantages?
When you are planning your estate in Charlotte North Carolina it would be wise to consider the period of time that people call the twilight years. During the years just prior to your death you may become unable to make sound financial and medical decisions. To prepare for this possibility you should at a minimum execute a legally binding document called a durable power of attorney for property. This could also be called a durable financial power of attorney. Avoiding Guardianship Proceedings The … [Read more...]
Who Can Create a Power of Attorney in Charlotte NC?
A power of attorney is a legal device that is used to name someone else to take legally binding actions on your behalf. There are limited powers of attorney, and there are general powers of attorney. A general power of attorney is intended to give the agent or attorney-in-fact that you choose the ability to do anything that you can do for yourself without limitations. A limited power of attorney is just that; it gives the attorney-in-fact the ability to act on your behalf on a limited … [Read more...]
