Revocable vs. Irrevocable Trusts in North Carolina

At first glance, it seems like the difference between a revocable trust and an irrevocable trust would be obvious. You can revoke a revocable trust. The same is not true of an irrevocable trust. To understand the real differences between these types of trusts, it is helpful to look at the different ways they are…

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Back to School Estate Planning Basics

Juggling family life, work, bills, and the kids’ schoolwork leaves no time to worry about your future. However, estate planning is vital. Many people push it to the back burner when life becomes too complicated or because they feel too young to think about it. Remember that finding the time to make these significant financial…

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Types of Power of Attorney in North Carolina

Estate planning lawyers create different types of power of attorney documents in North Carolina to accomplish different goals for their clients. Certain types of POA documents are very useful to have as a standard part of your estate plan. Other types may be most useful in specific circumstances unique to your situation. Understanding Powers of…

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What is Guardianship?

When a court determines that someone cannot manage their finances or their healthcare, the court can appoint a guardian to make decisions and act on that person’s behalf. A guardian could be an individual such as a family member or an entity. The person subject to guardianship sometimes referred to as a ward, is often…

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Do You Need a Special Needs Trust for Your Child in North Carolina?

Parenting a special needs child comes with an extra share of care and responsibilities, one of which concerns your child’s future. It is essential to ensure that your child enjoys a financial safety net after you are gone.  Timely and appropriate estate planning can help provide for your child’s long-term needs. Specifically, your family may…

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Should I Include Digital Assets in My Estate Plan?

When updating your estate plan, it’s important to include digital assets that someone may need access to when you pass away. We live in a digital world where passwords, accounts, photos, videos, etc., are stored on devices such as laptops and smartphones. It is important to include digital assets in your estate planning or they…

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How Taxes Affect the Estate Planning Process

Two things are promised in life: death and taxes. So when death occurs, you can be sure that taxes follow suit. The amount of taxation depends on the amount of the estate and location. Federal and state taxes can reach a staggering 40%. Luckily, the State of North Carolina does not have a state inheritance tax.…

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Six Important Documents to Include in Your Estate Plan

Your estate plan should include six critical components. While most people think an estate plan only affects financial matters, three of the six essential documents involve medical issues rather than financial concerns. A thorough estate plan protects multiple aspects of your life. If you are missing one of these documents, your loved ones may have…

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Why You Need a Durable Power of Attorney

An injury or health condition can render you unable to communicate your healthcare wishes or take care of your financial affairs. When this happens, you need someone who can direct your medical care and finances on your behalf and in a manner that promotes your interests. With a durable power of attorney, you can provide…

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