December 5, 2017How Living Trusts Are Used to Avoid Probate
Living trusts are a common estate planning tools used to accomplish various objectives. One of the main reasons people used living trusts is to keep certain property out of probate court or avoid the need to go through probate entirely. North Carolina has a simplified probate procedure for small estates. If a living trust contains (more…)
December 4, 2017My Love One Died and Their Will Is Different Than Expected
When a Loved One Passes When a loved one dies, the last thing that likely crosses your mind is what their will says. Throughout their lives you may have spoken about what happens when die and what they may be planning on leaving you, but unless you have seen their will, you will never know (more…)
December 4, 2017North Carolina Intestacy Laws: When a Deceased Person Had No Will
Many people never take the time to create a valid will and pass away without naming their heirs. These individuals are said to have died intestate, meaning that they had no will. In these cases, the North Carolina intestacy laws will control how their property is distributed among their heirs. When Intestacy Laws Apply Wills (more…)
December 3, 2017How Creditors Can Get Payment from an Estate
Creditors have a right to payment even after a debtor has passed away. They can exercise this right by filing a claim against an estate. If there are sufficient assets in the estate, the creditor is entitled to receive payment before any heirs receive their inheritance. The Claims Process The personal representative of the estate (more…)
December 2, 2017What the Stepped-Up Basis Means for Inherited Property
The stepped-up basis is a rare “gift” from the IRS that provides favorable tax treatment for inherited capital assets. Real estate, stocks, and other capital assets that have appreciated in value are eligible for the stepped-up basis, which can result in huge tax savings if used properly. Tax Treatment for Capital Assets In simple terms, (more…)
December 1, 2017What Should You Do If You Inherit a Qualified Retirement Account?
A retirement account, such as a 401(k) plan or an IRA, can be among the most valuable assets a person owns in the years just before and after retirement. When a person passes away with funds still in their retirement account, the beneficiary needs to be aware of their options and the tax implications of (more…)
November 30, 2017What Happens When Your License is Suspended
A driver’s license suspension can disrupt your entire life. You may have trouble getting to work, picking up your children, and completing errands. You suddenly realize that you’ve taken the privilege of driving for granted, and you want to make sure you get your license back as quickly as possible and keep it for good. (more…)
November 30, 2017The Difference Between Trusts and Custodial Accounts
Trusts and custodial accounts are two methods of bequeathing property for the benefits of minors. Individuals under age 18 cannot legally own title to property in North Carolina, so these methods allow for an adult to care for the property and manage it on behalf of the minor. While both types of arrangements can be (more…)
November 29, 2017What Happens When Children Inherit Property in North Carolina?
Parents or other relatives may wish to bequest property to minor children in their will, but minors cannot inherit and manage their own property until they reach age 18 in North Carolina. A minor may also be an heir under North Carolina’s intestacy laws when no will exists. In either case, care must be taken (more…)
November 28, 2017I’m not the biological parent, but I’ve been present for the entirety of the child’s life.
The family dynamic is ever changing these days, and there is no such thing as the status quo anymore. It is becoming increasingly frequent that we see blended families come together, shifting roles as caregivers, with grandparents, aunts and uncles, or even siblings helping to raise children. This has truly brought to fruition the idiom, (more…)