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Trusts And Estates Division In Divorce

Trusts

As a couple goes through life together, having children and acquiring assets, they begin thinking of the future. They make estate plans and establish trusts to provide for each other and their heirs. However, if that marriage falls apart one…

A lawyer or accountant in a black button-down shirt works with a smartphone in one hand, bending over a laptop computer at a desk that also holds a gavel; concept image for tracing hidden assets in a divorce.

Detecting And Addressing Hidden Assets In Divorce

Trusts

During a divorce, each spouse is typically expected to provide complete and accurate financial statements to facilitate the court’s decision-making processes related to the division of marital property as well as any orders concerning child support and any awards of…

How to Terminate a Trust

Trusts

Even irrevocable trusts can be modified or terminated in some situations. Sometimes the trust has served its purpose and no longer has sufficient assets to continue operating. Other times, changed circumstances require the trust to be terminated or converted into…

What is a Gun Trust?

Trusts

A gun trust can be used to stay in compliance with federal, state, and local laws that apply to certain firearms. These trusts may be called NFA Gun Trusts because they are used for weapons covered by the National Firearms…

Special Needs Trusts: Securing the Future of Loved Ones

Elder Law Estate Planning Trusts

Caring for individuals with special needs requires a comprehensive and thoughtful approach to ensure their financial security, quality of life, and access to essential support services. Special Needs Trusts (SNTs) have emerged as a powerful tool in this endeavor, providing…

Grantor, Irrevocable, and Inter Vivos, OH MY!

Estate Planning Trusts

Estate planning, just like everything today, is analogous to car buying—or if you prefer—cereal. There are sometimes so many options that consumers are overwhelmed by the options they have and sometimes go with products that do not meet their needs…

Are Trust Distributions Subject to Alimony Calculation

Equitable Distribution Family Law Trusts

When it comes to divorce cases, the treatment of trust income and assets can significantly impact the division of marital property. This blog post focuses on the differences between marital and separate property and the influence of trust assets on…

What is a Special Needs Trust and How Do I Know if I Need to Create One?

Estate Planning Trusts

If someone you love and wish to provide for has a disability, a special needs trust may be the ideal way to do so. Estate planning is complex and there are many ways to transfer your assets to others both…

Gun Trusts

Trusts

A gun trust is a great way to ensure that your guns are inherited and passed to designated individuals. Gun trusts must be drafted to ensure that they comply with the National Firearms Act (NFA). Weapons covered under the National…

Man Carving Turkey at Dinner Table with Family

Passing on Family Values as Part of an Inheritance

Trusts

Successfully addressing and legally formalizing inheritance of family values and assets can be challenging, especially if parents wait too long to begin instilling family values. Undoubtedly the best time to teach and empower your children as eventual inheritors of your…

How to Use Life Insurance in Your Estate Plan

Trusts

Life insurance is often used to provide for loved ones if a primary breadwinner passes away. However, there are also many other benefits of life insurance when it comes to your estate plan. Talk to your estate planning attorney about…

What is a Trust Protector?

Trusts

A trust protector is a person or entity other than the trustee or trust grantor that has certain powers over a trust. Trust protectors are also referred to as “power holders” under North Carolina law. Trust protectors can provide a…

Irrevocable Living Trust in North Carolina

Trusts

Irrevocable trusts are just that—you generally cannot change or revoke the trust after you create it. These trusts are therefore much less flexible than revocable living trusts, but they do have some benefits that revocable trusts don’t offer. Proceed carefully…

The Difference Between Trusts and Custodial Accounts

Trusts

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…