Estate, Trust & Probate Blog

Cryptocurrencies such as Bitcoin, Ethereum, and Litecoin are not backed by the US (or any) government or central bank, but by a community of miners and users. This makes them unique compared to other forms of currency. Cryptocurrencies can also be stored in digital wallets on computers or mobile devices. Unlike fiat currencies, which are legal tender, cryptocurrencies are not regulated by a governing body and as such are often unable to be used to purchase goods and services. This often begs the question: “Can cryptocurrency be inherited in an estate?” We will discuss that in this article. Cryptocurrency as…

An estate in North Carolina may owe back taxes if the deceased did not pay all of their taxes before they died. If this is the case, the estate will need to work with an attorney to resolve the issue.  A North Carolina estate planning attorney can help the estate file the taxes or may help negotiate with the IRS if the estate cannot afford to pay the back taxes. If the estate is unable to pay or is unable to pay it all at once, the attorney may be able to negotiate a reduction in the amount that is…

When a person dies, their property is distributed among their heirs according to their state’s laws. This can be a complicated process, and it can get even more complicated when a person owns property in multiple states.  For example, many people that own property in multiple states have had their will and estate plan updated to reflect that. In some cases, these people created separate wills for each state. They have also had to name an executor for each state who is authorized to carry out their wishes in that particular state.  If it sounds like a long, complex process,…

Estate planning is about far more than deciding who gets what. It is about putting the right structure in place to protect yourself and your family—regardless of what tomorrow might entail.  The power of attorney (POA) is an important part of a comprehensive estate plan. It is a tool that you can use to give a trusted family member or loved one the authority to act on your behalf if you are temporarily or permanently incapacitated. In this article, you will find a more in-depth overview of the most important things to understand about the power of attorney in North…

Creating an estate plan is a good way to secure your family and protect their future. Most people with estate plans review them regularly. In many cases, these reviews occur as a part of a person reviewing their larger financial plan every three to five years. However, what many people miss is that their estate plan should also be reviewed when there is a life event within their family. Being aware of the times outside of regular reviews that you should update your estate plan can help you in the future and protect your loved ones. What are some of…

Probate is the legal process for distributing property after you pass away. Usually initiated by an executor, probate validates your will and begins the process of distributing your assets. Varying by state, the probate process is often daunting, especially if you do not know what to expect.  Being aware of what probate is in North Carolina and how it might affect you can make navigating the process easier for all parties. Knowing your rights and responsibilities in accordance with state probate laws can help speed up the process to avoid spending excess time in probate. How it Works After you…

Creating an estate plan is just the first step in securing the future for your loved ones. After creating your estate plan, you must ensure the documents are stored in a safe location. This will help your family and friends avoid trouble or confusion caused by an inability to locate estate planning documentation. Fortunately, there are ways to prevent this common estate planning oversight. Accessibility Of Your Estate Planning Documents The most important thing to remember when storing your estate planning documentation is potential accessibility. While you do not want the world to have access to your information, you want…

As individuals, we all recognize that we need to make plans to transfer our assets at the end of life, but as business owners, sometimes that task falls to the wayside. Business owners and entrepreneurs need estate plans to allocate their business entities, just as individuals do personally.    Without proper planning, a lifetime of growing an organization can slip through the hands of family members who were unprepared to take on the responsibility of your business. This is why, for North Carolina residents, there are specific things you should do now to protect the livelihood of your business and to…

If you or a loved one are planning on moving into a nursing home or long-term care facility, there are essential things to consider to protect your house and other assets. When your health is deteriorating, the last thing you need to be concerned about is the expenses for nursing home services. Planning early is the best way to protect your assets while being eligible for government assistance programs like Medicaid. A knowledgeable North Carolina estate planning lawyer can help you save money and ensure that you are treated fairly so that you are not surprised by high fees and…