Estate, Trust & Probate Blog

The Potential Pitfalls Of DIY Estate Planning

August 26, 2021

Estate planning is a critical step to provide for your family’s future needs. You want to make sure to secure their future, and ensure that your wealth is distributed according to your wishes. Depending on the complexity of your estate, you may be tempted to give it a shot yourself instead of hiring an experienced estate planning attorney. While it may look attractive on the surface, DIY estate planning comes with some significant risks. Let’s take a deeper look at why having an estate planning professional on your side during the process may actually save you money! Simple Mistakes Can…

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will contest

Four Reasons Your Will May Be Contested in Court

August 16, 2021

Having an updated last will and testament is more important than ever, especially now. However, a will that is poorly created or not frequently updated can be vulnerable to challenge by caveat. What is a caveat? A caveat is a will contest filed with the Clerk of Court and heard by a Superior Court Jury. It is the formal objection to a will’s validity because it either: a) does not reflect the wishes of the person who created the will, or b) because the will does not meet legal standards.  Will contests should be avoided at all costs. Not only…

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Are Out-Of-State Estate Planning Documents Valid In NC?

August 10, 2021

We frequently receive calls inquiring about whether out-of-state estate planning documents are valid in North Carolina. The short answer is likely yes. A typical comprehensive plan should include a will, power of attorney, healthcare power of attorney and living will. It is also common to have a trust that is “located” in another state and relies on that state’s laws for its governance.Estate planning documents are controlled by state law and common law. Common laws are laws derived from judicial decisions, rather than state statutes. The same holds true for probate and estate administration. Therefore, it is recommended that you…

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The College Protection Plan

August 4, 2021

Sending your child off to college is nerve-wracking enough in normal circumstances. Unfortunately, these are not normal circumstances. In addition to worrying about your child’s eating, sleeping, and studying habits, now you have to worry about your son or daughter’s health and safety! This is especially true if your child is leaving home for a different city this fall. While there is little you can do to combat the virus (aside from the current containment strategies), you can make sure you are prepared if your son or daughter has a medical emergency while in college. We can help you prepare…

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Five Reasons Business Owners Need Estate Plans

August 2, 2021

Business owners are notorious for engrossing themselves in the day-to-day management and functions of their businesses. As a business owner, you are likely the heart and soul of the company you lead. Your clients love you, and you have built unique relationships with your contractors and suppliers. Suppose, however, that tragedy strikes: You, as the business owner, are in a car accident and are severely injured or killed, leaving you unable to make decisions or care for yourself and your family. What will happen to your business in such a situation? We do not know what tomorrow holds. Circumstances like…

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Modernizing an Outdated Estate Plan – What to do with a Confusing, Old Trust?

July 30, 2021

Estate plans evolve. Or at least they should. Any plan that fails to achieve your goals and doesn’t match your current financial and family circumstances is out of date and is in need of an overhaul. I can help you revitalize the obsolete aspects of your plan and get you back on track for the future. How to know if you have an outdated will or trust? If you or anyone you know signed a will or trust in 2012 or before, an immediate review should be on your to-do list. There have been many legal and policy changes since…

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Can Medicaid Estate Recovery Take Your House?

July 28, 2021

All 50 states and the District of Columbia have Medicaid Estate Recovery Programs (MERP). The program was made mandatory after the passing of the Omnibus Budget Reconciliation Act of 1993. Notably, after the death of a Medicaid recipient, MERP provides means for the state to get reimbursed for the funds it spends on long-term care of that person. These home care expenses can be categorized into in-home care, community-based care, such as adult day care and assisted living services, or nursing home care.  A big concern for most elderly people and adult children with aging parents, who need Medicaid assistance…

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If I Don’t Have an Estate, Do I Really Need an Estate Plan?

July 26, 2021

You don’t need to have a summer house in the Hamptons or a private art collection big enough to rival MOMA to consider yourself the owner of an estate. In fact, virtually anyone who owns anything has an “estate” in the eyes of the law. Although the term may conjure images of expansive country properties, expensive cars, or other symbols of high wealth, for the purposes of estate planning law, the term “estate” covers a whole lot more. What constitutes as an estate? Ordinary possessions like homes, jewelry collections, bank accounts, cars, furniture — basically anything you can own —…

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How A Living Trust Helps Your Family

July 21, 2021

There are several parts to an estate plan, one of them being a living trust. Common factors that prompt someone to create a trust include privacy, tax benefits, avoiding probate, and caring for family members with special needs. Estate planning also lets you dictate how your assets will pass on to future generations after your death. Avoiding Probate One of the primary reasons for creating an estate plan is to avoid probate. Unlike a will, a fully funded living trust will avoid probate, typically a lengthy and costly court-supervised process. Probate includes locating and determining the value of the deceased’s…

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How Does A Revocable Living Trust Work?

July 19, 2021

In recent years, revocable trusts have become a preferred method in estate planning to a regular one-time Will or irrevocable trust. Although revocable trusts in North Carolina are similar to a Will in that they both make a plan for how your estate is handled in the event of your death, the revocable trust has additional benefits. If the grantor is incapacitated, a revocable trust can be changed or canceled, which provides flexibility in the case a change is warranted – this is a huge advantage over the more traditional irrevocable trusts or Wills. If you need help with estate…

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