No matter your age, it's important to think about the future and what could happen to your assets when you're no longer around. Take a look at our infographic to view steps you should take to plan your inheritance. Click here to view the full infographic … read more
Living Trusts
Learning Your Way Around Trusts – Revocable Living Trusts and Medicaid Trusts
Medicaid Trusts are typically Irrevocable Trusts. Irrevocable Trusts can’t be changed after they’re created and they’re drafted to only pay out income, not principal. People opt for a Medicaid Trust and limited access when they want to protect assets from being decimated by long-term care expenses. In contrast, the most well-known trust is a Revocable Trust. Revocable Trusts can be … read more
Living Trust Benefits — Why You Might Need One in Your Estate Plan
A well thought out and comprehensive estate plan can accomplish a number of goals that go far beyond just deciding who will receive your estate assets when you are gone. To accomplish all of those goals your estate plan will likely need to include a number of additional estate planning tools and strategies in addition to a basic Last Will and Testament. Trusts are a common addition to a … read more
Debunking Some Common Living Trusts Myths
If you are a regular reader of our blog you already know that living trusts are a common element in many modern estate plans. However, you might also be under the influence of some common living trust myths that circulate in the general population. Many of these myths are often repeated online, and even those that are not still pop up pretty regularly when people discuss living trusts … read more
Your Living Trust and Your Property
A lot of people who hear about the benefits of a revocable living trust are eager to create their own as soon as possible. But some have concerns that by creating a trust they will lose control over their property. After all, if a trust is a separate legal entity, won’t the trust itself become the new legal owner? While it’s true that creating a revocable living trust requires you to … read more
When You Need to Change A Living Trust in North Carolina
One of the great benefits of a revocable living trust is that the instrument is so flexible. Even though using a living trust requires you to perform some extra steps as you manage trust property, these are not so unwieldy that they make the trust unworkable. Some of the steps you need to take are fairly simple, such as keeping better track of your financial and property transactions … read more
Keep Your Living Trust Healthy: 3 Tips
Even though a living trust is a part of almost every modern estate plan, there’s a big difference between creating these devices and managing them properly. A lot of people hear about living trusts, and the benefits they convey, and immediately decide that these tools are right for them. However, even though your living trust is a legal instrument, it might be better to think of it as … read more
Practical Trusts: The Schedule of Assets
When people first learn about trusts they often get excited at the idea that these estate planning devices can provide so many benefits. While your estate planning lawyer will discuss the kinds of trust available to you and explain what each of them can offer, there are some practical steps that you can take to greatly help you make sure you create your trust efficiently. One of the … read more
Simple, Complex, Revocable, and Living Trusts: What is the Difference?
The world of estate planning is full of complicated and rarely encountered terms, especially when it comes to living trusts. For those who haven’t encountered these terms before, many of them can be somewhat confusing. This is especially true when you consider that the terminology that lawyers use isn’t necessarily the same terminology that the IRS uses when it categorizes trust for … read more
Revoking Your Revocable Living Trust
A revocable living trust is an important piece of many a North Carolinian’s estate plan. However, there may come a time when you might want to revoke your trust. While there are many reasons why you might want to do this, the procedure involved is relatively simple. Here’s what you need to know about revoking a living trust in North Carolina. Is it revocable? Most people who create … read more
