Estate planning is not just for the affluent and aged - your newly 18-year-old high school grad may need some planning as well.
NC Business Purchase Due Diligence is an incredibly important part of the acquisition process, and can protect the buyer from acquiring a "lemon".
Married without kids? You still need a plan in place.
Structure your estate plan to protect your assets for your kids long-term.
Dividing your estate equally is not always equitable.
Income tax on irrevocable trusts can be devastating. Let's talk about ways to reduce or eliminate that burden.
While probate in North Carolina is not as difficult as it is in several other states, probate is still worth avoiding for several reasons.
Special Needs Trusts are a great tool for maintaining government means-tested benefits. The In-Kind Support and Maintenance (ISM) rules can be very beneficial, but must be navigated carefully. Here's what you need to know.
Divorce can result in many different things: hard feelings, divided assets, kids splitting time between two houses, and lots of attorneys fees. One thing that doesn't automatically happen, however, if changing your beneficiary designation on your life insurance policies.
Divorce Cuts Off Inheritance
North Carolina law precludes an ex-spouse from inheriting from your estate. For the purposes of inheritance, it treats an ex-spouse as a predeceased beneficiary if the ex-spouse is still named as a beneficiary of your will. So, legally speaking, it's as if your ex is dead for the purposes of inheriting from your estate - it's a legal impossibility.
But Nothing Else
North Carolina law does not, however, cut off your ex-spouse's rights to receive a benefit from your death in other ways, including retirement accounts in life insurance. Unless the separation agreement states otherwise, if you were to pass without removing your ex-spouse from your life insurance beneficiary designation, they may get the entire benefit, to the detriment of your kids or extended family.
Review Beneficiary Designations Often
A crucial part of maintaining an effective estate plan is regularly reviewing and updating where needed. Divorce is a substantial life event which warrants an update to your plan, but it also requires an update to your life insurance beneficiary designations. Death can also impact your designations. Regardless of your circumstances, reviewing your designations, and the rest of your estate plan, regularly is a smart move.
Sometimes the wishes of the decedent are not always respected. Here's how to avoid that from happening.