Family Values. Family Traditions. Family History. Money is nice, but passing down your family values, traditions and history is the richer inheritance. A 2012 Allianz Life American Legacies Pulse Study* which surveyed baby boomers (age 47 to 66) and “elders” (age 72 and older) revealed a high percentage of both boomers (86%) and elders (74%) […]
Family Values and History are Still the Best Inheritance Read More »
Signing a new Will automatically revokes all prior Wills. Under North Carolina law, revoking a will or any part of a will can be revoked a variety of ways: a subsequent will or codicil a writing executed in the same manner as a will showing intent to revoke physically destroying the Will with intent and
What should I do with my Old Will? Read More »
I often meet with people who wish to avoid probate. Probate is a public court proceeding required to transfer a person’s assets at death. Probate can be lengthy and expensive. All assets owned in individual name (or jointly without survivorship) can only transfer to your loved ones through probate. Ways to avoid probate include survivorship rights, beneficiary designation and
Fund your Living Trust to avoid Probate Read More »
If you are the Grantor or Owner/Trustee of a Trust Owned Life Insurance (TOLI) policy, chances are that you have not reviewed your trust or the insurance policies owned by the trust on a periodic basis to make sure to make sure that the insurance policy is not at risk. In fact, many policies have
Trust Owned Life Insurance Reviews Read More »
Filing a gift tax return for an Irrevocable Life Insurance Trust (ILIT), even if not technically required because all gifts are below the annual exclusion, is a good idea. Benefits: Filing starts the statute of limitations running on the IRS to audit the gift. Filing allows you to decide affirmatively whether Generation Skipping Transfer Tax
Do I have to file Gift Tax returns for the gifts to my Insurance Trust? Read More »
From time to time, it’s good to review why having a complete, up-to-date set of estate planning documents is so important. A holistic estate plan not only confirms your own desired goals, it can provide valuable insights to your friends and family of the values you believe make the world a better place. Unfortunately not
5 Common Mistakes to Avoid when Planning your Estate Read More »
Your Living Will is your statement of your wishes on whether to pull the plug if you are in an end-of-life situation. While the form does not appoint anyone to make decisions for you, you can allow your Health Care Agent under your Health Care Power of Attorney to “override” your Living Will. Living Will
North Carolina Living Wills Read More »
I am a proponent of Trust Protectors to assist a trust to accomplish its goals. The concept of a Trust Protector is to grant someone who is not a trustee or beneficiary certain powers over the trust. These powers often include: The power to remove and appoint trustees The power to make modifications to the trust in light