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Patrick D. Newton, P.C.
Family Wealth & Business Counsel
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Home Archive by category "Estate Planning"

Category: Estate Planning

Family Values and History are Still the Best Inheritance

Patrick July 9, 2016 July 12, 2016Estate Planning

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 …

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What should I do with my Old Will?

Patrick July 9, 2016 July 12, 2016Estate Planning

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 …

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An Inherited IRA and Bankruptcy

Patrick July 9, 2016 July 12, 2016Estate Planning, Tax

In Clark v. Rameker, a case decided by the U.S. Supreme Court on June 12, 2014, the Court ruled that an inherited IRA did not constitute “retirement funds” under the Federal Bankruptcy Code and, therefore, those funds were not exempt assets of the bankrupt estate and were subject to the …

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Unintended consequences: After divorce, review your estate plan to avoid surprises

Patrick July 9, 2016 July 12, 2016Estate Planning

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Fund your Living Trust to avoid Probate

Patrick July 9, 2016 July 12, 2016Estate Planning, Living Trusts, Trust Funding Funding

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 …

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Trust Owned Life Insurance Reviews

Patrick July 9, 2016 July 12, 2016Estate Planning, Insurance, Irrevocable Trusts

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. …

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