First and foremost, determining what the objectives are, and implementing a plan that meets those objectives in a way that conforms to the laws of the tax code and treasury regulations is important when planning any estate. To accomplish this, our approach is to sit down to listen. The first question we ask is, “Tell us about your family and what you want it to look like in five, ten, or twenty years?” Determining those objectives early on is essential in crafting the estate plan around those objectives.
Often, clients come in with expectations of how an initial meeting is going to go. They know something about estate planning documents, and they may have heard that they need a will. However, after having an understanding of their needs and desires, we may determine they need an entirely different document.
For more information on Estate Planning Law in North Carolina, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling us for a confidential consultation at (704) 248-6325, or completing our online form.
Do It Yourself, or “DIY” services have evolved over the years and may work for certain circumstances, but they are still not adequate in most situations. Sometimes clients have objectives they think can be adopted in a fairly easy manner, but there are consequences of certain “do it yourself” types of estate planning that can be detrimental.
All too often we encounter many Do It Yourself estate plans, such as wills and trusts, that are not adequately drafted. They may be ambiguous, contain contradictory terms, or are not executed under the proper formalities required in North Carolina. Sadly these mistakes are found too late after the person passes away and loved ones are left to sort out the details.
With estate planning, if the plan needs to be more complex than leaving everything to a spouse, then to an adult child, you should contact an attorney to help you navigate the process. For more information on Estate Planning Law in North Carolina, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling us for a confidential consultation at (704) 248-6325, or completing our online form.
In a perfect world, everyone over the age of 18 should think about the disposition of their assets at the time of death or incapacity. Even though most 18-year-old adults do not have assets to pass on, there are additional factors that should be considered surrounding estate planning.
If you start accumulating wealth of any substantial size, such as a balance in a 401(k) plan or IRA, or the purchase of a home where you are or expect to experience growth in the home’s equity, then it’s a good time to start thinking about estate planning. The initial planning may not be very complex at all. However, it may become more complex over time as assets are acquired, changes in family situations occur, or if the nature of assets changes.
If you’re questioning “when should I do this?” You should have an estate plan when you start developing sufficient assets, or you have family members or individuals you’re responsible for—dependents who would benefit or suffer the consequences of good or bad estate planning.
For more information on Estate Planning Law in North Carolina, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling us for a confidential consultation at (704) 248-6325, or completing our online form.
During the estate planning process an individual has the ability to provide an executor with options about what decisions and elections can be made after their death in order to achieve the most beneficial result. Due to the ever changing legal and tax laws, as well as changing personal situations, having built in flexibility for an executor to make decisions in the present instead of trying to predict the future can be an effective strategy to maximize estate assets and transfer them in the most beneficial way.
For more information on Post-Mortem Planning in North Carolina, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling us for a confidential consultation at (704) 248-6325, or completing our online form.
A business succession plan is a document that details the necessary information for a smooth transition of control and ownership in the event of a sale, retirement, or other unexpected event such as death or incapacity. An effective business exit plan will include detailed directives and other critical information that a successor will need to take control and effectively manage the day-to-day operations of the business. Failure to prepare a business succession can be crippling, leaving both the business and those involved filed with uncertainty and conflict.
Whether you need assistance in preparing a comprehensive business and succession plan, or help establishing tax-efficient entities contact us for a confidential consultation at 704-248-6325 or complete our online form here.
Business succession plans are not only for large scale businesses or those with complex ownership structures, exit plans benefit all businesses including those who anticipate passing a business to co-owners, family members, or even to third-party buyers.
Careful planning not only allows you to remain in control of the business in order to facilitate the continued growth of your business but also helps ensure your business has sufficient support and funds needed during a critical transaction period. Providing a successor with the peace of mind and authority to take control of the business in an orderly and thought out fashion can go a long way in alleviating stress to those who have a stake in the business, including family and key employees.
For those businesses that are owned by a sole owner and unincorporated it is even more important to have a plan in place to ensure a business’ continued prosperity. In the event of the owner’s death, the business ownership will dissolve. Leaving the business and its assets included in the owners’ estate and distributed to the beneficiaries provided in a will or through probate, in the absence of a will.
Whether you need assistance in preparing a comprehensive business and succession plan, or help establishing tax-efficient entities contact us for a confidential consultation at 704-248-6325 or complete our online form here.
Business succession plans require careful thought and consideration. And while each plan will be unique based on the type, complexity and individual preferences of the business, all plans should include detailed procedures and responsibilities for continued business operations. In addition, a comprehensive plan will include a variety of other legal documents such as a business valuation, tax documents, buy-sell agreement, and asset inventories.
Whether you need assistance in preparing a comprehensive business and succession plan, or help establishing tax-efficient entities contact us for a confidential consultation at 704-248-6325 or complete our online form here.