- Advance Directives
- Asset Protection
- Business Succession
- Charitable Gift Planning
- Elder Care
- Estate Planning
- Estate Tax
- Financial Planning
- Fraud & Financial Abuse
- Gift Tax
- Health Care
- Income Tax
- Life Insurance
- Living Trusts
- NC Income Tax
- North Carolina Department of Revenue
- Nursing Homes
- Pending Legislation
- Powers of Attorney
- Qualified Plans
- Real Property
- Social Security
- Special Needs Planning
- Tax Fraud
Managing Estate Assets
Posted on: May 8th, 2017
Executors must preserve estate assets until distribution. Overseeing estate assets could be a burden for executors, particularly if the decedent bequeathed out-of-state property or unique assets. ...
Estate Issues With DIY Deeds
Posted on: May 4th, 2017
Oftentimes individuals and couples attempt to minimize estate planning costs by downloading do-it-yourself wills and property deed templates. DIY estate planning notoriously causes costly, time-demanding administrative burdens on executors and does not guarantee the decedent’s wishes will be carried out. ...
4 Signs That Assets are at Risk to Lawsuits in NC
Posted on: May 3rd, 2017
North Carolina is often referred to as a debtor-friendly state due to the many statutory creditor protections state law provides. However, even with these protections there are individuals and businesses who may not structure assets properly to take advantage of available protections....
3 Reasons Why an Executor May Resign
Posted on: April 12th, 2017
Occasionally an executor must resign from their role. In North Carolina, the executor must file a formal petition with the clerk of court stating the reason(s) for resignation....
5 Considerations for Rental Property in Probate
Posted on: April 6th, 2017
Whether it’s a single property or multiple homes, rental property in probate poses a few concerns. Discussed below are five issues that must be addressed if a decedent owned rental property....
Out-of-State Property in North Carolina Probate
Posted on: January 24th, 2017
The executor must inventory and evaluate all personal property, vehicles, and assets that pass through probate. However, if the decedent held property outside of North Carolina, those assets must follow the laws present in the alternate jurisdiction....
Asset Protection Risks From Prior Marriages
Posted on: August 25th, 2016
Remarriage after divorce or the death of a spouse poses unique issues that individuals entering a first marriage generally do not have to navigate....
Estate Planning for Multiple Homes
Posted on: April 29th, 2016
Families may consider ownership of multiple properties for different reasons. Some folks prefer to have an extra property closer to family, for professional purposes, for leisure, or as an investment. While owning multiple properties may accomplish one or more of these goals, acquiring additional property can cause liability issues, tax complications, and probate concerns....
New Creditor Protections for NC Properties
Posted on: January 9th, 2015
Effective January 1, 2015, property owned by married couples in North Carolina will enjoy creditor protections afforded to tenancy by the entireties property even if the property is transferred to one or more trusts. ...
Timeshares in Estate Planning
Posted on: December 19th, 2014
Many of the clients our estate planning attorneys in Chapel Hill serve own property in multiple states, and some of the properties are timeshares. Timeshares are generally considered real property, with a deed as evidence of ownership. ...
Real Estate in Your IRA
Posted on: November 11th, 2014
Some Individual Retirement Account (IRA) owners may choose to buy real estate with their IRA. Perhaps the property is intended for a retirement home in the future, as an investment, or for other reasons. ...
Title Issues in North Carolina Estates: Joint Tenants
Posted on: October 31st, 2014
This post addresses the possible issues that may develop with one way of titling property: Joint Tenants with right of survivorship (JTWROS). ...
Protect Parents’ Assets
Posted on: September 8th, 2014
As parents age, the risk of health problems grows. TheSandwich Generation—those caring for both their children and their parents, may experience the stresses and expenses of elder care, and then more issues later with probate of a deceased parent’s estate if no advance plans are made....
Trust Modifications if you Move Out-of-State
Posted on: August 27th, 2013
If you are moving to North Carolina and already established a living trust in another state, or if you established a living trust in North Carolina and are now moving out-of-state, are you compromising the terms of your trust with your relocation?...
3 Things to Include in a North Carolina Prenuptial Agreement
Posted on: August 25th, 2013
Creating a North Carolina prenuptial (premarital) agreement for engaged couples empowers both partners with the ability to decide what happens to their respective property in the event of divorce, a spouse’s death or incapacitation....
North Carolina Tax Reform Passes
Posted on: July 26th, 2013
Last week the House and the Senate both passed the North Carolina tax reform bill. (Bill 998. The Tax Simplification and Reduction Act.) Governor Pat McCrory signed it into law this week on Tuesday, July 23, 2013....
Estate Planning Concerns for Adult Children Living With Parents
Posted on: July 16th, 2013
The numbers of individuals living with extended family have only been growing. Our North Carolina estate planning attorneys blogged about estate planning issues of the “Sandwich” generation – the large pool of Americans who are caring for both their children and their aging parents. ...
Estate Planning Tips for Second Homes
Posted on: June 19th, 2013
North Carolina coastal properties from Corolla down to Sunset Beach are attractive investment homes that can be rented out during the summer season, used as a winter escape, and eventually a primary retirement home. ...
New Hawaii Law to Help Protect Assets of Married Couples – NC Law is Not Quite as Helpful
Posted on: May 31st, 2012
Hawaii is on the verge of a step forward in the field of asset protection, with pending legislation awaiting the Governor’s signature that, if signed, would extend the shield of creditor protection available to married couples. ...
Reverse Mortgages – the Impact on Older Homeowners
Posted on: March 1st, 2011
From a recent AARP report: reverse mortgages offer older homeowners a way to tap home equity to meet financial needs in retirement. However, the collapse of the mortgage market in 2008–2009 has led to major changes that impact consumer choices. ...
Long-Term Care Planning: Is a Reverse Mortgage your best option?
Posted on: August 31st, 2010
Recently, I heard a story about a family who used a reverse mortgage. The mother has Alzheimer’s but is in great physical health. The father was in good health and was caring for the mother. ...
SECU Strikes Back on Living Trusts and Real Estate
Posted on: March 5th, 2009
I recently blogged about my disagreement with the North Carolina State Employees Credit Union’s policy on mortgages when the property was previously held in the owner’s living trust. ...
Title Insurance for Real Estate in Living Trusts
Posted on: February 19th, 2009
My standard advice for clients who are transferring real property to their revocable living trusts is to check with their title insurance company to make sure they will still be covered....
SECU has Ridiculous Policy on Living Trusts
Posted on: February 15th, 2009
I have long known that the North Carolina State Employees Credit Union (SECU) refuses to refinance any residence owned by a revocable living trust. ...
I Inherited a House – Do I have to Refinance the Mortgage?
Posted on: January 13th, 2009
No – in most cases. Mortgages generally contain "Due on Sale" clauses, which say that the lender can call the mortgage due upon transfer of property. ...
Own Rental Real Estate? You Need an LLC to Protect Yourself
Posted on: December 9th, 2008
Anyone who owns rental real estate in his or her individual name is taking a tremendous risk. ...
Real Property Transfer on Death Act
Posted on: September 15th, 2008
BY CHRIS BURTI, VICE PRESIDENT, SENIOR LEGAL COUNSEL, STATEWIDE TITLE, INC. Elder Law is becoming a burgeoning practice area as the Baby Boomer Generation is rapidly beginning to gray out. ...