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Revocable Trusts

North Carolina Elder Law Attorney: Estate Planning with a Revocable Living Trust

March 21, 2019

A Revocable Living Trust is one of the most misunderstood parts of estate planning, especially since many people associate trusts with the extremely wealthy and the term “trust funds.” But Revocable Living Trusts can be created by just about anyone looking to make an estate plan, and they provide a number of significant advantages when…

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Successor Trustees: Who Are They, What’s Expected of Them, and How to Choose

October 24, 2018

Revocable Living Trusts are designed to serve a variety of functions, such as providing individuals with greater control over how their assets and property are handled in the event of incapacitation or death, while also sparing loved ones from having to deal with the costs and delays of probate court. When a Revocable Living Trust…

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Who Pays Income Taxes on a Revocable Living Trust?

June 1, 2015

In North Carolina, revocable Living Trusts are used to avoid probate (court supervised estate administration) at death, and to reduce the time delay and costs involved in transferring assets to the trust beneficiaries. But if you set up a revocable living trust, does that require a change to your income taxes? Will you need to…

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Your Family Trust

June 1, 2015

A Family Trust (also sometimes called a Family Protection Trust or “Bloodline” or “Dynasty” trust), is a trust that continues after the parent’s death through the life of their children. The parent (who created the Family Trust and is called the “grantor”) can even choose to have the Family Trust continue for the life of grandchildren…

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Protect Your Family From Divorce and Creditors

January 31, 2015

Many good children lose their inheritance for various reasons: divorce, bankruptcy, litigation, or bad investments, just to name a few. Special provisions in a revocable trust with special protection provisions can help to protect family money. This article show how this could work, using a fictitious family of Bob and Mary and their four children, Rick,…

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11 (Potential) Problems with Your Trust

January 31, 2015

Your trust should be reviewed every few years to make sure that it is up-to-date, for any changes in the law or changes in your circumstances and goals. Here is a checklist of to think about. This applies only to revocable “living” trusts, not to irrevocable trusts. Do you name the right successor trustees? The trustee of…

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