Non-Tax Reasons for a Trust in an Estate Plan

We’ve all heard of “trust fund babies” and know its negative connotation.  But trusts are not just for the rich and famous.  In fact, with current estate and gift tax exemptions at a high of $11.4 Million, most people are not even planning around estate taxes anymore.  Yet revocable living trusts are growing, despite this change. Here are the primary reasons why:

Powers of Attorney – The Dos and Don’ts

If you think back to the movie Rocky V, Rocky Balboa executed a “power of attorney” in favor of an individual he believed he trusted. The individual who received Rocky’s power of attorney (the “Agent”) proceeded to squander all of Rocky’s money leaving him broke and forced to move out of his mansion and back to his old apartment. One might ask, “How is that even possible?” The answer comes in the form of a Durable Power of Attorney.

Probate – What Language is That Exactly?

One of our community leaders recently told me that she is named personal representative of her father’s will but she did not know exactly what that entails.  As the generation of baby boomers gets older, their parents are inevitably and unfortunately getting closer to the end of their lives.  The issue and confusion of the logistics following one’s death can be quite unsettling on the surviving heirs.  This article is designed to provide an overview of the probate process in the State of North Carolina.

Mom passed away. What’s next?

Tweeting From Beyond the Grave – Is That Even Possible?

While I am no expert in regards to social media, I do have accounts with Facebook, LinkedIn, Twitter, etc.  The question is “What happens to these type accounts after I am deceased?”  News about these types of situations recently came to light when the Twitter account of Ryan Dunn, of Jackass fame, was hacked and the alleged hackers “Tweeted” two years after his death.  As you can imagine, his family was none too pleased.

Making a Difference One Donation at a Time

Winston Churchill once said, “We make a living by what we get, but we make a life by what we give.” Charitable giving allows one the opportunity to support philanthropic organizations, assist in revitalizing communities, potentially receive income and estate tax savings, and bring others along to further propel the efforts of charitable organizations.  However, no matter how large or small the gift of an individual may be, there is one common denominator regarding charitable giving: All Gifts to Charity Make a Difference!

Methods of Giving

I Sold My Home – What Do I Owe?

“A man’s home is his castle” is a common saying that is even reflected in the Bill of Rights.   Another common saying is that there are but two certainties in life – death and taxes.  So what happens “tax-wise” when one decides to sell his castle?  Although there are many different tax consequences when selling a home, here’s a brief and broad overview of the tax ramifications when you sell your home.