Estate planning is not a one-and-done scenario. A simple will and a power of attorney may work today, but as your wealth grows or you open a business, we may consider trusts, succession planning, or even family LLPs.
Our Wake Forest, NC, estate planning attorneys will help you create a well-rounded estate plan that considers all aspects of your life:
- How your estate is divided when you die
- What happens when you’re incapacitated and cannot make your own decisions
- Who will take over your business, if you have one, or how it’s to be sold after you die
- How you’ll pay for long-term care costs
Call us at (919) 568-3681 to speak to an attorney in Raleigh about your estate plan needs.
Estate Planning Case Illustration
Jason is a 57-year-old husband and business owner who has no children. He has a loving wife and parents he no longer talks to for personal reasons. Jason is in great health, owns two homes, and has over $500,000 in personal property and retirement accounts.
He’s driving on US-1 ALT from Wake Forest to get to Youngsville when he falls asleep behind the wheel and hits another motorist head-on.
Sadly, Jason dies from his injuries.
Being in good health, Jason—like many Americans—did not have an estate plan. Instead of controlling his estate and giving everything to his wife, his estate will go through North Carolina’s intestate succession laws.
With a spouse and parents but no children or descendants, the estate is split up as follows:
Spouse
- 50% of intestate real estate
- $100,000 of personal property plus 50% of the balance
Parents
- 50% of intestate real estate
- Remaining personal property after Jason’s wife’s share
However, since Jason didn’t talk to his parents, he likely would have left everything to his wife had he created an estate plan.
Our Wake Forest, NC, estate planning attorneys could have helped Jason secure his legacy with a plan that followed his wishes and protected his spouse.
Securing Your Legacy
Attorneys help you secure your legacy through a deep understanding of state and federal law. If you do not have the right measures in place, the state will decide how your estate is divided. An attorney will help you:
- Create a legally enforceable plan.
- Build a custom, individual plan based on your needs.
- Save your estate on taxes and potential legal issues.
- Assist you with creating power of attorney documents.
- Protect your healthcare and financial wishes if you become incapacitated.
We’ll help you create intentional legal documents and use the tools available to build a comprehensive estate plan that protects your legacy.
Parts of an Effective Estate Plan
An effective estate plan consists of:
- Will: A will allows you to express your wishes for how your assets are distributed when you die. You can also name a guardian for minor children and outline your wishes for their care.
- Living Will: If you’re incapacitated, your living will includes all of the medical treatments you desire.
- Power of Attorney: A power of attorney allows you to name someone to act on your affairs when you’re incapacitated. For example, a financial power of attorney can access your bank account to continue paying your bills.
- Healthcare Proxy: Your healthcare proxy is a representative you name to make healthcare decisions on your behalf when you’re incapacitated.
A comprehensive estate plan includes several other components, including but not limited to:
- Trust(s): A variety of trusts are available to protect your assets, minimize taxes, give you control over asset distribution, and achieve other goals.
- Family LLPs: Establishing a family LLP will allow family members to profit according to their shares in the partnership and the proportion of the general partnership.
- Charitable Planning: Through charitable planning, you can support causes you’re passionate about while enjoying tax benefits and other advantages.
- Insurance Planning: Insurance can protect against risks and help you prepare for unexpected life events.
- LTC Planning: Through proper planning strategies, you can prepare your estate for the costs of long-term care through Medicaid planning, insurance and other vehicles.
- Final Expenses: Your estate plan can also ensure that funeral and other final expenses are accounted for.
- Retirement Account Planning: Planning for retirement will set you up for success in the future. Recent changes to the Secure Act and required minimum distributions (RMDs) may affect your retirement plans, but your estate plan can address these changes.
- Succession Planning for Businesses: If you own a business, having a succession plan is crucial, and you shouldn’t wait until retirement to create one. A succession plan outlines what should happen to your business should you pass away or step down from your role. You may decide to name a new owner or to sell the business to an employee, co-owner, or other party.
The more comprehensive your estate plan, the more complex the planning process becomes. However, even if you’re only seeking a basic estate plan, working with an experienced attorney is recommended. An attorney will ensure your plan meets your individual needs and goals.
How To Choose The Best Estate Planning Attorney To Secure Your Legacy
Estate planning is complex. Working with an attorney is key if you want to secure your legacy and ensure your goals are met both in life and after death.
There are several factors to consider when comparing Wake Forest, NC, estate planning attorneys, including:
- Experience: Finding an attorney who focuses on estate planning is key. Along with helping you understand your options, attorneys who have extensive experience and knowledge in this area of the law will know which tools to use to help you reach your goals.
- Personalized approach: Estate planning is personal. Your attorney should take the time to get to know you, your goals, and your needs to build a comprehensive estate plan that will carry out your last wishes.
- Responsive: During the planning process, you may have questions or concerns. Your attorney should respond to calls or messages in a timely manner and explain complex concepts in a way that’s easy to understand.
One last thing: don’t overlook the attorney’s reputation. Look for an attorney with positive reviews and customer testimonials.
How NC Planning Will Help You Plan For The Road Ahead
At NC Planning, our mission is to help individuals and families plan for the road ahead and secure their legacies through basic and comprehensive estate planning.
Our experienced and compassionate attorneys are here to advise you and help you navigate every step of the planning process. We continue to build relationships with our clients, ensuring that their plans are always in line with their goals as life changes.
Whether you’re in need of a basic or more comprehensive estate plan, our attorneys will deliver the personalized experience you deserve and help you find the best course of action to meet your goals.
Contact us today or call our Raleigh office to schedule a consultation with one of our Wake Forest, NC estate planning attorneys.
