Why Choose Greensboro, NC Estate Planning Attorneys from NC Planning?
When you’ve decided to have an estate plan prepared, your next step is determining which estate planning law firm is right for you. At NC Planning, we believe that once you have spoken to an attorney at our firm, your choice will be crystal clear. We offer high-touch, highly personalized services to our clients—services that result in much of our clientele coming from referrals from former, satisfied clients. Our exceptional estate planning services begin with communication and preparation. We get to know you and your goals before we begin helping you plan for the future and the unknown.
Regardless of the level of estate plan you are considering—a simple will, or an entire estate plan that includes trusts and a business succession plan—we will advise you and walk you through the process, so it becomes simple and easy. Whether you are just starting in life and have few assets, or you are a high net worth individual, at NC Planning we consider your specific needs before we proceed. We also understand that estate planning is never a “one and done” issue, rather your estate plan must change when your life situations change. At NC Planning, we take a friendly, family-like approach with our clients.
We believe in open communication, responsiveness, accountability, compassion, constant improvement—and a willingness to laugh. Our Client Care is exceptional in the industry. While many firms talk about client care, we live and breathe it, consistently delivering the highest quality services. If you are looking for Greensboro, NC estate planning attorneys who will take a strategic advice role, delivering the most comprehensive estate plan that fully meets your needs, NC Planning is the right firm for you.
Case Illustration
Greensboro resident Casey White is in her mid-forties, with two teenage children. She is a pediatrician with a thriving Greensboro practice. Since Casey is also a single mom, she knows she needs to have an estate plan prepared that will properly protect her children in the event she dies or becomes incapacitated. Since Casey’s older daughter, Millie, also has special needs, Casey must consider how to best address her future needs, perhaps through a Special Needs Trust. Since Casey owns her practice, she must also consider such issues as business succession, and of course, she also wants to avoid as many taxes as legally possible and plan for her retirement. Casey has many questions, and the NC Planning attorneys have the answers she needs, making her feel comfortable and confident that this is the right firm for her.
Securing Your Legacy with the Help of Greensboro, NC Estate Planning Attorneys
Deciding to speak to an estate planning attorney is a big step. Estate planning may be something you have been putting off for months, even years. Because estate planning is such an important task, it’s equally important that you choose the best Greensboro, NC estate planning attorneys. In our increasingly DIY world, some people may decide that estate planning is something they can do themselves by downloading a few forms from the Internet. Unfortunately, this tactic can result in many hours spent on a result that fails to accomplish your goals and may even be rendered useless by a single mistake on the paperwork. The primary benefits of having an experienced, knowledgeable Greensboro, NC estate planning attorney involved from the start include:
- The important documents in your estate plan always reflect any major life changes such as marriage, divorce, the birth of a child, retirement plans, or major changes in assets.
- You never have to worry whether your estate plan is in legal compliance with state and federal laws. Probate and trust laws are complex and constantly evolving, plus they vary significantly from state to state, meaning there is a significant margin for error when you choose to DIY your estate plan.
- When you discuss your wishes and goals with a skilled estate planning attorney, you can be sure your finished estate plan will accurately reflect those wishes and goals. Those who choose a DIY approach to estate planning could leave their loved ones with serious problems upon their death.
- While internet forms are usually generic, fill-in-the-blank, working with experienced Greensboro, NC estate planning attorneys ensures your estate planning documents are fully customized and tailored to your specific situation, needs, and wishes.
- A knowledgeable estate planning attorney will conduct a comprehensive review of your property, assets, and liabilities before determining which items require special attention and language. This means your family does not have to circumnavigate delays and excessive costs associated with probate or unintended mistakes.
- Finally, beyond the problems a DIY estate plan could create, when you have an experienced estate planning attorney involved, that same attorney can skillfully guide your loved ones through the estate administration process after your death with the least amount of stress.
What Are the Parts of an Effective Estate Plan?
While every estate plan prepared by NC Planning will be highly unique and specific to the individual and his or her situation, the following are the most common parts of an effective estate plan:
- Will—Your estate plan may or may not require a will. If you have minor children, then you need a will to name a guardian for your children, otherwise, you may prefer a trust. A North Carolina will must either be in the testator’s handwriting (without the necessity of a witness) or a typed will must be signed by the testator, with another person signing the will in the presence of a testator, along with two signatures from competent witnesses. Wills are not required to be notarized in NC; however, a self-proving affidavit can be added that affirms the testator properly signed the will.
- Living Will—A living will is a legal document that contains information regarding your health care wishes if a situation arises that prevents you from speaking for yourself. You can express your preferences regarding medical treatments (or withholding certain medical treatments like feeding tubes and breathing machines) as well as those regarding medications and other health care procedures.
- Power of Attorney—A power of attorney document can be financial or for healthcare decisions, but it essentially names a trusted person to make decisions on your behalf in the event you become incapacitated.
- Healthcare Proxy—A healthcare proxy is similar to a Healthcare Power of Attorney, giving a trusted person the right to make healthcare decisions on your behalf should you be incapacitated and unable to make those decisions on your own.
Comprehensive Estate Planning Adds:
In addition to the above documents that are the “standards” in an estate plan, the following could also be applicable, depending on your goals and your circumstances.
- Trust(s)—There are many different types of trusts. The most commonly used trust is a Revocable Living Trust, which can be altered or canceled based on changes in circumstances. An Irrevocable Living Trust offers more tax benefits but cannot be altered or canceled.
- Family LLP—A family limited liability partnership is often chosen to preserve generational wealth within a family, allowing for tax-free transfers of real estate, assets, and other wealth. An FLP allows family members to pool money to run a business, with each family member buying units or shares of the business, with profit in proportion to those shares.
- Charitable Planning—If charitable giving is important to you, it can be beneficial to incorporate charitable contributions into your estate plan. This allows you to minimize tax burdens on your heirs while maximizing the impact of your donations and supporting causes that are close to your heart.
- Insurance Planning—Life insurance can provide invaluable financial support to your loved ones after you are gone, with the key being understanding how life insurance and estate planning can be integrated to form a comprehensive plan.
- LTC Planning—While none of us want to think of our mortality, long-term planning is a crucial component of estate planning. LTC planning allows you to make important decisions about your future. According to a Place for Mom, a whopping 70 percent of adults over the age of 65 will require long-term care at some point. The average length of this care is 3.2 years, with about 20 percent of residents requiring care for 5 years or longer. If you are not prepared for LTC, all of your assets will go towards the care of you and/or your spouse, leaving nothing for your heirs.
- Final Expenses—The median cost for a funeral and burial is almost $8,000. You can plan for these final expenses either by prepaying or by purchasing final expense insurance.
- Retirement Account Planning—Many aspects of retirement account planning will depend on your goals, as well as on your job and your finances. The SECURE 2.0 Act allows employers to make a matching contribution to your retirement plan account based on your student loan payment amount. The ACT becomes effective in 2024, to address the fact that high student loan debt often prevents people from saving for retirement.
- Buy-sell agreements involve succession planning for businesses. A buy-sell agreement specifies who will continue owning and running the business and is usually used to ensure surviving co-owners of a business are not forced to accept outsiders into the business.
How to Choose the Best Greensboro, NC Estate Planning Attorneys
Choosing the best Greensboro, NC estate planning attorney can feel like an overwhelming task at a time when you may already be feeling overwhelmed about the entire estate planning process. When you make an appointment with NC Planning, you can expect an easy, comfortable process as we help you organize a thorough and detailed plan for the future. As you meet with estate planning attorneys pay close attention to these details:
- Are the estate planning attorneys highly experienced in all aspects of estate planning, both for “average” estate plans as well as those involving high net worth or other complexities?
- Are the attorneys and staff friendly—do they immediately make you feel comfortable and at ease? Estate planning can be an extremely stressful process, so feeling comfortable with your chosen Greensboro, NC estate planning attorneys is crucial.
- Do you feel as though the estate planning attorney will answer your questions, listen to your goals carefully, and guide you through the process rather than telling you what estate plan you will end up with?
All of these things are incredibly important when choosing your estate planning attorney. If you don’t feel comfortable with your attorney and staff, you will avoid meetings, which means you won’t end up with the estate plan you need and deserve.
How NC Planning Will Help You Plan for the Road Ahead
At NC Planning, we like to say that we help you plan for the road ahead, however, this is much more than a slogan for us—it’s something we live and breathe every single day. Once we have spent some time with you so we understand your current situation, your goals, and your future plans, we will begin building an estate plan that meets your needs. We will also leave room for future adjustments as your life and your level of assets change over time. With offices in Cary, Raleigh, and Wilmington, we are conveniently located for our Greensboro neighbors. When speaking to knowledgeable, experienced, friendly Greensboro, NC estate planning attorneys is a priority, contact NC Planning for all your estate planning needs.