Comprehensive estate planning is complex and designed to fit your unique needs. If you run a dental practice, law firm, or business of any kind, your plan needs to go beyond a will and power of attorney. As your Winston-Salem, NC, estate planning attorneys, we know that incomplete plans:
- Add stress to your heirs.
- Lack the protections you need as a business owner or if you become incapacitated.
- Impact your estate by requiring more taxes than necessary to be paid by the estate.
- So much more.
Your estate plan should evolve and change with your life circumstances. If you have a plan, you’re ahead of the 68% of people who do not, but the best time to create or update a plan is now.
We ensure that your plan includes all of the protections necessary at every stage of life.
Call us at (336) 932-8355 or click here to schedule your consultation with an estate planning attorney.
Estate Planning Illustration
Kevin is a 49-year-old veterinarian who runs his own office in Winston-Salem. His 20-year-old daughter wants to follow in her father’s footsteps and become a veterinarian. One evening, Kevin is heading on US-52 when a big rig hits him.
He survives the accident, but Kevin is in the ICU and in a coma for six months.
Unfortunately, he does not have a living will that outlines his medical wishes, and he also does not have a financial power of attorney. Since his daughter does not have access to his business’s finances, she cannot pay the:
- Rent for the building
- Utility bills
- Other costs
While the building owner was initially sympathetic, he also has bills. He is seeking legal recourse and having the lease reviewed to ensure he can initiate eviction proceedings. Creditors also want their money.
Kevin’s business is now in jeopardy, even though he may recover fully.
An estate plan could have protected Kevin, his business, and his family from these hardships. Estate plans are often thought to protect only your estate when you die, but they also protect you if you ever become incapacitated.
Our Winston-Salem, NC,, estate planning attorneys could have taken measures to protect Kevin and the business he built.
How Estate Plans Help Secure Your Legacy
We create estate plans to protect your estate while you’re alive and after you pass. Federal and state laws affect your estate, and our goal is to reduce estate taxes, avoid lengthy court processes, and protect your legacy through basic and comprehensive planning.
What’s Included in a Basic Estate Plan?
A “basic” estate plan includes multiple elements that allow you to protect your estate and dictate how it’s dispersed. Your plan will also incorporate elements in case you become incapacitated, such as a living will and power of attorney.
Together, these components ensure that your wishes can be followed and that you can name someone to make financial and medical decisions on your behalf.
Basic plans should include:
- Will
- Living Will
- Power of Attorney
- Healthcare Proxy
Comprehensive Estate Planning
Basic planning builds the foundation for your estate plan, but if you want to ensure all of your goals and needs are met, we can employ tools and strategies specific to your situation.
Maybe you want to leave a portion of your estate to a charity you’re passionate about, or maybe you want to plan for your long-term care now while you’re still healthy.
We can plan these issues now with a more complete estate plan.
Our Winston-Salem, NC, estate planning attorneys can help you build a comprehensive plan that may include:
- Trust(s)
- Family LLPs
- Charitable Planning
- Insurance Planning
- LTC Planning
- Final Expenses
- Retirement Account Planning
- Succession Planning for Businesses
We know that every person’s estate plan will need to change over time and is unique to their life situation. You may only need a basic plan and do not need any of the components in a comprehensive estate plan.
During our consultation, we’ll ask you all of the right questions to better understand your needs and what it will take to create a plan that offers the maximum protection for your estate.
How To Choose The Best Estate Planning Attorneys To Secure Your Legacy
Comprehensive estate planning allows you to secure your legacy and provide for your family long after you’re gone. The right attorney can help ensure that your plan meets your goals and needs.
While choosing an attorney is a personal decision, there are a few important points to consider when weighing your options.
- Does the attorney focus on estate planning? Specifically, can the attorney build a comprehensive estate plan that meets all of your needs? When it comes to securing your legacy, you want to ensure that all of your bases are covered. An attorney who focuses on estate planning will have the knowledge and experience to achieve that goal.
- Do they offer a high level of personalized service? Does the attorney take the time to get to know you and your goals? Do they maintain relationships with clients and approach planning in a way that leaves room for future adjustments? Choosing an attorney who will create a tailored plan based on your needs and goals is crucial.
- What is the attorney’s communication policy? Estate planning is complicated. You may have questions or concerns that need to be addressed. How quickly will the attorney respond to these inquiries? If you want to know more about the inner workings of a trust or your options for business succession planning, will the attorney take the time to explain everything in a way that’s easy to understand? Communication is key, especially when creating an estate plan.
- Can the attorney assist with more complex planning needs? If you own a business or a practice, have significant assets or have a more complicated estate, you need an attorney who will know which tools to employ to reach your goals.
At NC Planning, we aim to make the estate planning process as simple and stress-free as possible. We’ll help you navigate every step and build a tailored plan that meets your specific needs.
How NC Planning Will Help You Plan For The Road Ahead
Estate planning helps you prepare for the future and ensures your last wishes are carried out. At NC Planning, we know how complicated the planning process can be, especially when significant assets, multiple heirs, and businesses are involved.
You have goals for your estate. We’ll help you achieve them by creating a comprehensive plan. From trusts to business succession planning, retirement planning and more, we can assist you with all of your estate planning needs. Contact us online or call our Greensboro office to schedule a consultation with one of our Winston-Salem, NC estate planning attorneys today.
