Securing Your Legacy
There are multiple benefits to having experienced Wilmington, NC estate planning attorneys from NC Planning prepare an estate plan for you. Perhaps your estate is very simple, requiring only a will, and a Living Will. If you have children, particularly minor children, you will need to consider guardianship. You may choose to put your assets in a trust as a means of avoiding probate and ensuring the privacy of your financial arrangements. Having a strong estate planning attorney can help you decide on end-of-life arrangements, and retirement options, and can save you money on taxes.
If you have a business, your attorney can help you prepare a business succession plan. If the business is a family business, you can make decisions regarding how you want the business to continue after you are gone. If you give money to charitable organizations, you can have a trust set up that will continue those donations after you are gone. You can have power of attorney documents set up—medical and/or financial, along with an advance healthcare directive, or living will that dictates how you would want to spend your final days. Your Wilmington, NC estate planning attorneys can help you reduce estate taxes while saving your family from having to make difficult decisions in the event you are incapacitated or after your death.
Case Illustration of Estate Planning in Wilmington, NC
The highly experienced Wilmington, NC estate planning attorneys at NC Planning are helping Mabel, a married woman in her late fifties, set up an estate plan. Mabel’s husband, Jerry, is in a nursing home after having a serious stroke last year. Mabel has three adult children and two grandchildren. While two of her adult children are doing well in their lives, the third, John, has had a succession of run-ins with the law, and troubles with creditors.
Mabel is a retired schoolteacher, who began a tutoring business five years ago that has really taken off. She currently has seven employees and expects to hire three more in the coming year. Mabel knows she needs a comprehensive estate plan, so she sets up an appointment with the Wilmington, NC estate planning attorneys at NC Planning. Mabel has several goals for her estate plan, including:
- Setting up a trust that will take care of Jerry for the remainder of his life
- Having a business succession plan put into place so that her tutoring business will continue after she’s gone
- Setting up a trust for her children and grandchildren, with special provisions for John that will prevent him from getting his inheritance all at once
- Naming her oldest daughter as medical power of attorney and her middle daughter as financial power of attorney
- Making sure her assets are protected in the event she should ever require nursing home care
At the end of her meeting, Mabel is feeling a strong sense of relief that she has set her estate plan in motion. She feels much more relaxed, knowing that if something should happen to her, all those she loves and cares for will be properly taken care of.
Components of an Effective Estate Plan
The components of your estate plan will depend on your specific circumstances, but may include one or more of the following:
- Will—A will can be an important part of an estate plan, particularly if you have minor children and need to appoint a guardian. While a handwritten will is legal in North Carolina, there will have to be a hearing after your death where three people assert under oath that the handwriting in the will is yours. It is better to have a self-proving will that is signed by you and two witnesses in front of a notary public. You must be 18 and of sound mind to create a will in the state of North Carolina.
- Living Will—A Living Will, while not a substitute for a Healthcare Power of Attorney, provides instructions to healthcare providers and your healthcare agent regarding your preferences for life support and life-sustaining measures.
- Power of Attorney—There are many different types of POAs, but the two most common are financial POAs and healthcare POAs. A healthcare power of attorney gives a trusted individual the legal power to make healthcare decisions on your behalf in the event you are incapacitated. A financial power of attorney gives another individual chosen by you the right to make financial and business decisions on your behalf in the event of incapacitation, or when you are out of the state or country and need someone to handle these matters on your behalf.
- Healthcare Proxy—A healthcare proxy is a document naming another trusted individual to make healthcare decisions on your behalf in the event of incapacitation. A healthcare proxy and a healthcare power of attorney are essentially the same documents. A doctor may need to certify that you are incapacitated before your proxy begins making decisions on your behalf. Your proxy will also have access to your health records and other information, depending on the level of permission granted.
Comprehensive Estate Planning Components
- Trust(s) are often used as a part of estate planning. These trusts can benefit spouses, family members, charitable organizations, or even pets. Trusts make it much easier to transfer your belongings to the people or organizations you choose while reducing their tax burdens.
- Family LLPs, or family limited partnerships are arrangements in which family members pool money to run a business project, with each family member purchasing a share of the business, with profits in direct proportion to the number of shares owned.
- Charitable Planning is good on many fronts. Giving to charity makes you feel good, impacts those less fortunate, strengthens personal values, and builds and strengthens communities. You can use your estate plan to continue your charitable contributions after you are gone as well as to help your family members continue your legacy.
- Insurance Planning may include the different types of life insurance as well as business insurance, home and auto insurance, and personal insurance. Having insurance ensures your loved ones will not have to worry about these issues in the future. Term life insurance pays a death benefit if you pass away during the “term” the policy is active, while universal or whole life insurance stays in effect for your entire life.
- LTC Planning can take the worry and stress out of thinking about potential long-term care you might one day need. When money is available for long-term care, caregiver stress is considerably reduced, while care options are expanded. A written agreement with all parties involved assures the success of LTC planning.
- Final Expenses can be budgeted for as a part of your estate plan. You can determine what type of final arrangements you want, and either prepay for a funeral, cremation, and/or burial plot, or make arrangements for the necessary funds to be available.
- Retirement Account Planning is something few of us want to think about, yet it is a necessary part of a comprehensive estate plan. The SECURE Act offers many new benefits to employers and employees that are meant to make it more attractive for employers to offer retirement plans while improving retirement outcomes for employees. Employers who start a new retirement plan after December 29, 2022, will be required by 2025 to automatically enroll employees at a rate of at least three percent but not more than 10 percent of eligible wages, although employees may opt-out. Employers with ten or fewer workers are excluded as are those that have been in business for less than three years.
- Buy-Sell agreements are used in business succession planning to allow you to maintain control of your business until retirement, disability, death, or another specified event.
How to Choose the Best Wilmington, NC Estate Planning Attorneys to Secure Your Legacy
Choosing an estate planning attorney may seem like a difficult task. Many people will ask a friend, family member, or co-worker for an attorney referral, while others will look online to find a law firm that seems like a good fit. At NC Planning, we know you have choices. Our belief is that once you have spoken to one of our attorneys, your choice will be clear. We take Client Care to a whole new level. Rather than just a concept, we really aspire to give every single client a positive experience. We communicate with our clients, never leaving them wondering what’s going on or where they stand, while being responsive and accountable. We will treat you like we would treat a family member and will work just as hard for you as we would one of our own.
How NC Planning Will Help You Plan for the Road Ahead
When you are planning for the future, you need a trusted Wilmington, NC estate planning attorney by your side to ensure the decisions you make are the correct ones and that your paperwork accurately reflects those decisions. NC Planning has offices in Wilmington, Raleigh, Greensboro, and Cary for your convenience. Contact us today to schedule a consultation with Wilmington, NC estate planning attorneys from NC Planning.
