In North Carolina, families plan ahead when they have a large estate. These plans reduce the duration at which the will and estate are involved in the probate process. During probate, creditors have the opportunity to file a claim against the estate to collect overdue balances. A Probate Law Attorney Charlotte NC helps estate owners with these strategies.
Reducing the Size of the Estate
The first advantage is a reduction of the estate itself. The owner needs to transfer ownership of the estate to family members before they die. This prevents the family from facing inheritance taxes that are imposed through a will. The early transfer of any property or asset takes these items out of the estate. This indicates that no creditors can place a lien against them to seize during probate.
Starting Trust Funds for College
A trust fund is a brilliant option for acquiring tuition money for college students. The trust is set up in the child’s name with provisions. The provisions allow a specific value of money to be released to the child to cover their expenses. Parents may also increase the payout after they reach a certain age like twenty-five.
Retirement and Savings Plans
Retirement planning is also necessary. The estate owner needs to create a retirement plan for themselves. This plan allows them to generate enough income to support themselves after they stop working. They need to address this concepts through estate planning if the assets are placed in CD’s or a savings account. They must identify a beneficiary in the event that they die.
Are Irrevocable Trusts Beneficial?
An irrevocable trust provides the owner with an opportunity to transfer a significant amount of their estate into a new account. The owner retains rights to the assets and properties throughout their lives.
In North Carolina, families plan for the unthinkable through estate planning. These strategies allow them to separate assets from the estate and prevent seizure by creditors. It also helps them to set up plans for their children in the future. Estate owners who need these services should contact Conrad Trosch & Kemmy for more information.