Clients often ask me what estate planning documents they will need beyond a Last Will and Testament. While no two plans are the same, I frequently suggest adding a revocable living trust to a comprehensive estate plan. Understanding how a trust might fit into your planning should help you get the planning puzzle right. 5 Reasons to Create a Revocable Living Trust To help your estate avoid probate. Probate is the legal process that is required for the administration of the assets controlled by … [Read more...] about How implementing a Living Trust helps you get planning right.
Understanding Your Life Insurance Options
I find that for many of my clients, life insurance sometimes plays an integral role within their estate plan. Exactly which role a life insurance policy will play, however, depends on a variety of factors. In order to know how life insurance fits into your estate plan, you need to understand the various types of life insurance as well as gain a better understanding of how to determine the amount that you need. Ultimately, life insurance should always be targeted. Ask yourself -- what is my … [Read more...] about Understanding Your Life Insurance Options
The Ultimate Caregiver Guide
Thirty years ago, I could never have imagined that I would find myself advising so many people about planning for their long term care or serving in the role of caregiver for a family member or friend. Yet, as Clarity Legal Group® has developed, caregiving has become one of the major lenses through which we offer advice. Last year we introduced a book offering guidance to caregivers in North Carolina and also created a tool kit of sorts on our web site for this purpose. As I was planning … [Read more...] about The Ultimate Caregiver Guide
How to Pick the Best Person to Administer Your Estate
I've got a pretty short and simple post today on a basic question I think people don't think enough about. People tend to focus on the division of their estate, but make assumptions about who will administer their estate after they are gone. Deciding who to appoint as your Executor in your Last Will and Testament, or serve as Successor Trustee of a Revocable Living Trust, is probably more important than you realize. Executor and Trustee Duties and Responsibilities In general, the Executor of … [Read more...] about How to Pick the Best Person to Administer Your Estate
Getting Estate Planning Right: Who Decides If I Am “Incapacitated?”
When people find out that I am estate planning attorney I sometimes get the reaction that I am a tax attorney. Tax planning is an important part of estate planning, and it has implications in multiple places in the planning world, but it is not the core of estate planning. I tell people that estate planning is planning for when somebody else decides. When you are no longer in charge of your affairs you will want to be in charge of who does manage them. You will want them to have the … [Read more...] about Getting Estate Planning Right: Who Decides If I Am “Incapacitated?”
How to Protect your Loved Ones Needing Care: Questions to Ask When Choosing a Long-Term Care Facility
I imagine most people agree with me that the last place they want to find themselves is resident at a skilled nursing facility. When someone gets to the point that they need this level of care, their perspective sometimes changes, as they are faced with the reality that their continued care at home is a burden for their family, practically, financially and emotionally. That's not the way anyone in the family wants it to be. Still, sometimes, the nursing home is the right answer. At … [Read more...] about How to Protect your Loved Ones Needing Care: Questions to Ask When Choosing a Long-Term Care Facility
Beneficiary Designations and the SECURE Act: Eligible Designated Beneficiaries
This post is part of our continuing series on beneficiary designations for retirement accounts after the Secure Act. As you may know, the Secure Act largely did away with the stretch distributions for most beneficiaries substituting instead a ten-year payout. There are exceptions to this and this can fundamentally change the choices we recommend for our clients. In this blog post, my friend Steve Hartnett, the Director of Education for the American Academy of Estate Planning Attorneys, … [Read more...] about Beneficiary Designations and the SECURE Act: Eligible Designated Beneficiaries
Beneficiary Designations and the SECURE Act: Prior Designations
This is the second in a series of blog posts from my friend Steve Hartnett, Director of Education for the American Academy of Estate Planning Attorneys. Here Steve talks about how the Secure Act, which became effective at the beginning of 2020, impacts the designation of trusts as the beneficiary of retirement accounts. We make these designations pretty commonly for our clients at Clarity Legal Group and the approach Steve describes here is the one we most common implement. In any event, … [Read more...] about Beneficiary Designations and the SECURE Act: Prior Designations
Beneficiary Designations and the SECURE Act Basics
Anyone who has worked with Clarity Legal Group has heard us say that estate planning is just as much about how your organize what you own as what your legal documents say. Beneficiary designations can seem simple when they are not. But their simplicity is sort of like an iceberg. Danger lurks beneath those tranquil waters, both for the client and the attorney. We find ourselves more frequently crafting customized beneficiary designations for retirement accounts, in order to get the plan … [Read more...] about Beneficiary Designations and the SECURE Act Basics
Getting it right when Disinheriting an Heir
Occasionally I work with an estate planning client who wants to disinherit an heir. They've heard there is a trick to doing this correctly -- and there is, but often not for the reason people expect. The truth is, in North Carolina, no one has a right to inherit anything from you -- with the exception of your spouse (and then presuming that you do not have a prenuptial agreement waiving the right to inherit). However, even natural heirs such as children who have no right to inherit, do … [Read more...] about Getting it right when Disinheriting an Heir
