July 23, 2016
by Raleigh Lawyer
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Estate Planning Tips for Second Marriages Part Two

Welcome back. In our previous blog we talked about estate planning for second marriages. There are two questions to ask yourself while considering how to create a new plan.

  • Do you want to give any support to the previous spouse if you pass away, so that he or she can take care of your children?
  • Do you want to factor in what each of you brought to the marriage, and ensure that it is separate should one of you pass away?

The answers to these questions may be a good idea to consider if you both have children that you want to be named beneficiaries for certain assets.

Second Marriage Estate Planning Tips | Estate Lawyer in Cary

Once you have an idea of how you want things to be divided and administered, you will need to put it in writing. A will can leave specific instructions. A trust is often a part of an estate plan that can help when passing on assets that will continue to be paid while a spouse is alive.

Another change you may want to make is how your titles for property such as cars and houses are listed. In a case of “joint tenants with right of survivorship” or “transfer on death” then it can be made clear the property goes to the person listed on the account.

Don’t forget to designate new beneficiaries on retirement accounts and life insurance policies, otherwise the person listed may override what you have in your will.

It is also a good idea to know the property laws in your state. There can be differences depending on whether or not you are in a community property state. A lawyer can help you find out what laws will apply in your state.

Planning your estate with  blended family can have its challenges, but do not let it deter you from making sure that your wishes are carried out and your new spouse and family are protected.

Check out the next post where we will focus on estate planning for your children.

Klish and Eldreth, PLLC | Estate Lawyer in Cary

As always, feel free to contact us with any questions or concerns you may have about estate planning. Also contact our estate lawyer to schedule a consultation if you have yet to start estate planning. It’s never too early to make plans for your wishes upon death. In addition, our attorney is here to help you with all your legal matters, whether it be estate planning, trademarking, copyrighting, or DWI issues.

July 21, 2016
by Raleigh Lawyer
Comments Off on Estate Planning Tips for Second Marriages Part One

Estate Planning Tips for Second Marriages Part One

A second marriage can mean a whole new set of possibilities, but also a new host of issues when it comes to estate planning. Do not be one of the many who forget to review their estate plans and other legal documents when they remarry.

Second Marriage Tips for Estate Planning in Cary NC

First marriages can be straightforward because it is generally two people without children. A second marriage usually means the number of people involved is multiplied. There is a first spouse, second spouse, children from the first marriages, and possibly children from the second marriage.  It can be confusing to figure out how to write your estate plan so everyone is covered and no one left is left out (unless you want them to be). These families are called blended families and they have their challenges.

In the next few posts, we will take a look at estate planning tips for second marriages. First, we’ll focus on spouses, then we’ll take a look at what to do when children are involved.

First, take a look at your current plans. They may be the same arrangements that you made during your first marriage that weren’t revised when you divorced. If so, you need to make changes soon so that if something were to happen, your current wishes would be carried out.

Next, decide what you want to accomplish with the new estate plan. Do you want to give any support to the previous spouse if you pass away, so that he or she can take care of your children? Do you want to factor in what each of you brought to the marriage, and ensure that it is separate should one of you pass away? This may be a good idea if you both have children that you want to be named beneficiaries for certain assets.

Be sure to visit back with our next blog post to learn more about second marriage estate planning in Cary NC.

No matter if you’re married, single, wealthy, a parent, it’s important for all adults to consider estate planning and the proper documents in place at the beginning of each year. If you failed to do that at the beginning of 2016 or need to update due to a situation change, please feel free to contact us, today to get started with your plan.

Klish and Eldreth, PLLC

As always, feel free to contact us with any questions or concerns you may have about estate planning. Also contact our estate lawyer to schedule a consultation if you have yet to start estate planning. It’s never too early to make plans for your wishes upon death. In addition, our attorney is here to help you with all your legal matters, whether it be estate planning, trademarking, copyrighting, or DWI issues.

 

July 19, 2016
by Raleigh Lawyer
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More Guardianship Alternatives

Welcome back. We are here today to talk more about alternative guardianship. If you missed our previous blog post, refer to it for more information.

Guardian Alternatives | Estate Planning in Raleigh

Living Trust

A living trust can be established by a person needing additional support in financial matters. It is a revocable trust that manages assets and allows someone to be named a trustee and a co-trustee. If the trustee becomes incapacitated or disabled, whomever is appointed to take over will be able to make decisions on that person’s behalf. This will be added during your time estate planning in Raleigh.

There are also other non-legal ways to get support, such as through social services. A loved one who needs help in certain areas of life, such as with personal needs like household chores or getting enough healthy meals, can sign up for services. They can be found through the government or through local organizations. Many are low cost or free.

Representative Payee

Similar to attorney-in-fact, a protective payee can manage a person’s benefits received through federal public programs, Social Security or Veteran’s Administration. He or she is required to give guidance and protect the receiver from fraud or victimization. The person can ask for a family member or friend to be appointed, but he or she cannot have felony convictions and must have his or her own means of support, either through employment or a monthly benefit. One can also be appointed through an organization that pays people to be payees.

Remember, a guardianship is appointed when an individual is not able to care for themselves. One could be a appointed in the case of a minor child, under the age of 18, who is unable to care for themselves, or in cases of an adult without the mental ability to care for themselves.

Visit our previous blog to learn more! If you have questions about this or estate planning in Raleigh, contact us.

Klish and Eldreth | Estate Planning in Raleigh NC

Remember, estate planning in Raleigh is important. It’s a way to ensure your loved ones are cared for after you’ve passed. It’s also a way to distribute your belongings to specific loved ones as well. It’s important that one not pass without this document. Doing so can result in a court case that will leave your loved ones stuck in probate court. This could be not only time consuming but expensive as well.

Regardless of whether you’re married, single, wealthy, childless or a parent, it’s important for all adults to have an estate plan and the proper documents in place at the beginning of each year. If you’re ready to begin planning your estate contact our attorney, today.

July 19, 2016
by Raleigh Lawyer
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More Duties of a Guardian

If the guardianship is to oversee the child’s estate, then the duties are different. Often a guardian will do both, but in some cases there are two different guardians appointed for each range of duties. When someone is appointed the guardian of an estate, he or she is only responsible for the financial affairs of the ward. The guardian must manage the financial affairs until the child is 18, or in some cases, until he or she is 21.

More Guardian Duties | Lawyer in Raleigh NC

If you missed our last blog post, our attorney in Raleigh NC has more information on the duties of a guardian. Below, you’ll find more.

The guardian of a child’s estate must do the following:

  • Manage the finances of the child
  • Collect and take an inventory of the child’s assets
  • Put all of the assets into the estate
  • Deposit any money received by the child into a separate account
  • Keep records of all financial transactions
  • File records with the court to ensure things are being handled properly

A guardian is not allowed to use, borrow or give away any of the money in the ward’s estate. If the guardian is caring for the child and the estate but cannot provide for the child financially, a petition to use money from the estate can be made. The court may allow money to be used for a period of time, or for specific things.

When the ward turns 18, the guardian must turn over all assets to him or her, and file a final report. If the courts find that the estate was not managed in an ethical manner, then the ward can sue the guardian. If the management was ethical but the ward lost money in some way, the guardian will have to reimburse him or her.  In some cases, if assets were managed well, the guardian could be entitled to payment for handling it.

Both types of guardians are appointed until the child turn 18, or until the court changes the appointment.

Attorney in Raleigh NC

As always, feel free to contact us with any questions or concerns you may have about estate planning. Also contact our attorney in Raleigh NC to schedule a consultation if you have yet to start estate planning. It’s never too early to make plans for your wishes upon death. In addition, our lawyer is here to help you with all your legal matters, whether it be estate planning, divorce, child custody, trademarking, copyrighting, or DWI issues.

July 19, 2016
by Raleigh Lawyer
Comments Off on Duties of a Guardian

Duties of a Guardian

A court can appoint a guardian to someone under the age of 18, or someone unable to take care of himself, when there is no biological parent available to care for the child. A guardian can be appointed to care for the child himself, or to oversee the estate of the child. In some cases the same guardian will perform both duties.

Duties of a Guardian | Lawyer in Raleigh NC

Let’s take a look at the duties of a guardian who has been appointed to be the caregiver of a child, then our lawyer in Raleigh NC will look at what someone must do as the guardian of the estate.

When a child does not have a parent to take care of him or her, the court appoints someone to step in and take their place. A parent may not be able to care for the children because of illness, drug or alcohol abuse, mental illness, or another situation that prevents them from providing for the child. If one or both parents dies, then the court must appoint a guardian if there was not one named in the deceased’s will.

Here are the duties of someone appointed guardianship of a child:

  • To provide food, housing and clothing
  • To provide medical and dental care
  • To provide emotional support
  • To enroll the child in school, or make sure he or she continues in their current school

In essence, the guardian will meet the needs that a parent would provide. However, in some cases, the court will make other requirements such as counseling for the guardian and/or the children, or required visitation with the biological parent or other relatives.

Be sure to visit back with our blog soon, as our lawyer in Raleigh NC will have more information about the duties of a guardian.

As always, feel free to contact us with any questions or concerns you may have concerning legal issues. Contact our lawyer in Raleigh NC to schedule a consultation if you have yet to start estate planning. If you don’t have an estate plan in place or haven’t reviewed yours in several years, now might be the best time to start. Our lawyer is here to help you get your estate planning in order and ready should you pass in an untimely manner or become incapacitated at some point. It’s better to be safe than sorry when it comes to an estate plan. Contact our office, today, to get started estate planning.

In addition  to estate planning, our lawyer in Raleigh NC is here to help you with all your small business needs, trademarking, copyrighting, or DWI issues. Call today for more information!