An irrevocable trust is an estate planning tool where the grantor transfers assets into a trust and relinquishes control over them permanently. Unlike a revocable trust, an irrevocable trust cannot be altered or revoked without the consent of the beneficiaries or a court order. This structure provides strong asset protection and potential tax benefits. Key […]
What is an Irrevocable Trust and Who Should Use One? Read More »
A revocable trust, also known as a living trust, is an estate planning tool that allows an individual (the grantor) to place assets into a trust while retaining the ability to modify, amend, or revoke it during their lifetime. This flexibility makes it a popular choice for many individuals looking to manage their assets efficiently
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Estate planning is one of the most important steps you can take to protect your family’s future, but it can also be a challenging topic to discuss with adult children and other loved ones. Many people hesitate to bring up their estate plan due to concerns about family conflict, discomfort around financial matters, or the
How to Discuss Your Estate Plan with Adult Children and Loved Ones Read More »
Estate planning can be a complex process, especially when it comes to the finer details like the recording of legal documents such as wills and trusts. For residents of North Carolina, understanding whether these documents must be recorded is an essential step in ensuring your estate plan is both legal and effective. Are Wills Recorded
Are Wills and Trusts Recorded in North Carolina? Read More »
For business owners, estate planning isn’t just about personal assets—it’s also about ensuring a smooth transition for their company. Whether you plan to pass your business to family members, sell it, or establish a succession strategy, an effective estate plan is crucial. Here’s how to prepare for your company’s transition with the help of an
How Do I Prepare for My Company’s Transition in My Estate Plan? Read More »
When most people think of marital agreements, prenuptial agreements often come to mind. However, postnuptial agreements—contracts entered into after marriage—are an equally powerful tool, especially in estate planning. Whether addressing changes in financial circumstances, evolving family dynamics, or simply offering clarity, postnuptial agreements help couples solidify their estate planning goals while ensuring fairness and transparency. What is
Postnuptial Agreements: A Valuable Tool in Estate Planning Read More »
For residents of Davidson, Cornelius, Huntersville, Mooresville, North Charlotte, and the greater Lake Norman area, understanding the probate process is essential to effective estate planning. At Forbes Law Firm, we are committed to guiding our clients through the complexities of probate, ensuring peace of mind for families during challenging times. Here’s what you need to
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When planning a future together, the thought of a prenuptial agreement (or “prenup”) may not immediately come to mind. Yet, for those engaged in estate planning, this document can be one of the most powerful tools for safeguarding individual and family assets. A prenup is not just about planning for the unexpected—it’s about transparency, protection,
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Choosing a trustee is one of the most important decisions you’ll make when establishing a trust. The trustee is responsible for managing trust assets, handling distributions, and ensuring your wishes are honored. While many people initially think of appointing a family member or friend, there are situations where a corporate trustee—such as a bank, trust
When Should You Consider a Corporate Trustee for Your Estate Plan? Read More »
Estate planning is about more than just distributing your assets to loved ones—it’s an opportunity to reflect your values and make a lasting impact. For many, charitable giving is a meaningful way to support causes they care about while providing potential tax benefits. Whether your goal is to support a favorite nonprofit, fund a scholarship,
Incorporating Charitable Gifts into Your Estate Plan: A Lasting Legacy of Giving Read More »
