How do I make sure my assets bypass probate? – North Carolina Short Answer In North Carolina, assets bypass probate when they transfer by contract or operation of law—think beneficiary designations (life insurance, retirement accounts), payable-on-death/transfer-on-death registrations for financial accounts and securities, joint ownership with right of survivorship, and property titled in a revocable living…
Can I create a dynasty trust to preserve wealth across multiple generations? – North Carolina Short Answer Yes. North Carolina law allows long-term, multi-generation trusts, but they must comply with our state’s rules on how long a private trust can last. A well-drafted “dynasty” trust can provide asset protection, centralized management, and probate avoidance, though…
How can I transfer my rental properties into a trust without triggering double taxation? – North Carolina Short Answer In North Carolina, moving rental properties into a revocable living trust does not by itself create a new layer of income tax; a revocable trust is typically ignored for income-tax purposes. Double taxation usually comes from…
What should I know about managing monthly VA payments through a fiduciary? – North Carolina Short Answer In North Carolina, monthly VA benefits are managed through the federal VA Fiduciary Program, which appoints a person or organization to receive and use VA funds for the beneficiary’s needs. A VA fiduciary controls VA payments only; other…
How can I apply for VA survivors pension benefits for a wartime veteran’s widow? – North Carolina Short Answer In North Carolina, the widow applies to the U.S. Department of Veterans Affairs for Survivors Pension by submitting the VA’s current application and supporting proof of marriage, wartime service, income, and assets. If she cannot manage…
How can I transfer our out-of-state cabin into a family trust? – North Carolina Short Answer Under North Carolina law, you can title an out-of-state cabin in a family trust, but the deed and recording must follow the law of the state where the cabin is located. First, confirm who owns the property now and…
What steps are required to move a cabin titled in my parent and relative’s names into a trust? – North Carolina Short Answer In North Carolina, you must first confirm who legally owns the cabin today (including how the deceased co-owner’s share passed), then deed the property from the current owners to the trustee of…
What type of trust protects inheritance for descendants and prevents a spouse’s access upon death or divorce? – North Carolina Short Answer In North Carolina, a third‑party discretionary trust with a spendthrift clause—often called a “descendants’ trust”—is the standard way to keep inherited assets for children and shield them from a beneficiary’s spouse at divorce…
Can I exclude a spouse’s interest in property currently titled in my parent’s name? – North Carolina Short Answer Under North Carolina law, your spouse’s death-time rights attach to assets you own or control. If title is still in your parent and sibling’s names, your spouse has no claim today, and you cannot place that…
How can I transfer out-of-state property into a trust while residing in a different state? – North Carolina Short Answer You can transfer North Carolina real estate into a trust even if you live elsewhere. The current owners must sign a deed conveying their interests to the trustee and record it with the Register of…