Should my spouse and I buy my parent’s house and have our child and their spouse pay us, or is there a better way to structure this? – North Carolina Short Answer Sometimes buying a parent’s house and then having an adult child pay the new owners can work, but it often creates avoidable risks…
Can an irrevocable trust be changed later if my situation changes? – North Carolina Short Answer Sometimes, but not just because circumstances changed. In North Carolina, an irrevocable trust generally cannot be changed by the person who created it acting alone, but it may be modified or ended through specific legal paths such as a…
Can business income or profits be directed into a family trust, and how would that work? – North Carolina Short Answer Yes—under North Carolina law, business income can be directed into a family trust, but the “how” depends on what is actually being transferred. In most cases, the trust either (1) becomes the owner of…
What is the difference between a medical power of attorney and guardianship, and when would I need one versus the other? – North Carolina Short Answer In North Carolina, a medical power of attorney (often called a Health Care Power of Attorney) is a private document signed while a person has capacity that lets a…
How do I decide whether a will-based plan or a trust-based plan makes more sense for my situation? – North Carolina Short Answer In North Carolina, a will-based plan usually means assets pass through an estate administration (often called “probate”) supervised by the Clerk of Superior Court, while a trust-based plan aims to have key…
What estate planning documents do I need for my situation? – North Carolina Short Answer In North Carolina, most people start with four core estate planning documents: a will, a financial power of attorney, a health care power of attorney, and an advance directive (often called a living will). Depending on the situation, additional documents—like…
Can I get a medical power of attorney if the person I’m helping still has capacity but wants someone to make decisions later? – North Carolina Short Answer Yes. In North Carolina, a person who still has capacity can sign a Health Care Power of Attorney now to name a health care agent to make…
What documents do we need to protect everyone if my parent is still living in the home but wants to let family live there long-term? – North Carolina Short Answer In North Carolina, the safest way to protect everyone when a parent still lives in the home but wants family to live there long-term is…
What estate planning documents should my spouse and I have if we have minor children and a home? – North Carolina Short Answer In North Carolina, most couples with minor children and a home should have (1) wills that name guardians for the children and direct where assets go, (2) financial durable powers of attorney,…
Can the siblings change or end a life estate after the parent has passed away, and what would everyone need to agree to? – North Carolina Short Answer In North Carolina, siblings generally cannot change what a deceased parent’s will created, including a life estate, just because the family later prefers a different arrangement. But…
