Misconception #1:
Trusts are only for people with a high net worth! Trusts can be set up to serve a variety of purposes and aren't only for "rich people". The most common type of trust is a living or revocable trust. A revocable trust is set up so that it can be modified during ones lifetime. Misconception #2: Trusts are Expensive to Setup! Each state and attorney has its own prices when it comes to trusts. Contact attorneys in your area to get an idea of the cost. Generally attorneys have packages that include more than just a trust. Adkins Law specializes in Estate Planning and would be happy to help you! Misconception #3: You no longer in control of assets held in a trust! With a revocable or living trust, you maintain complete control over all assets in the trust during your lifetime. Keep in mind, like most estate planning issues, credit protections vary and you should always work with an estate planning attorney to understand all your options. Misconception #4: Trusts are only for cash or financial securities! Trusts can be set up to hold a variety of assets: -Real estate -Art -Privately held interests in a business Just to name a few! The primary benefit of putting an asset in a revocable trust is to ensure the assets are distributed according to your wishes. Misconception #5: After I set up a trust, my assets will automatically flow as planned! This may be true in some instances, however, this is not automatic and you must be careful not to contradict the terms of the trust. Once the trust is set up, retitle assets in the name of the trust. Misconception #6: I don't need a trust if I have a will! Having a will in place is a great first step into estate planning. But, having a will does not mean your assets are completely secure. Wills can be contested, there is no guarantee that what you want to happen actually will happen if it is just outlined in your will. Misconception #7: It is generally a good idea to name a family member or friend as a trustee! People often name relatives or family members as their executor of their estate and trustees on a trust. Sometimes this can create a strain on your family dynamics. Acting as trustee and/or executor or a trust and estate can be a large amount of work. You can always consider appointing an third party or corporate trustee to manage the assets and execute the wishes of your trust. My doing this it may alleviate the burden of appointing a family member and instead help in assigning a "neutral" party to act as trustee. Misconception #8: Trusts can be set up to benefit a charity, business organization, or even a pet. Sometimes it is possible to assign percentages of your trust assets to a organization or charity of your choice. It is recommended you work with an attorney who may be able to assist in establishing the kind of trust that best fits to your needs for your family, maybe even your pets. Trusts can be powerful and can accomplish a wide range of goals. They can be very difficult and sometimes hard to understand, That is why Adkins Law is here for you! We specialize in Estate Planning and we can work with your family in creating and drafting the Trust Document or Estate Package that best fits your needs for your family. Give our office a call to set up your FREE consultation.
2 Comments
Adkins Law is prepared to plan and
help your family with an Estate Plan! Having a basic estate plan is essential to ensure that your family is cared for after you are no longer here, and your finances are distributed in the way that you desire. This plays a significant role in reducing stress and frustration for your loved ones in the event of your incapacitation or death. Contact us today to schedule your FREE consultation! There are several different types of Child Custody:
How is Custody Determined? Court will decide where the child will live and what type of custody will or should be awarded to each parent. If the parents have come to an agreement, the courts will often take that into consideration before making the decision for the family and the child. If no agreement can be made, then the court will choose based on the “best interests” of the child. The court considers a wide variety of factors to determine the best arrangement for custody of the child. The factors the courts consider:
Adkins Law can help you understand any and all complexities of your child custody case. Call Adkins Law today for more information and to schedule a consultation. Adkins Law is committed to being there for you no matter what stage of life you are going through. If you are in need of assistance with Family Law Issues, Estate Planning for your family or even a Traffic Law issue. We are here to help you! Call us today to set up a consultation.
Adkins Law is located in the Lake Norman, Huntersville area, we specialize in Family Law, Estate Planning, and Traffic/DUI. Call us today to set up a consultation.
Do you have the "REAL" ID? The North Carolina DMV has begun to offer a form of identification that satisfies a new federal ID requirement for boarding planes, entering federal buildings, military bases and nuclear facilities. The "real" ID works and looks like a normal driver’s license but has a gold star in the upper right-hand corner. The star indicates that you’ve met the ID standards spelled out in the federal REAL ID Act. To get a REAL ID, an applicant has to provide documents that show who they are, where they were born, where they live and that they have a Social Security number. The documents that meet the requirements to prove these things include: -a birth certificate -a valid U.S. passport or immigration documents -a Social Security card -W-2 form The federal government will begin requiring REAL ID for air travel. It was also be required to access other federal facilities such as military bases beginning on Oct. 1st, 2020. Those without a state-issued ID (with the gold star) would still be able to board a plane. However it would require a driver’s license and another form of identification, such as a passport. Licenses that do not meet the requirements will include the words “Not for Federal Identification.” Make sure the next time you are at the DMV to get your Federal ID.
Adkins Law is located in the Lake Norman and Huntersville area. We specialize in Traffic/ DWI. Call us today if you are in need of legal assistance. Adkins Law is here for you this Valentine's Day. Contact us today to set up a consultation with one of our Family Law Attorney's in the Lake Norman and Huntersville area.
What happens if you were evicted in North Carolina? At this point you have been served with either a summons or a complaint. This means that you as the tenant are being noticed for not paying the rent, you have violated the lease agreement with your landlord. This is where you have a couple options as the tenant. Most of the times a tenant will move out after receiving notices like this. Sometimes a tenant will fight the eviction in court.
If you are wanting to fight an eviction with your current landlord in court. Then you may need to speak with a lawyer in Huntersville, NC. Adkins Law serves the Lake Norman area. NC GS § 42-33 Upon receiving a notice to quit for nonpayment of rent and at any time before a final judgment is rendered, a tenant may pay the rent due in full in addition to any accrued late fees. However, the landlord may not be obligated to accept the payment. North Carolina law allows waiver of the ten-day notice provision if the waiver is conspicuously stated in the lease agreement (this is called a “forfeiture clause”). If an appropriate waiver exists, the landlord may proceed with the eviction even after tender of payment. Adkins Law would be happy to help in this matter. Huntersville lawyers here to represent you. If you need assistance in your eviction case or would like to schedule a free consultation with an eviction attorney in Mecklenburg County, please contact Adkins Law. Adkins Law is If you need assistance in evicting a tenant or would like to schedule a consultation with an eviction attorney in Mecklenburg County, please contact Adkins Law. Adkins Law is located in Huntersville and primarily serves Huntersville, Cornelius, Davidson, Charlotte, and Mecklenburg County. Call (704) 274-5677 to arrange a consultation. Estate Planning is one of the most important yet neglected aspects of personal finance. When dealing with our own mortality, people tend to procrastinate. It isn't very pleasant to think about death and what will happen to our family and our finances after we pass away. Having a basic estate plan, at the minimum, is essential to ensuring that your family is cared for after you are no longer here and your finances are distributed in the way that you desire. This plays a significant role in reducing stress and frustration for your loved ones in the event of your incapacitation or death.
Below are 4 reasons Estate Planning is so important: 1) Prevents your assets from going to Unintended Beneficiaries A main component in estate planning is designating places for your assets. This can be your home or your stocks. Without an estate plan, the courts will decide who gets your assets. This is a process that can take years and can get ugly without a clear plan. 2) Protects your Family and Your Children In order to ensure that your children are taken care of, after your passing. You will want to name their guardians in the event that both parents die before the children turn 18. Without this the courts can step in and make the decision for you. This could potentially determine who raises your child up until they turn 18 years old. 3) Stops your Family from having to Overpay in taxes Estate planning can reduce all of the federal and state estate taxes or the state inheritance tax. Without a plan this can be very costly to your loved ones if you were to pass. 4) Eliminates the mess when you pass By creating a plan this enables you and gives you the opportunity to make a plan for your finances and assets after your passing. By planning in advance it ensures that you have made the right financial decisions for you and your family. If you need to make a plan to protect your family. Adkins Law located in Huntersville, NC can help you. Call today to set up your FREE Estate Planning consultation. The NC Court of Appeals acknowledged that military disability pay cannot be distributed by a court in equitable distribution, It is seen as income that can be considered when the court is looking for a source of payment. In reaching this decision, the court rejected the argument that this rule was changed by the recent decision in Howell v. Howell by the US Supreme Court. Where the Court reiterated that federal law prohibits the distribution of military disability in equitable distribution.
Military Disability Pay Cannot be Distributed in ED The federal Uniformed Services Former Spouses’ Protection Act (USFSPA) authorizes states to treat veterans’ retired pay as property which is divisible upon divorce. Therefore, federal law prohibits the distribution of military disability benefits in equitable distribution proceedings. Military disability pay is the separate property of the veteran. Retirement Can Be Converted to Disability Unless a retired service member qualifies for concurrent pay, a service member cannot receive both disability pay and retirement pay. This means that many service members must waive their retirement pay in order to receive the disability pay. Many disabled service members decide to change their retirement pay to disability pay when they become eligible, because disability pay is not taxed and cannot be distributed in divorce proceedings. A service member can waive retirement for disability at any point after a service member becomes entitled to receive disability pay. If the conversion occurs before a court enters an order for equitable distribution, the court can consider the disability payments as a distributional factor, but the court cannot give dollar-for-dollar “credit” in the distribution to make up for any retirement pay lost because of the conversion. When this conversion occurs, the amount of retirement pay received by the former spouse of the service member generally is reduced. A trial court may not prohibit a service member from converting retirement pay to disability pay in the future. However, North Carolina appellate courts as well as appellate courts in other states have held that federal law does not restrict the ability of a state court to enforce a judgment dividing military retirement pay entered before a service member converted the retirement pay to disability pay. Therefore, amendments to retirement distribution orders made by trial courts to initiate the terms of the court order have been approved. |
Archives
January 2022
|