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What Do You Need To Know About Trusts In North Carolina?

Taxes, asset protection, and control are some of the major concerns people face as they start planning their legacy. Those with large estates often have some discomfort with the concept of losing control over the wealth they’ve built. However, a trust’s attorney can address those concerns directly.

At Kirschbaum, Nanney, Keenan & Griffin, P.A., our attorneys craft the trusts that help address the concerns and fears of our clients. We’re experienced in all aspects of estate planning and probate law in North Carolina and work hard for people in Raleigh. We pay close attention to the details that matter to our clients.

The Main Types Of Trusts

There are two major categories of trusts: Revocable and irrevocable. A revocable trust is one where the grantor – the person creating and ultimately assigning assets to the trust – can dissolve the trust at any moment. An irrevocable trust cannot be dissolved as easily.

Trusts work by removing you from an ownership position over the assets, technically speaking. And that means, technically speaking, that the assets no longer reside in your estate and are not eligible for probate. However, this benefit is only available in an irrevocable trust.

However, aside from those major parts, there are many functional types of trust, such as:

  • Special needs: A special needs trust provides assets and resources for an individual reliant on government benefits for care. Trust is built to keep individuals eligible for those benefits.
  • Retirement plan: A trust where an individual assigns their retirement plan to make it available to their heirs upon death. It’s an asset protection effort to minimize the impact of estate taxes on a person’s retirement assets.
  • Charitable: These are trusts with assets and funds assigned to a charity. It may be a foundation or a direct cause. The goal is to minimize asset risks by assigning these to the charity of the grantor’s choice.

There are certain advantages to choosing and crafting trusts and we would be happy to discuss them with you to find the right choice.

Beneficiary Protections, Asset Protections And Care

Protecting your assets means protecting your beneficiaries. Building trust is an act of caring for the people in your life. We’re here to help you make these decisions. Call 919-295-0930 today or send an email to find out how our attorneys can make a real difference for your legacy.