Charlotte Estate Planning Attorneys

Estate planning is an important step in ensuring your family’s future is secure. In Charlotte, North Caroline, estate planning includes creating wills, setting up trusts, assigning guardianship, establishing powers of attorney, and planning for Medicaid. At Phillips & McCrea, PLLC, our Charlotte estate planning attorneys are here to guide you through every step of the process.

Wills

A will is a legal document that explains how you want your property and assets to be distributed after you pass away. It is crucial to have a will to make sure your wishes are followed. Without a will, the state decides who gets what, and this might not be what you want. Creating a will can also help prevent family disputes and make the process easier for your loved ones during a difficult time.

Trusts

Trusts are another tool for managing your assets. A trust can help you control how and when your assets are distributed. There are different types of trusts, such as revocable and irrevocable trusts. A revocable trust can be changed during your lifetime, while an irrevocable trust cannot. Trusts can also help reduce taxes and protect your assets from creditors. Setting up a trust requires careful planning, but it offers many benefits for managing your estate.

Guardianship

If you have minor children, it is important to name a guardian in your estate plan. A guardian is someone who will take care of your children if you are no longer able to. Choosing a guardian is a big decision. You need someone you trust to care for your children and manage their inheritance until they are old enough to do so themselves. Discussing your choice with the person you have in mind and making sure they are willing to take on this responsibility is essential.

Powers of Attorney

A power of attorney is a legal document that gives someone else the authority to make decisions for you if you are unable to. There are different types of powers of attorney. A financial power of attorney allows someone to handle your financial matters, while a healthcare power of attorney lets someone make medical decisions for you. Having these documents in place ensures that your affairs are handled according to your wishes if you are incapacitated.

Medicaid Planning

Medicaid planning is an important part of estate planning, especially for older adults. Medicaid can help pay for long-term care, but qualifying for it can be complicated. There are strict rules about income and assets, and planning ahead can help you meet these requirements. Medicaid planning might involve setting up certain types of trusts or making strategic gifts to reduce your countable assets. Proper planning can help you preserve your wealth while still qualifying for the benefits you need.

Why You Need a Charlotte Estate Planning Attorney

Estate planning involves many legal details, and making mistakes can be costly. This is why it is important to hire a Charlotte estate planning attorney from Phillips & McCrea, PLLC. Our attorneys have the knowledge and experience to guide you through the process, ensuring that all documents are correctly prepared and your wishes are clearly expressed. We can help you understand the complex laws and make informed decisions about your estate.

Hiring an estate planning attorney gives you peace of mind, knowing that your estate is in good hands. We can help you create a comprehensive plan that covers all aspects of your estate, from wills and trusts to guardianship and powers of attorney. With our help, you can be confident that your loved ones will be taken care of according to your wishes.

Common Mistakes in Estate Planning

Estate planning is a crucial task that many people approach with good intentions but often make mistakes. As Charlotte estate planning attorneys at Phillips & McCrea, PLLC, we see these mistakes frequently and want to help you avoid them.

Not Having a Plan

One of the biggest mistakes is not having an estate plan at all. Many people think estate planning is only for the wealthy or elderly, but this is not true. Everyone, regardless of age or wealth, should have a plan. Without an estate plan, your assets will be distributed according to state law, which might not align with your wishes. Additionally, not having a plan can cause confusion and conflict among your loved ones during an already difficult time.

Outdated Documents

Another common mistake is having outdated documents. Life changes, such as marriage, divorce, the birth of a child, or the death of a beneficiary, can affect your estate plan. It is important to review and update your estate plan regularly to ensure it reflects your current wishes and circumstances. Failing to do so can result in unintended beneficiaries or other complications.

Ignoring Tax Implications

Ignoring tax implications is another frequent error. Estate taxes can significantly reduce the amount of money your beneficiaries receive. By understanding and planning for these taxes, you can minimize their impact. Trusts and other estate planning tools can help manage tax liabilities, but it requires careful planning and knowledge of tax laws.

Failing to Name Guardians

If you have minor children, not naming a guardian in your will is a serious mistake. Without a named guardian, the court will decide who will take care of your children, and this decision might not align with your wishes. Naming a trusted guardian ensures your children are cared for by someone you choose and trust.

Overlooking Powers of Attorney

Many people overlook the importance of powers of attorney. These documents allow someone to make decisions on your behalf if you are unable to. Without them, your loved ones might have to go to court to get the authority to handle your affairs, which can be time-consuming and costly. Having both a financial and healthcare power of attorney in place ensures your affairs are managed according to your wishes.

Not Planning for Long-Term Care

Failing to plan for long-term care is another common oversight. As people age, the need for long-term care often arises, and it can be expensive. Without proper planning, you might deplete your assets paying for care. Medicaid planning can help you qualify for benefits without losing your life’s savings, but it requires advance planning and understanding of the rules.

DIY Estate Planning

Some people try to handle estate planning on their own, using online forms or templates. While this might seem like a cost-saving measure, it can lead to significant problems. Estate planning is complex, and a one-size-fits-all approach does not work for everyone. Mistakes in DIY estate planning can result in legal challenges, additional costs, and unintended consequences.

Frequently Asked Questions About Estate Planning

Estate Planning Client Story

This client story is for educational purposes only.

In the heart of Charlotte, Mabel found herself facing a daunting reality. As a single mother to her beloved daughter Emily, Mabel knew that planning for the future was not just a responsibility, but a gift she wanted to leave behind. Yet the complexity of estate planning seemed like an insurmountable mountain before her.

Mabel had heard about Phillips & McCrea, PLLC and their reputation for guiding families through the intricate process of estate planning. With a flutter of hope in her heart, she reached out to Attorney Sonia Molina, hoping for a beacon of light in her journey.

From their first meeting, Mabel felt a sense of relief wash over her. Attorney Molina welcomed her with warmth and empathy, listening intently to her hopes and concerns for Emily’s future. With a gentle hand and a wealth of knowledge, Attorney Molina guided Mabel through the labyrinth of legal documents and decisions, translating complex legalese into understandable terms.

Together, they crafted a comprehensive estate plan tailored to Mabel’s unique circumstances and desires. Through wills, trusts, and powers of attorney, Mabel found peace of mind knowing that Emily would be cared for and protected, even after she was gone.

But it wasn’t just the legal experience that made Molina stand out. It was her unwavering commitment to Mabel’s well-being, her genuine care for Emily’s future, and her dedication to ensuring that Mabel felt empowered every step of the way.

As Mabel signed the final documents, she couldn’t help but feel a sense of gratitude wash over her. With Sonia Molina by her side, what once seemed like an overwhelming burden had transformed into a profound act of love for her daughter.

Today, Mabel rests easy knowing that her legacy is secure, thanks to the compassionate guidance of attorney Sonia Molina and the team at Phillips & McCrea, PLLC. For anyone in Charlotte seeking peace of mind and security for their loved ones, Mabel’s story serves as a testament to the invaluable support offered by their estate planning services.

Your Trusted Charlotte Estate Planning Attorneys

When you hire Phillips & McCrea, PLLC, to assist with your estate plan, our attorneys thoroughly review your unique situation and make the recommendations appropriate for you. We believe in personalized solutions that address your specific concerns and goals. We are not here to try and sell you a complex and confusing trust. Whether you are a couple with uneven asset distributions, have a blended family, are a wealthy individual concerned about tax implications, a traditional family, or an individual with no heirs, we can help you come up with a straightforward and effective plan.

Comprehensive Estate Planning Services

As part of the estate plan, we also encourage our clients to execute an advance health care directive (living will) and, if appropriate, a power of attorney. These documents are essential for ensuring that your wishes are carried out in the event of incapacity. Each document will be fully explained so you can feel secure in your decisions.

Schedule Your Appointment Today

Don’t wait until it’s too late to plan for your future and the future of your loved ones. Contact Phillips & McCrea, PLLC today to schedule an appointment with one of our experienced estate planning attorneys. Let us guide you through the process and provide you with the peace of mind knowing that your affairs are in order. Your family’s future is too important to leave to chance — contact us now to get started.