NC and Trusts
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NC and Trusts (by WMH [NC]) Feb 13, 2018 3:11 PM
       NC and Trusts (by WMH [NC]) Feb 13, 2018 3:13 PM
       NC and Trusts (by NC INVESTOR [NC]) Feb 13, 2018 4:18 PM
       NC and Trusts (by Moshe [CA]) Feb 13, 2018 4:44 PM
       NC and Trusts (by Bill [NC]) Feb 13, 2018 4:57 PM
       NC and Trusts (by NC INVESTOR [NC]) Feb 13, 2018 6:49 PM
       NC and Trusts (by Moshe [CA]) Feb 13, 2018 8:02 PM
       NC and Trusts (by Robert J [CA]) Feb 13, 2018 10:01 PM
       NC and Trusts (by MMIT [VA]) Feb 14, 2018 6:18 AM
       NC and Trusts (by David [NC]) Feb 14, 2018 8:31 AM
       NC and Trusts (by NC INVESTORS [NC]) Feb 14, 2018 11:54 AM
       NC and Trusts (by NC INVESTOR [NC]) Feb 14, 2018 11:59 AM
       NC and Trusts (by Pmh [TX]) Feb 14, 2018 2:52 PM

NC and Trusts (by WMH [NC]) Posted on: Feb 13, 2018 3:11 PM

Had a meeting with an Estate Planner today...he was like OMG you need a trust. We said WE KNOW but we can't find a fri*cken' lawyer in NC that understands/recommends/knows how to do one.

He said he has noticed that, that trusts are huge across the US but NOT specifically much of NC.

We have met with several attorneys to discuss them, and they are like, "Trust? Who wants a trust? You don't want a trust..."

This guy luckily knows a guy - in NC - who specializes in trusts. So we'll start there.

But it's been mind-boggling to us the responses we receive when we inquire about trusts from even those attorneys who "specialize" in estate planning!

NCinvestor or others around here, what has been your experience? You are in the big city, though - makes a difference!

NC and Trusts (by WMH [NC]) Posted on: Feb 13, 2018 3:13 PM

BTW, this guy's services are free to us under our insurance company so he wasn't pushing any product, we ASKED about trusts and after describing our circumstances he was OM yes.

NC and Trusts (by NC INVESTOR [NC]) Posted on: Feb 13, 2018 4:18 PM

We're originally from Philly and we continue to use our the estate attorney from Cozen O'Connor. He handled our parents and everyone else in the family so we have him doing ours.

I know you are down at the beach so your options may be limited. The large firms generally are the ones who specialize in trusts. I do think you may prefer to stick with an NC atty. but it's not really necessary since they just look up the different state requirements. Your probably closer to Richmond and they have number of excellent larger firms (since I can't think of any other large cities near the beach). --71.75.xx.xx

NC and Trusts (by Moshe [CA]) Posted on: Feb 13, 2018 4:44 PM

CA State Bar has certification in specialty of Estate Planning, Trust and Probate.

NC and Trusts (by Bill [NC]) Posted on: Feb 13, 2018 4:57 PM

I have a charitable remainder trust that has been in effect for years.

The attorney that set mine up is: John Cella, Ward & Smith, PA, 127 Racine Dr., Wilmington, NC 28403. Tel: 910-794-4800.

I was very satisfied with him.

NC and Trusts (by NC INVESTOR [NC]) Posted on: Feb 13, 2018 6:49 PM

MOSHE: I think that's fairly standard having a specialty cert. --71.75.xx.xx

NC and Trusts (by Moshe [CA]) Posted on: Feb 13, 2018 8:02 PM

So, WMH should try a certified specialist in NC, hoping for good advice.

NC and Trusts (by Robert J [CA]) Posted on: Feb 13, 2018 10:01 PM

A friend needed to do some estate planning for himself (wife and kids) and also for his parents. So I recommended an excellent law firm with a Trust and Probate Department.

My friend and his parents weren't happy with the costs so they went down the cheep road or a General Attorney with some trust experience.

Now that both parents are gone, my friend learned that there was never a Decedent's Trust and Survivors Trust when the first parent died and the estate wasn't split up, not even on paper. They lost the benefit of selecting which asset would have been placed into the Decedent's trust at the stepped up basis and would have NEVER BEEN TAXED AGAIN under the limits of inheritance tax at that time.

Also the parents have over $100,000 out side of the trust so the estate has to be probated here in California.

This means instead of having a Tax Free distribution of the parents estate to their children, the whole ordeal has to go through the courts with a Court Appointed Attorney handling the "probate" and an Accountant doing the numbers and the State getting their Probate Fee/Tax.

The attorney can charge $500,000. The accountant can charge $500,000 and the State will get a probate tax of $500,000. And since the estate was never executed correctly, they may need to pay $1,500,000 in inheritance tax.

So they will loose out on $3,000,000 of their parents hard earned money. If they only used a proper Estate Planing Attorney with Trust and Probate certified specialty, they would have paid around $5,000-$10,000 up front and saved $3,000,000. But no $5,000 was too much..... as they said "it was a no good reason to spend that kind of money" -- you can see where they were all wrong. If the kids each would have pitched in a few bucks then the parents would have had things done right...


NC and Trusts (by MMIT [VA]) Posted on: Feb 14, 2018 6:18 AM

What are the advantages of a trust?

At what point does a trust make sense?

What are the different types of trusts?



NC and Trusts (by David [NC]) Posted on: Feb 14, 2018 8:31 AM

My understanding might be flawed but my very basic understanding is this. There are many flavors of trusts so you may get some advantages in some kinds of trusts and not others. If speaking of an "Illinois" land trust (which is revocable vs irrevocable), the advantage is some anonymity. When you look at the county GIS system for the house in question it says "123 Main st trust" instead of Joe Brown. It provides some liability protection, you don't own the property, the trust owns the property, you may or may not be the beneficiary and you may or many not be the trustee. The beneficiary can be changed very easily without using a lawyer or going through the legal system. The trustee (which might be you) creates a document which changes the beneficiary to someone else (either your kid or whatever), get it notarized and bam - done. If you sell the property you could sell the trust instead of the property (the trust owns the property) and avoid some taxes (consult with your tax advisers).

Look up Mark Warda on google

Land Trusts for Privacy & Profit - 3rd Edition 2009

By Mark Warda, Attorney at Law

This book explains the benefits and uses of land trusts and includes a reference to relevant law in all fifty states. Not all states allow a pure land trust, but most states can use some variety of land trust. The book provides statutes or case law for all 50 states and includes numerous forms.

NC and Trusts (by NC INVESTORS [NC]) Posted on: Feb 14, 2018 11:54 AM

Most people set up trusts for their heirs. You can transfer an asset to the trust which reduces the size of your estate and saves estate taxes. A trust allows you to pass assets to beneficiaries after your death without having to go through probate and the trust can manage the funds for the heirs has some control over how they can access the funds.

There are numerous ways to set establish a trust depending upon your objective.


NC and Trusts (by NC INVESTOR [NC]) Posted on: Feb 14, 2018 11:59 AM

To Robert's point, having an experienced estate attorney is critical.

I would recommend that anyone planning to set up a trust ensure that the attorney is both experienced and certified in that field. It is a specialty area which is why you generally find them in the larger law firms since their clientele usually has other dealings with the firm and prefer to keep everything in one firm.


NC and Trusts (by Pmh [TX]) Posted on: Feb 14, 2018 2:52 PM

many different types of trusts. very complicated. was only exam we could use case text books when I got my law degree. but yes - must see trust lawyer & spend a few $ now.

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