Frequently Asked Questions About Estate Planning
The assets and property you have earned and accumulated are important. These items play a significant role in your legacy, and they provide you an opportunity to support your family once you are gone. Creating an estate plan is a sound financial maneuver, but individuals often do not know where to start.
At Kennedy Law Associates, we assist Charlotte residents in designing comprehensive estate plans. We also assist in revising estate plans as part of the divorce process or for blending families in second marriages. Here are questions we hear at the outset:
Can estate planning help secure the future of a family business?
If you own and operate a family business, you undoubtedly want it to continue to flourish. Through the use of business succession planning, you can ensure that your family-owned business will be in the right hands for generations to come. For North Carolina business owners, this is an essential component to a complete estate plan.
How can a divorce impact an estate plan?
A divorce can not only alter the complexion of your family, it can greatly affect your estate plan as well. When a divorce is finalized, it is crucial that your plan be reviewed and possibly amended to reflect your new status. You will also want to update your beneficiaries on many of your financial documents.
A lawyer with a financial background — such as our founder, attorney Marsha Kennedy — can help ensure that all of your accounts and documents are correctly updated.
Are financial planning options available for adult children with special needs?
Adults with special needs can face unique financial and health care challenges. If you have a child or other family member living with such a reality, you can use your estate to continue caring for him or her. A special-needs trust allows a beneficiary to hold assets while also maintaining any government-issued benefits he or she receives. These trusts create an efficient and financially savvy way to provide for your loved ones.
Another consideration as your special-needs child nears the age of 18 is a guardianship proceeding. This will allow you to continue to be involved in important treatment and care decisions.
Kennedy Law Associates Can Help You Solidify Your Legacy
Our estate planning lawyers can offer you answers to ensure that your family is protected regardless of what the future holds. To set up a consultation to discuss your unique estate planning goals, please call us today at 704-512-0619. You can also fill out our contact form to reach us via email.