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When you pass along estate gifts to heirs and beneficiaries, it is easy for the value of those assets to be lost to estate taxes. Simply giving anyone a lump sum of money or handing over the title to property can come back and haunt that person later on because of financial responsibilities he or she will have as a result.
A trust is a valuable tool for preserving assets and managing assets for others who may be underage or vulnerable to the mismanagement of finances. When you set up a trust, a trustee is responsible for managing and distributing financial assets. Heirs and beneficiaries then have access to those funds for certain purposes, such as only for education. Furthermore, placing assets in a trust protects the beneficiary’s right to receive government benefits (i.e., Social Security or disability benefits).
At The Maitland & English Law Firm, PLLC we handle the full scope of trust preparation and trust administration issues for clients throughout Chapel Hill and the surrounding areas of North Carolina, including those related to:
• Irrevocable trusts • Educational trusts
• Revocable trusts • Responsibilities As A Trustee
• Special needs trusts
Trustees take on a great deal of responsibility when they handle the financial affairs for trust beneficiaries. They are legally bound to act in the best interests of all beneficiaries and to ensure that the trust is administered properly. The trustee could be held liable for damages the beneficiaries suffered when an error is made or when certain expectations are not met, even if those errors were made accidentally without ill will.
As a trustee, your best chance for personal protection and a well-administered trust is reliable representation from an experienced trust attorney.
Elder Law
As we age, there are two main areas of concern for many of us: our assets and our health. One is simply not as enjoyable without the other. Our experienced elder law attorneys will work with you to protect both for as long as possible.
Maitland & English Law Firm, PLLC offers estate planning, probate and other elder law services to those throughout the Triangle. As our client, we can provide you with the following legal services:
• Asset Protection
• Minimizing Taxation Consequences from Gift Tax, Inheritance Tax and
Capital Gains Tax
• Prepare Health Care Directives
• Powers of Attorney and Durable Powers of Attorney
• Wills and Living Wills
• Trusts and Living Trusts
• Guardianships
• Probate and Estate Administration
• Long-Term Care Concerns for North Carolina Residents
For many families, it is a good strategy to transfer assets to the adult children or other beneficiaries three years prior to the need for assisted living or nursing home care. A trust is a good way to transfer wealth by minimizing or eliminating federal and state of North Carolina taxes, while still maintaining your control and enjoyment of the funds you have worked so hard to create.
There are other types of services that an experienced elder law attorney can provide. At Maitland & English Law Firm, PLLC we can help:
• Ensure that you qualify for Medicare
• Set up the finances and the terms for assisted living
• Assist you with long-term health care options
• Prepare health care directives
• Designate an individual with powers of attorney or durable powers of attorney
• Act as guardians or trustees

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