Estate Planning

Estate planning isn’t just for the Rockefellers; it’s for those with small, medium and large assets. No matter what size your estate is, it’s worth preserving to pass onto heirs and to avoid the probate process. If you should become incapacitated or pass on, it’s important to have your house in order with wills, trusts or other legal documents to best protect your assets. Keep in mind that the laws of estate planning may continue to change throughout your life, so it’s important to regularly review estate planning documents in place as your personal circumstances may change. Zach Jackson is one of the North Carolina estate planning attorneys who can help you draft up legal estate planning documents. He’s a seasoned estate planning attorney who takes the time to review your unique situation and assists you with choosing the appropriate will, trust and health care directives. Attorney Zach Jackson can also assist with trust administration, estate administration and fiduciary services.

Zach Jackson Law Firm: Types of Trusts

There are many types of trusts, including life insurance trusts, irrevocable trusts, revocable trusts and special needs trusts. Also known as a living trust, a revocable trust is one that can be changed or modified through restatement and amendment. Although a revocable trust gives you more control, there is a downside. All of the assets in this trust will be subject to state, federal and inheritance taxes. It also offers no creditor protection if you are sued. The benefit of a revocable trust is that it avoid probate. At the time of your death, all of the assets pass directly to the beneficiaries named in the trust.

An irrevocable trust is one that cannot be changed after it’s signed. However, it offers estate tax protection and asset protection. Often, people use an irrevocable trust for charitable estate planning through a charitable lead trust or charitable remainder trust. When assets are transferred into these types of trusts, the trust maker receives a charitable income tax deduction.

Special needs trusts are designed for beneficiaries who are either mentally or physically disabled. This trust allows for the beneficiary to enjoy the use of property in the trust and at the same time remain eligible for essential needs-based government benefits, such as disability.

Those who own a life insurance policy may use a life insurance trust to reduce the amount of taxable estate. To do this, an irrevocable trust is created with someone else named as the trustee. The policy is then transferred into the trust.

Attorney Zach Jackson: Trust Administration and Estate Administration

Estate and trust administration entails ensuring that all estate taxes and necessary income are filed, provides comprehensive accounting to trust beneficiaries and collecting assets. Attorney Zach Jackson is very knowledgeable about the state’s complex probate and estate laws to help avoid issues that typically arise during trust and estate administration. He prepares and files petitions in Surrogate’s Court, submits trustee and executor mandatory reports, resolves creditors’ claims and distributes assets to named beneficiaries. In addition he prepares and file all fiduciary income tax returns, personal income tax returns and federal and state estate tax returns.

If you need assistance with estate planning, turn to the Zach Jackson Law Firm. Let his experience work for you.

Ratings and Reviews

The National Advocates
The National Advocates