ESTATE PLANNING

Definition: Estate planning is the organization of a family's affairs to provide for an orderly distribution of assets with particular emphasis on minimization of potential estate and gift tax liability.

Independent Adviser: An important reason for retaining me as your estate planner is my independence. There is no substitute for a lawyer's objective judgment when making important decisions with respect to the distribution of your property. I am not associated with any insurance company, trust department, securities broker, or financial planner. I do not sell financial products and I do not work on a sales commission.

Lawyer's Work: At our first appointment I will ask you about your family, your financial situation, and your goals. I usually can prepare draft documents within ten days of your first visit. In many cases my clients are able to sign final documents at our second meeting. If your affairs are complex additional visits may be necessary. At our final meeting you will sign your will/trust and durable power of attorney. If you are interested in "living wills" and health care powers of attorney then I can prepare those documents also.

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ESTATE ADMINISTRATION

Definition: Estate administration is the process of distributing a decedent's assets in compliance with North Carolina law and the requirements of the Internal Revenue Code.

Lawyer's Work: When I am retained to assist with the administration of an estate I usually assume responsibility for all legal documentation, accounting, and tax compliance. This work includes preparation of the application for letters and all pleadings and accountings filed with the court; publication of the legal notice; obtaining Federal identification numbers; evalution and payment of claims; review of appraisals; coordinating preparation and filing of the decedent's final income tax returns and estate and trust income tax returns; preparation of estate and gift tax returns (if required); re-titling property; and preparation of receipts.

Duration: Administration of an estate usually takes not less than twelve months. This period of time allows for filing the decedent's final income tax return in April following the year of death. When an estate tax return is required the administration may take eighteen months or longer. This is because estate tax returns require substantial time to prepare, and the IRS frequently does not issue the necessary closing letter until six months after the return has been filed.

Fees: My fees vary depending on the complexity of the decedent's affairs; the identity of the beneficiaries (minors, trusts, children from prior marriages, etc.); the type of assets involved; the size of the estate; and numerous other factors. I usually can estimate my fees at the conclusion of my first meeting with the surviving family members.

GENERAL PRACTICE

Although I am primarily an estate planner, many of my clients think of me as their family lawyer. These clients ask me to handle legal work related to their businesses; their real estate; their personal injuries; their domestic problems; and their financial problems. Because I worked as a general practitioner during the first ten years of my career I have the necessary experience and knowledge to take some of these cases. If a case requires a specialist then I refer it to another firm.