3 Things to Include in a North Carolina Prenuptial Agreement

prenuptial agreementsCreating a North Carolina prenuptial (premarital) agreement for engaged couples empowers both partners with the ability to decide what happens to their respective property in the event of divorce, a spouse’s death or incapacitation.

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Gifting and the Portability of Applicable Exclusion

applicable exclusionFor newly widowed spouses, there’s a new way to maximize gifting and limit tax. This involves the concept of portability. Portability combines an individual’s applicable exclusion and the unused exclusion of the individual’s last deceased spouse.

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NC Estate Changes for Surviving Spouses Effective October 2013

north carolina prenuptial agreementsIn June 2013, North Carolina Governor Pat McCrory signed Senate Bill 279, a bill amending matters concerning estates, trusts, powers of attorney, and guardianship. The changes are to be effective October 1, 2013. Part of the changes include the terms under which surviving spouses are entitled to an estate’s “elective share” in North Carolina.

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Estate Planning Steps Before 40

north carolina estate planningAccording to the North Carolina Office of State and Budget Management, as of 2012 there are over 3.5 million people in North Carolina between the ages of 18-44. In 20 years, approximately half will be close to retirement age. 
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Should an Estate Plan be Revised Before or After a Divorce?

north carolina estate planningWe’ve written about the importance of updating your beneficiaries, but when you’re going through a divorce, should you update your estate plan while navigating separation or after the divorce is finalized? If you do not have an estate plan, an excellent time to create one is when your marital status changes.

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Postnuptial Agreements On The Rise

My last post was about an article about 529 Plans in the February 24-25 2007 issue of The Wall Street Journal.  That issue also contained an article on postnuptial agreements.  Unlike prenuptial agreements, which are fairly common and addressed in the case law, postnuptial agreements, also called antenuptial agreements, are used relatively infrequently.

Like prenups, postnups can be used to determine the distribution of property upon death or divorce, payment or waiver of spousal support after a separation or divorce, or sharing of expenses during the marriage.  Full disclosure of assets and income by both spouses is generally required, and the agreements must be in writing and signed by both parties.  Each spouse should have his or her own attorney.

Postnups can be used to update a prenup, memorialize an agreement on property distribution at death in a second marriage, or protect women who plan to take time off from their careers to stay home with their children.