North Carolina Legal Blog (Steadman & Parrotte, LLP)

New Legislation in North Carolina Regarding Immunity for Reporting/Assisting with a Drug Overdose.

steadmanparrotte — Wed, 17 Apr 2013 16:39:47 +0000

www.steadmanparrotte.com

Below is the link for the new legislation granting immunity in certain situations to those assisting others who have overdosed and to those seeking medical assistance following an overdose.

http://www.ncleg.net/EnactedLegislation/SessionLaws/PDF/2013-2014/SL2013-23.pdf

Planning for both the Unthinkable and the Inevitable (Updated 2/25/2013)

steadmanparrotte — Mon, 25 Feb 2013 18:32:35 +0000

Steadman & Parrotte, LLP

www.steadmanparrotte.com

Southport, North Carolina

(910) 457-0854

Planning for both the Unthinkable and the Inevitable

Anyone that has dealt with the loss of a loved one knows that following the grieving process often remains the difficult task of winding up the decedent’s affairs and completing the probate process. While this arduous procedure is of a different nature than the grieving process, it can cause great costs, time expenditures, and frustrations for those left behind. This article aims to serve as an evolving checklist that every individual and family, regardless of age or family status, should implement. The list is composed of input from attorneys and those with firsthand experience. While it is difficult to think about and plan for the worst, the truth is that everyone must face that reality by preparing for such contingencies today.

The Basic Steps:

One can greatly streamline the probate process and better protect any surviving loved ones by taking a few moments and compiling a list of the basics such as finances, insurance policies, deeds, bank accounts, and estate planning mechanisms in place such as wills and trusts. The list should not only include some basic information, but should also state where documents exist or identify the custodian. What follows, is a basic starting point to help you form your list. However, as an important aside, it is vital that you inform those of your choosing that the list exists and its location. Otherwise, compiling all of this information is a futile exercise.

You should place the list in a secure location that is guaranteed to be found amongst other valuable items such as a jewelry box or safe. Or, you can share its location with trusted individuals should something unexpected ever occur. Ultimately, that decision is up to you and should be made after some reflection. It is our hope that this will assist you in considering these issues and will aid in the formation of a plan that works best for you.

Bank Accounts:

Be sure to record the name, branch, and type of account for each existing account. Without this information, it is impossible to ensure that each account is dealt with in a timely manner. While most accounts in the United States send monthly statements, many bank customers have switched over to online statements that will fail to alert those surviving you of existing accounts. Online statements have become very popular and convenient, but often a loved one’s family becomes aware of certain accounts only through mailed monthly or quarterly statements. A written record is an easy solution. Also, not all banks send monthly statements and even with those that do considerable time may elapse before one arrives.

Credit Cards:

By listing all credit cards you can ensure that all cards are timely closed and help prevent possible identity theft and unwarranted charges.

Safe Deposit Boxes:

Either in your list or by telling loved ones, state whether a safe deposit box exists, where it is located, what general type of items it contains, and where the key is located. Without knowing whether a box even exists, one trying to wind up your affairs will be at a great loss with where to begin when gathering the necessary items. Additionally, he or she will be unsure whether missing items are indeed missing or otherwise contained in a safe deposit box. By disclosing the key’s location either orally or in writing, one will have an easier time gaining access to the box at the appropriate time and will save the estate some money by avoiding the bank levying a fee for drilling out the box pursuant to a court order.

Real Estate:

List all real property, where the deeds are located, any encumbrances, and which county each parcel of property is located. By documenting information such as the proper county, you will greatly assist anyone that may be unaware of your holdings or is simply unfamiliar with the area.

Loans/Debts:

A summary of outstanding loans and debts is certainly helpful along with a secured or unsecured designation. This should be updated as necessary.

Vehicles:

List all vehicles in your possession and indicate whether they are owned, financed, or leased. The location of any titles should be included.

Insurance:

Be sure to list what type of policies you have, which agencies cover each policy, and any other pertinent information that may exist. Life insurance policies should definitely be disclosed.

Retirement/Savings Accounts:

Again, list any information that may be required or helpful and would otherwise be unknown were you not present.

Estate Planning:

If a will exists, it is imperative that you indicate this and where it is located. If previous wills existed, be sure to indicate where the current will is located. Be sure to follow your attorney’s advice regarding the destruction of prior wills. Once again, life insurance policies should be listed as well. Any other estate planning tool or instrument should additionally be included. You may wish to include any existing healthcare powers of attorney, general powers of attorney, or other legal documents should one become incapacitated for any period.

Under no circumstances should someone use a list or any of the suggestions contained in this article as an alternative to a will. Every state has vastly different laws requiring specific procedures regarding the validity of wills. In almost every circumstance, simply listing wishes and desires is not legally binding and will fail to protect you from a state’s default intestacy statutes. Be sure to approach a licensed estate planning attorney in your present state before making any estate planning decisions.

Professional Services:

Include the names and contact information for any professional services such as your CPA, insurance agent, or attorney.

Burial and Funeral Plans:

If you have made funeral plans, purchased a burial plot, or have specific wishes this list is an ideal place to document these plans. While it is more common for older individuals to plan for these events, people often possess preferences regarding these matters. It may be uncomfortable to freely discuss such unpleasant topics face-to-face so people often make plans without sharing any details. This compilation is a perfect way to share your preferences with loved ones.

Business Interests:

List any businesses that you have an interest in and provide information on where to find any relevant items such as partnership agreements, corporate bylaws, and original stock certificates for such businesses.

Minor Children:

Most importantly, share your wishes and preferences for the care of your minor children should the unthinkable happen. While these wishes should be contained in other legal documents, a list of your preferences will be vital for the period of time before those documents can be properly found and executed.

Pets:

If you have plans for who can care for your pets, then share their contact information. While personal property can wait for a considerable amount of time before it is safely transferred, pets need to be taken care of immediately and someone will need to know who to contact.

Conclusion:

The above exercise can go a long way to trigger your mind as to what you need to do in order to adequately protect your loved ones should tragedy strike. While thorough preparation will not lessen the heartache or grief, it can immensely lessen the burden that often follows with the probate process.

steadmanparrotte — Mon, 18 Feb 2013 19:24:36 +0000

www.steadmanparrotte.com

The attorneys at Steadman & Parrotte, LLP were proud to attend the annual fundraiser breakfast for the Cape Fear Council of the Boy Scouts of America last week in Southport, . . . → Read More:

Southport Magazine Article

steadmanparrotte — Tue, 29 Jan 2013 21:49:00 +0000

Steadman & Parrotte, LLP

Southport, NC

www.steadmanparrotte.com

Be sure to check out Southport Magazine’s latest edition and Steadman & Parrotte, LLP’s article entitled, “Legal Checklist for Newlyweds.”

http://www.southportmag.com/legal-checklist-for-newlyweds/

Judge Pauline Hankins Sworn in as District 13′s Newest District Court Judge

steadmanparrotte — Wed, 02 Jan 2013 16:57:57 +0000

www.steadmanparrotte.com

Steadman & Parrotte, LLP would like to offer its congratulations to Pauline Hankins on today’s swearing-in as Brunswick, Bladen, and Columbus Counties’ newest District . . . → Read More: Judge Pauline Hankins Sworn in as District 13′s Newest District Court Judge

North Carolina Supreme Court Update

steadmanparrotte — Mon, 10 Dec 2012 20:33:33 +0000

Steadman & Parrotte, LLP

Southport, NC

www.steadmanparrotte.com

Many of you may have read in your local North Carolina newspapers about the retirement of Justice Patricia Timmons-Goodson from the North Carolina Supreme Court and the resulting political skirmishes. In North Carolina, the Supreme Court consists of only six justices and one chief justice unlike the United States Supreme Court which historically seats eight justices and one chief justice. North Carolina also differs from the federal system and other states in that it holds elections for judges. Thus, the voters decide who gains and holds seats at both the trial and appellate level. As an extra wrinkle, judicial elections in North Carolina are non-partisan which means a party affiliation does not appear next to a candidate who is running for judicial office. However, one can ask most any astute North Carolina political and judicial follower and receive an answer as to the leanings of each appellate judge. The reason that much statewide attention exists as to who will replace Justice Timmons-Goodson lies in the fact that the current balance of the court swings Republican by a 4-3 margin and Justice Timmons-Goodson is a consistent Democratic judge on the State’s highest court. Thus, one side is trying to increase its margin while the other side is attempting to stay within a single vote of regaining a majority. Therefore, expect to see much future coverage and criticism regarding which ever decision the outgoing North Carolina Governor makes as to her selection of who should replace the retiring Justice. That Governor’s appointee would then serve the balance of Justice Timmons-Goodson’s elected term before facing voters for reelection at the term’s expiration.

12/13/12 update:

Governor Perdue elevated Cheri Beasley from the State’s Court of Appeals and nominated her to replace Justice Timmons-Goodson on the North Carolina Supreme Court. Beasley will now sit on the court for the balance of that seat’s eight year term which expires in 2014 when she will face reelection.

2012 Communities in Schools Gala Sponsor

steadmanparrotte — Wed, 17 Oct 2012 18:14:08 +0000

Steadman & Parrotte, LLP

Southport, NC

www.steadmanparrotte.com

Steadman & Parrotte, LLP is a proud sponsor of the 2012 Brunswick County Communities in Schools Benefit Gala to be held on October 18, 2012 at the Cape Fear Regional Jetport in Oak Island, NC.

http://www.cisbrunswick.org/gala.html

“Paying Off” your North Carolina Speeding Ticket

steadmanparrotte — Wed, 29 Aug 2012 14:02:30 +0000

Steadman & Parrotte, LLP

www.steadmanparrotte.com

Brunswick County, North Carolina

People often ask whether they should simply “pay off” their North Carolina speeding or traffic tickets. Often, the law enforcement officer advises the motorist of that option and for several traffic tickets a motorist can avoid a trip to court by “paying off” the ticket prior to the court date. However, what many drivers do not understand is that by simply paying the ticket they are going to face increased insurance rates for the next three years. In addition, a motorist will receive driving points which may eventually lead to suspension or revocation. For most potential motorists however, he or she is most concerned about insurance rates for obvious reasons.

An attorney that can competently handle traffic tickets and provide reliable advice to ticketed motorists can greatly assist you in these situations and save you money. While traffic tickets often seem straight forward and seem to require relatively little thought, there are often a variety of options and possible outcomes that should be tailored to each individual’s specific situation. In fact, every North Carolina County and prosecutorial district handles speeding tickets differently and policies and statutes are constantly changing. Plus, in most cases the attorney can handle the entire matter without the need for the motorist to ever appear in court.

A single assessed insurance point will result in an insurance surcharge of 25% for a three year period in North Carolina. Once the three year period expires your rates will return to normal if you did not have any other assessed insurance points in the interim. With that being said, there are often ways to avoid insurance points or at least reduce the number of assessed points that can save a motorist significant money in the long haul.

Below are the current insurance surcharge rates for North Carolina drivers:*

1 point–>25%

2 points–>45%

3 points–>65%

4 points–>90%

5 points–>120%

6 points–>150%

7 points–>180%

8 points–>220%

9 points–>260%

10 points–>300%

11 points–>350%

12 points–>400%

*experience period is three years in North Carolina for insurance points purposes

Give us a call or send us an email for a free consultation regarding your Brunswick, Columbus, Bladen, Pender, or New Hanover County traffic questions.

910-457-0854

info@steadmanparrotte.com

www.steadmanparrotte.com

Q: When is a simple Will not enough? Who are the proper candidates for a simple Will and what benefit does it serve?

steadmanparrotte — Fri, 17 Aug 2012 17:36:22 +0000

Steadman & Parrotte, LLP

Southport, NC

www.steadmanparrotte.com

Q: When is a simple Will not enough? Who are the proper candidates for a simple Will and what benefit does it serve?

Whether or not a simple Will is enough is a common question that clients have. Although there is no clear-cut answer, an experienced estate planning attorney can assist you in making this determination by having a conversation about your assets and the goals that you intend to carry out through your Will. Tax planning is a very important aspect of estate planning. It is important to take into account not only the current exemption, but considerations of what future estate tax exemptions may be when you create your estate plan with your attorney.

For people with more modest assets, tax planning may not be necessary but a simple Will is a very important vehicle to ensure many wishes are carried out. The Will allows you, and not the government, to determine what will happen to your assets when you pass. You may also direct other very important decisions, including naming a guardian for a minor child and choosing who you wish to serve as Executor of your estate. Simply because a person has modest assets should not preclude them from ensuring that they have an estate plan in place.

The best way to determine the extent of estate planning that needs to be done and whether tax planning is necessary for your particular situation is to consult with an attorney. Steadman & Parrotte, LLP offers free estate planning consultations and an important first step toward ensuring you have the correct plan in place. Give us a call at (910) 457-0854 to set up an appointment today.

Q & A: I just moved to NC from another state. When do I need another Will and related documents?

steadmanparrotte — Fri, 03 Aug 2012 19:46:49 +0000

Steadman & Parrotte, LLP

108 S. Davis St

Southport, North Carolina

Serving all of Brunswick County and the Surrounding area

www.steadmanparrotte.com

910-457-0854

Question: I just moved to NC from another state. When do I need another Will and related documents?

Answer:

Every state has its own requirements regarding the proper format and execution of documents such as Wills, Powers of Attorney, Health Care Powers of Attorney, and Advance Directives. It is a good idea to consult with an attorney experienced in drafting these documents to ensure that any documents drafted in another state meet the standards required in North Carolina.

Additionally, it is important to understand that your estate planning documents may have important tax implications on both the federal and state level. Many states have their own estate taxes and some states have inheritance taxes. These taxes can vary widely from state to state. The Federal Estate Tax is also very important to consider when deciding whether an update for your estate planning documents is needed. The current Federal Estate tax exemption is at $5,120,000, but it is set to drop back to $1 million in 2013. If Congress does not act, this change could have a substantial impact on a future estate. In addition, a simple Will may no longer serve as a sufficient document for tax planning purposes for many people.

It is very important to speak to an attorney that understands the tax implications of your estate planning documents in order to ensure that you have the proper planning in place. The attorneys at Steadman & Parrotte, LLP are able to answer your questions and help with any estate planning questions or issues you may have. Please give us a call at 910-457-0854 or email us at info@steadmanparrotte.com.