By Senior Associate Heather McKaig

Roses are red, Violets are blue, relationships change, your planning should too! Valentine’s Day is a great time to make sure that your estate plan matches your relationship status. Changes in relationships mean changes in priorities.  As estate planning attorneys, we focus on your priorities when it comes to designing a plan for your assets, your decisions, and your loved ones. If every relationship status was a candy heart, this is what we would advise:

“FEELIN’ MYSELF”    Flying solo?  If you die without a will or trust, your assets are distributed to relatives according to a hierarchy set by the laws of NC.  With a will or trust, you direct who inherits your assets after you die. If you are incapacitated and unable to make your own decisions about your finances or your healthcare, the courts will appoint a guardian to control your financial and healthcare decisions. That guardian might not be the person you would have chosen yourself to make decisions for you. We can prepare power of attorney documents in which you designate the people you want making those decisions for you.

“LUV U BOO”     Partnered up but not married? NC does not have common law marriage, so if you are not married and you want your partner to inherit from you, we can help you do that through a will or trust. Do you want your partner to make financial or legal decisions for you? Do you want them to be there in the hospital with you to make your healthcare decisions in the event you can’t?  To make sure you can always be there for each other, you need to be named in power of attorney documents.

“I WOOF U”    Disappointed in humans and only speaking to your dog?  We can help with pet trusts to make sure that after you are gone, your furry family member is cared for in the manner to which they are accustomed!

“4EVER”    In sickness and in health? Just because you’re married does not mean that your spouse is able to make decisions for you if you can’t.  Your spouse is presumed to be your agent in healthcare situations in NC, but not for financial, legal, or in personal business decisions.  And, under NC law, your spouse does not automatically inherit all your assets when you die. You and your spouse should review and revamp your estate plans and powers of attorney together with one of our estate planning attorneys.

“FREE”     I-N-D-E-P-E-N-D-E-N-T?  Time to redo your documents and plot your own course. Be sure your ex is not named as a beneficiary or a power of attorney for you.  New estate plan documents make sure you have only the people you want acting for you and as your beneficiaries.

“MISS U”    Til death do us part?   If you lose a loved one, we can help with the administration of their estate or trust, and, when you’re ready, we can help you set up a new estate plan for yourself.  And we can help you with new power of attorney documents, if necessary, to name someone to make decisions for you if you can’t.

Whatever your relationship status this Valentines Day, Jesson & Rains can help you take care of yourself and those you love!

​By Associate Attorney Heather McKaig

Failure to plan is planning to fail: make a resolution to prioritize estate planning in 2025. Estate planning allows you to take control of uncertainty and have peace of mind over difficult and unpredictable situations. Dying without a will in North Carolina means your assets are distributed according to state law and not according to your wishes. Even with a will, the probate process can be confusing, tedious and problematic, particularly with the North Carolina Clerks’ Offices transitioning to “e-Courts” filing and document system.  However, many of the “worst-case” scenarios can be avoided with proper planning. Make 2025 the year you plan for emergency scenarios and protect your business and personal assets for the benefit of your loved ones through estate planning.  

Estate planning allows you to plan for what happens when you pass away, including naming a trusted person to handle your final affairs, naming guardians for minor children, and making sure assets are distributed according to your wishes. In addition to planning for death, our office drafts durable and health care powers of attorneys, where you can name agents to make both financial and medical decisions for you if you are incapacitated and cannot communicate. 

Don’t put off until tomorrow what you can do today: get an estate plan in place before it is ever needed. If you do become incapacitated or ill, it may be more difficult or impossible to get documents in place, as you must have testamentary capacity to create valid estate planning documents. 

Some of our clients delay estate planning because they do not have any friends or family members they trust to serve in important fiduciary roles. In some circumstances, members of the firm may serve in these roles for the client if the client feels comfortable.  It is better for you to take control and name someone yourself than to have the government appoint someone in an emergency or when you pass away.

Your life is what you make it: make 2025 the year you take control. Please call Jesson & Rains if you have questions about getting your estate plan in order or updating an existing estate plan.  While You Build, We Protect.

By Senior Associate Jeneva Vazquez

We’re thrilled to announce that our firm will be presenting and hosting a table at the National Association of Insurance and Financial Advisors (NAIFA) South Carolina's 2024 State Conference, taking place in Greenville, SC, at the end of the month.

During this seminar, we’ll explore key insights for effective collaboration with insurance and financial professional service providers. Our discussion will focus on identifying legal planning opportunities for advisors and dispelling common legal misconceptions. Here’s a sneak peek at some of the topics we’ll cover in our presentation:

Trusts: Not Just for the Wealthy
​
One of the biggest myths we encounter is that trusts are only for extremely wealthy individuals. There’s no specific wealth threshold that necessitates a trust. In fact, a revocable living trust is a practical tool for families of all sizes. Trusts allow for quicker access to assets upon death or incapacity, enhance privacy, and can protect assets for children or other beneficiaries. Moreover, trusts can help eliminate the need for court involvement upon your death or if you become incapacitated, saving time, money, and stress.

Trusts are particularly beneficial for clients with:

• Minor Children: Ensuring responsible management of assets until children reach adulthood.
• Blended Families: Navigating complex family dynamics to protect all beneficiaries and reduce family conflict.
• Property Owners: Simplifying asset transfers, especially with property across state lines.
• Business Owners: Planning for business succession and asset protection.

The Limitations of Beneficiary Designations

While beneficiary designations are an important mechanism for transferring assets, they aren’t a one-size-fits-all solution. Special considerations should be made for:

• Minor and Young Beneficiaries: Designating minor beneficiaries can subject the assets to outside oversight or unnecessary probate exposure. Additionally, designating young adults, such as an 18-year-old, could lead to outright access, bypassing protections in a will or trust.
• Beneficiaries with Lifestyle Concerns: Beneficiaries with substance abuse issues, those prone to quick loss of assets, individuals in high-liability professions, or those in divorce-prone marriages have no protection over assets passed outright via beneficiary designation.
• Special Needs Beneficiaries: Careful planning is required to ensure compliance with government benefits.
• Complicated Distribution Plans: Relying solely on beneficiary designations severely limits planning opportunities and contingency plans.

It’s critical that all assets are individually considered as part of the estate planning strategy. When beneficiary designations and your estate plan are set up with competing outcomes, it can completely negate your estate planning efforts. Planning solely through beneficiary designations severely limits opportunities to protect and manage assets for your beneficiaries.

The Importance of Collaborative Strategies

We believe in the power of collaboration with financial and insurance advisors to create cohesive and effective estate planning strategies. By integrating insights from various professionals, we help clients develop robust estate plans tailored to their unique situations.

Our firm stands apart by offering full-service solutions, including individual asset analysis and transfer recommendations through our Family Wealth Inventory process, comprehensive trust funding services, and support in communicating with other trusted insurance and financial advisors. We want our clients to have estate plans that truly serve their loved ones when they need them most. A comprehensive approach to modifying assets for intended transfer is essential to achieving this goal, which happens more efficiently through collaboration with other professional advisors.

If you’d like to learn more about our collaborative and comprehensive approach to estate planning, or how we can work alongside your other trusted advisors, schedule an introductory call to get started!

By Senior Associate Jeneva Vazquez

For parents, ensuring the protection of minor children in the event of unforeseen circumstances is often a key motivation for considering estate planning. After years of putting off the task of naming guardians in a will, we frequently receive urgent calls from parents preparing to leave their kids with a caretaker for a weekend getaway, riddled with fear about “what would happen to the kids” if something happens to them.

While naming long-term guardians in a will is crucial, it is often insufficient to fully safeguard your children if something happens to you. To eliminate any gaps in your child’s care plan, we offer comprehensive services that go beyond naming guardians in a will. Our goal is to reduce the possibility that your children will ever be taken into state custody (even for a short time) and to ensure your children are raised by the people you select according to your wishes.

Our protection plan for minors covers every detail:

Temporary Standby Guardian Appointment: Legally appoint trusted individuals who can quickly respond to your children, ensuring they are never placed in state custody if something happens to you. This is especially critical if your long-term guardians are not within 20 minutes of your child.

Instructions to Caregivers: We provide an emergency response plan for babysitters, your child’s school, or any caretaker, detailing exactly what to do in case of an emergency. This directs your children to be placed with legally appointed Temporary Standby Guardians, reducing the risk that your children will ever wind up in state custody.

Emergency ID Cards:  ID cards for your wallet inform first responders that you have minor children and provide contact information to ensure your children are always in the care of those you have selected.

Exclusion of Guardian: Clearly specify individuals whom you would never want to raise your children under any circumstance.

Power of Attorney and Medical Power of Attorney: Appoint someone you trust to make important decisions or provide medical authorizations for your children if you are unavailable.

Instructions to Guardians: Share crucial life-shaping guidance with you your children’s guardians, including values, family traditions, education plans, discipline, spiritual upbringing, and other important wishes on how you want your children raised.

Recorded Legacy Interview: Preserve your intangible assets in a recorded interview that can be shared with your children and loved ones— your stories, values, and insights.

Throughout your life, you spend significant time planning for your children—selecting schools or sitters, after-school activities, saving for education, birthday parties, holidays, vacations—you plan, plan, plan.

So why does some of the most important planning for your children get pushed to the bottom of your “to-do” list? Shouldn’t planning for what will happen for your children if something unexpected occurs be a top priority?

​Relying on luck isn’t the best strategy for your children's protection.

If you are a parent of minor children, your estate plan must start with ensuring that your children will always be cared for by the people you choose, in the way you want, no matter what happens. It’s essential to explore the logistics of “what would happen” to your kids if something happens to you and make sure there are no gaps in your plan and that decisions are legally documented.

We’ve designed an estate planning process that is highly flexible for busy parents. Call us to learn how we can help you implement a protection plan for your minor children—no more last-minute panicking before a trip or a night out without the kids.