Trusts have become a more common real estate holding tool, as people take a more aggressive approach to their estate planning. Trusts can be great tools for maintaining the privacy of personal finances and avoiding lengthy probate proceedings. Moving real property in and out of trust is typically no more complicated than recording a properly executed deed to or from the trustee of the trust. Selling property held in trust requires a bit more paperwork, but a skilled attorney should be able to easily guide clients through the additional documents required. For many years, the standard practice in transactions involving … Continue reading
Author Archives: Administrator
Be Careful Driving, Especially This Thanksgiving Weekend
Between November 21 and November 25, North Carolina state troopers in North Carolina will be placed every 20 miles along I-40 in an effort to encourage safe travel. The “Thanksgiving I-40 Challenge” is a joint operation with seven other states along the Interstate 40 corridor. While it is always important to exercise safe driving, here are a couple of important reminders, especially during this holiday season. Here are a few reminders as you get behind the wheel: If you do find yourself in a situation where you are pulled over by the police or a state trooper, be polite and … Continue reading
You’ve Been Served! But, What Does That Mean?
We’ve all seen a movie where someone is handed a piece of paper and told, “You’ve been served.” But, what exactly does that mean? In North Carolina, lawsuits are started when a complaint is filed and a summons is issued. Before the lawsuit can be heard by a Judge or Magistrate, the person sued must be properly notified of the pending lawsuit. That’s the simple explanation of “service.” However, the process of serving someone with the paperwork is more complicated than just merely saying that the lawsuit exists. Our rules provide different methods of service, which can also vary depending … Continue reading
Can an affidavit “fix” an error within a document recorded in North Carolina?
Real estate attorneys are occasionally faced with questions from clients and lenders about correcting typographical or other errors appearing in a recorded document. It is often suggested that simply filing an affidavit should be sufficient to correct the document, but such affidavits are not always capable of accomplishing the intended result. North Carolina recently revised its statutes regarding corrective affidavits, and this brief overview is intended to highlight distinctions between the various affidavits currently available. Affidavits for Minor Typographical Errors In the event a recorded instrument contains a “nonmaterial” or other minor error, an affidavit may be recorded to provide … Continue reading
Intestacy in North Carolina or Dying Without a Will
I understand that 75% of North Carolinians die without a Will. This is called dying Intestate. If you die without a Will, then the Intestate laws of the state of North Carolina determine the distribution of your assets. As discussed in a Blog Post, dated February 15, 2013, a common misconception is that if a married person dies without a Will, the assets pass automatically to the surviving spouse. This is not entirely true. Under current law, this is what happens: If The Person Who Dies is Married: Real Property If survived by one child or a descendant of one … Continue reading
North Carolina Small Estate Administration
“Small Estate Administration “may be an option for small estates, both testate (with a Will) or intestate (without a will). For eligible estates this allows the heirs to receive the property to which they are entitled under the Will or the Intestate laws of North Carolina with an abbreviated proceeding known as “Collection by Affidavit.” It is simpler, easier and a less expensive method. In order to qualify for this proceeding, the North Carolina estate must be valued at less than $20,000.00 ($30,000.00 if the sole heir is the surviving spouse). Thirty (30) days must have passed since the date … Continue reading
When is the best time for beneficiaries to Inherit?
Often times when I discuss drafting a Will for a client, we talk about whether the client’s children that are the beneficiaries should inherit outright or in trust. For many clients, if the child is over 21 or 25, the assumption is that the adult child should inherit outright. But is that really the best idea? So many factors should be considered in determining what is right for your estate plan and your beneficiaries. Once a person inherits, the money is his or hers and is subject to his or her creditors, divorce and other personal liabilities. While many want … Continue reading
Important Considerations before Buying a Timeshare
Are you thinking about buying a timeshare? Undoubtedly, having a week or more reserved in a tropical destination for a vacation every year can be appealing. However, there are a few things that you should consider before buying a timeshare – First, owning a week at a timeshare is similar to owning a condominium unit, in that you will owe ongoing (monthly or annual) assessments for maintenance to the timeshare association. These maintenance assessments are in addition to the actual purchase price of the timeshare unit. So, you need to be prepared to pay assessments to the timeshare association the … Continue reading
Are You Ready to Buy a House?
Whenever I walk into our firm’s lobby to introduce myself to real estate clients who are there to close on a house, I tend to always greet them by stating “Are you ready to buy a house?!” I usually get one of three responses: a nervous chuckle followed by an “I guess so,” a very loud and relieved “Heck yeah, let’s do this!,” or a “Well, I guess I’m as ready as I’ll ever be, so let’s get this over with.” As a real estate attorney and someone who has recently purchased a home, I am fully aware that buying … Continue reading
A Different Solution for Business Owners Who Are Owed Money by Someone Who Dies
“A Different Solution for Business Owners Who Are Owed Money by Someone Who Dies” blog from Law Firm Carolinas. Continue reading
Do Judgments Ever Expire?
Suppose you were awarded a money judgment against an opposing party but, not surprisingly, the defendant didn’t immediately write you a check to satisfy the debt. How long is your judgment valid? In North Carolina, a judgment is valid for ten years from the date it was awarded by the Court. The judgment can be renewed for another ten years, giving a judgment creditor additional time to try to collect the money owed. A judgment is renewed by filing a second lawsuit for the remaining amount due on the original judgment. This second lawsuit must be filed within ten years … Continue reading
Airspace Rights and Property Owners
Property owners are increasingly concerned about their rights with respect to aircraft overflying their property. The skies are becoming more and more crowded, particularly with the increased availability of unmanned aerial vehicles (e.g., “drones”). Land owners now wonder where their property rights begin and end, and what can they do about offending aircraft. The rules governing the interplay between land owner rights and aircraft rights are complex and, in some cases, unsettled. Traditionally, it was thought a property was owned from the center of the Earth to the Heavens. With the advent of modern aviation, that view has changed dramatically. … Continue reading
We Buy Unwanted Houses…Or Do They?
The Charlotte area real estate market remains hot and with that comes opportunists looking to make a dollar in real estate. I receive solicitations from investors who claim to want to buy my house weekly (sometimes, three or more per day in my mailbox). Telephone posts across the city are adorned with advertisements proclaiming to “Buy Unwanted Houses” or “Pay Cash for Your House”. No doubt, it is tempting to want to cash in on the appreciating value of homes in the area. However, homeowners should be cautious if they are approached by persons or companies who “pay cash for … Continue reading
2018 New Power of Attorney Act in North Carolina
As of January 1, 2018, North Carolina has adopted a version of the Uniform Power of Attorney Act. This new statute overhauls the way we look at Durable Powers of Attorney. A Power of Attorney is a legal document that authorizes someone else to act as your Agent. “Durable” just means it remains valid even after the Principal becomes incapacitated, until a stated termination date or event occurs, or the Principal dies. Financial Exploitation from Powers of Attorney is a growing problem and this new Act is intended to provide intelligibility for those serving as Agents (we used to call … Continue reading
Be Wary of Talking to Any Insurance Company After an Automobile Collision
Being involved in an automobile collision can be scary and overwhelming. Immediately after the collision, people want you to tell them what happened. You likely will be contacted by the at-fault driver’s insurance company, or even your own insurance company, wanting you to sign paperwork or give a recorded statement. The next thing you know, they are denying your claim and you’re trying to figure out what went wrong. If you are involved in a car accident, the insurance companies are looking for any detail they can find to deny your claim or reduce the amount of money they have … Continue reading
THE COURT OF APPEALS GOT IT WRONG – AGAIN!
The North Carolina Court of Appeals has struggled with its interpretation of the divisible property statute since its enactment in 1995. This statute, codified at G.S. Section 50-20(b)(4), provides for the division of certain assets and debts that were acquired after the date of separation. The first issue they have incorrectly decided on a number of occasions was the implementation of Section 50-20(b)(4)(d) which currently provides that “divisible property” includes “all passive increases and passive decreases in marital debt and financing charges and interest related to marital debt.” The error the Court of Appeals repeatedly made was to distribute assets … Continue reading
Budget Ratification Meetings Basics – What You Need to Know
The Planned Community Act and the Condominium Act require most homeowners associations and condominium associations to hold budget ratifications meetings. What are these meetings? A budget ratification meeting is a meeting of the owners of the association to review the proposed budget that has been adopted by the executive board. The budget ratification meeting has a number of different requirements and provisions that are unlike other meetings of a community association. Notably, a budget ratification meeting does not have a quorum requirement, which is dramatically different from typical annual or special meetings. In addition, the budget ratification meeting has special … Continue reading
Drone Photography and Real Estate Agents
“Drones”, or unmanned aerial systems (“UAS”), have made their into the marketing tool kits for many real estate agents, and for good reason. A UAS can help produce splendid aerial views of properties for sale and give listing agents the ability to market properties in ways that were previously impractical or cost prohibitive. Your marketing literature will stand out from the crowd with the photography UASs can provide. However, obtaining these shots with a UAS can subject you to liability if you do not follow the applicable laws and rules concerns the operation of these systems. First of all, operation … Continue reading
Grandparent Custody… When your child is unable to care for their child.
In North Carolina, biological parents maintain superior rights to custody of their children which is a fundamental right protected by the Fourteenth Amendment to the US Constitution. However, there may be circumstances that exists in which a parent loses those superior rights and a grandparent is able to intervene and request custody of their grandchild. Before a grandparent can be considered as a custodian for their grandchild, the grandparent must be granted standing by the Court to pursue custody. In order to be granted standing to pursue custody, the grandparent must show by clear, cogent and convincing evidence that the … Continue reading
Estate Tax Exemption to Exceed $11 Million per Couple
It’s official. For 2018, the estate and gift tax exemption is $5.6 million per individual, an increase from $5.49 million in 2017. That means an individual can leave $5.6 million to heirs and pay no federal estate or gift tax. A married couple will be able to shield $11.2 million from federal estate and gift taxes. And the annual gift exclusion amount is $15,000 for 2018, the first increase in five years. If you make lifetime gifts over that amount, they count against the estate tax exemption amount, which is actually a combined estate/lifetime gift exclusion amount. It has adjusted … Continue reading