When calculating child support, a judge is likely to use a formula focusing on the following four factors: (1) the gross monthly incomes of each parent; (2) the number of overnights the children spend with each parent; (3) work-related childcare expenses; and (4) health insurance premiums paid by either parent. The purpose of child support is to provide for the needs of the children. While extracurricular activities are often valuable to children, they are not always considered necessary. Typically, however, a child support order may include a provision that the parents equally divide the expense of any mutually agreed-upon extracurricular activity expenses.
Even though North Carolina law has a formula for calculating child support, it does not prohibit parents from negotiating an agreement. That is, parents may determine who pays for extracurricular activities on their own. If the payor pays more than his or her required child support, those extra funds could be earmarked for children’s pursuits outside of the classroom.
Addressing payment for extracurricular activities early in divorce negotiations may help ensure that children do not have to sit on the sidelines during activities in which their friends are participating. Parents who are unsure about these types of issues may do well to seek independent legal advice from a North Carolina attorney experienced in family law. After all, this kind of socialization is typically in the best interest of children.
]]>With adequate guidance and support, one can ensure that there aren’t any errors in a comprehensive estate plan. Even small errors could lead to big issues when it comes time to settle the estate or to act on certain initiatives contained within, like a power of attorney. An estate plan should also be updated as life changes and at least dusted off and looked at every three years or so to ensure it’s current. An estate owner needs to be totally transparent when it comes to issues like health care and regarding situations where he or she can no longer make decisions. Not doing so can create undue hardship for family members who might have to make important decisions on behalf of a loved one.
Here are some common errors that should be avoided during estate planning:
Any of these mistakes when establishing a comprehensive estate plan can be easily avoided. When a testator in North Carolina understands how he or she might be able to protect future interests when creating an estate plan, it can ultimately prove to be less stressful on family members. An experienced lawyer can carefully guide someone through this process to make sure all necessary items are properly covered.
]]>A secondary beneficiary is someone named in estate planning documents as an alternate — primarily in a will if the main beneficiary is deceased or doesn’t accept the distribution of assets. There are reasons to add a secondary beneficiary to an estate plan, such as:
Professionals suggest people revise their estate planning documents every three to five years. As North Carolina residents get older, they should take into consideration that their main beneficiaries are also aging. With this in mind, it may be wise to name secondary beneficiaries for larger assets like real property and insurance policies. Some individuals might also consider including contingent appointments for their power of attorney or healthcare power of attorney.
]]>Generational views about marriage have changed over the years. Many of the societal stigmas that once surrounded divorce have all but disappeared in recent decades. Spouses today seem to be more concerned with their own happiness and fulfillment. Since life expectancies have increased, many spouses are simply refusing to stay in unhappy or unfulfilling marriages.
After children are grown, many older spouses come to believe that their marriage was held together by their children. For many years, spouses shared a common goal of raising the kids. However, once spouses become empty-nesters, they discover that they have become different people, and finding common ground often becomes a challenge. The foundation and structure of their marriage is no longer what it once was, so they decide to end it.
Many complicated issues can arise when divorce happens later in life. Those in North Carolina who have questions or find themselvesgoing through a divorcemay want to consult with a knowledgeable and qualified family law attorney who can protect one’s personal rights and provide much-needed guidance.
]]>When it comes to awarding child support , the court typically grants that right to the custodial parent or the parent who will have the children most of the time, even in shared custody arrangements. In most cases, child support is determined with reference to the following factors: (1) the number of overnights the children spend in the care of each parent; (2) the gross monthly income of each party; (3) the payment of work-related childcare expenses by either party and (4) any health insurance premiums paid by a parent on behalf of the children.
The following is a list of common expenses for which child support payments are intended to be used:
An award of child support will typically specify the sharing of uninsured medical expenses of the children and may also include provisions for dividing other specific expenses related to the children in the appropriate case.
If you and the other parent are on good terms, you may have the ability to negotiate child support terms. However, where negotiation is not an option, a judge will ultimately decide the award of child support.
]]>Those considering accepting the role of executor should make sure to learn as much as possible about what the role really entails. The following questions might be instrumental is making a person really think before saying yes to this important position:
Typically, being asked to be an executor or estate administrator means the testator thinks a great deal of the person and believes he or she can handle the job. However, it could also be the case that the testator really doesn’t have an idea of what the job of the executor entails. Not everyone is always right for the role of executor no matter how willing they may be to take it on.
When getting estate documents in order, a testator in North Carolina should have some idea of what it’s going to take for an executor to fulfill the wishes outlined in the estate plan. At the same time, a candidate for executor should have some idea of what the potential role would entail and do some self-evaluation before accepting the position. Acquiring legal advice may help a person to decide whether it would be in his or her best interests to accept this honorable and serious job.
]]>There are ways to transferring assets to avoid them being subject to probate. One way is converting them to payable-upon-death or transfer accounts. In this scenario, a beneficiary becomes the owner of the accounts upon the death of the testator. When it comes to real estate, joint ownership is a tool used to bypass probate. When one owner dies, the property passes directly to the other owner; however, the title must be in both owners names with right of survivorship.
Another way to transfer assets outside of probate is a Revocable Living Trust. With the creation of a revocable living trust, the grantor specifies how to divide the property upon his or her death. One can cancel or modify this type of trust at any time. It’s important that all valuable assets be included in that trust in order for them to pass to the beneficiary upon the death of the grantor outside of the estate.
An additional avenue to avoid probate is gifting assets prior to death. Gifting assets means they no longer belong to the testator and don’t have to go through probate. The annual tax exclusion for a gift is currently $15,000.
Some North Carolina residents might find the probate process to be confusing and complex. However, an experienced attorney in estate planning law may be able to help point out certain details regarding probate that previously were not considered. Obtaining legal advice either before or during the estate planning process and during the probate process can lead to the best possible outcome for one’s unique situation.
]]>If there has been a high level of dissention between a couple for some time, they might opt for parallel parenting rather than co-parenting since parallel parenting will give children access to both parents without exposing them to moments of extreme conflict. Parallel parenting allows parents to operate independently of each other concerning daily care of the children in that when children are with one parent, it is that parent who makes all the decisions regarding the children (aside from major issues like health care and education). In essence, each parent acts independently of the other with little to no communication between them about routine decisions regarding the children.
The end goal of any child custody arrangement is that the children’s best interests are protected. While most routine decisions will be made by the parent exercising custody of the children, when it comes to making major decisions, parents may make them together or they (or the court) may decide that each should be responsible for certain types of decisions.
Whether it’s parallel parenting or some other child custody arrangement, parents must provide stability and security for their kids. Children need every chance to grow up to be happy, healthy, productive adults. A North Carolina attorney experienced in family law may be able to evaluate a family’s unique circumstances to help achieve the best possible outcome regarding custody of the children.
]]>In particular, when it comes to buying or leasing commercial space, the terms of any agreement are essential. In some cases, buyers may feel overly attached to a property and willing to do anything to buy or lease. However, it may be more important to know when to walk away.
If it has taken you a considerable amount of time to find the property that best suits your needs, the idea of letting it get away may seem unfathomable. That being said, coming across as too eager or feeling the urge to accept any of the seller’s terms for the sale or lease is typically not the best course of action. You could end up getting yourself and your business into a difficult spot by agreeing to terms without consulting an attorney first.
Keep in mind that negotiations are common in commercial real estate transactions. If possible, negotiate terms that are beneficial to everyone involved.
While mutual respect, understanding and a win/win approach could prove helpful during negotiations, remember that you and your business have needs and interests to protect. Even if you want to negotiate in a way that is beneficial to everyone involved, it does not mean that you should put yourself or your business in a difficult position for the sake of the seller or landlord.
If you have questions or concerns about effectively negotiating a commercial lease or purchase, remember that you do not have to go through this process alone.
]]>If people approach estate planning like they’re doing it for the well-being of their family members and their own peace of mind it’s not bad. Estate planning gives individuals a say regarding what happens with those who are still living after their death, and that can comforting. Thinking about loved ones and who should get what can actually be rather satisfying.
The time for estate planning is right now. Too many North Carolina residents wait until it’s too late, leaving their loved ones with the burden of sorting out their affairs and making difficult decisions. No one should be put in that position. Here are some questions to think about that may indicate it’s time to start an estate plan:
These are only some of the many questions that need to be considered regarding why estate planning is crucial. It’s not something North Carolina residents should think about with an attitude like “I’ll get around to it one day.” That one day just might be too late.
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