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Getting married is such an exciting time! Between the beautiful wedding, fun reception, and romantic honeymoon, there's a lot to celebrate. But it's also the perfect time to think about your future together and plan for the unexpected.

Why You and Your New Spouse Need to Plan Your Estates

Estate planning might not be the first thing on your mind, but it's essential for everyone—whether you're young or old, married or single. It gives you peace of mind knowing that you and your loved ones are protected against life's surprises. Unfortunately, many couples spend more time planning their honeymoon than thinking about how to protect each other through estate planning.

What Happens Without an Estate Plan?

Without an estate plan, things can get complicated if you become unable to manage your affairs due to illness or injury, or if you pass away. Here are some potential issues:

• Incapacity: If you can't manage your own affairs, your spouse and family won't know who should make decisions for you or how to handle your assets. This can lead to family conflicts and tough decisions about medical care.
• Healthcare Decisions: Without a plan, the court and state law will decide who makes healthcare decisions for you if you're unable to do so.
• Minor Children: If you're the only legal parent and can't take care of your children, a judge will decide who will take your place.
• Financial Access: The court may restrict access to your money and property, even for your spouse, requiring court permission for financial decisions.

If you pass away without an estate plan, your spouse and loved ones will face additional challenges:

• Estate Administration: Your family won't know who should handle your affairs or inherit your assets.
• Guardianship: Without a will, the court will appoint a guardian for your minor children based on state law.
• Asset Exposure: Your assets could be exposed to creditors, divorcing spouses, and lawsuits.
• Pet Care: Your beloved pet could end up in a shelter if no arrangements are made for their care.

What Should You Do?

We invite you and your new spouse to call our office at 336-373-9877 to set up a meeting. We'll guide you through protecting each other, your loved ones, your pets, and your hard-earned assets. Let's make things easier for you and your families.

We look forward to hearing from you!

Valentine's Day spending totaled nearly $26 billion in 2024, including an all-time high of $6.4 billion spent on jewelry.[1] Yet many Americans report feeling disappointed that their partner did not do enough to celebrate Valentine's Day.[2]

More than 40 percent of US adults say they feel stressed about finding the perfect gift for loved ones.[3] About one-third plan to give a gift of experience this year instead of material possessions, marking a consumer shift toward gifts that are seen as more experiential and personalized than material items.[4]

While the gift of a qualified terminable interest property (QTIP) trust may not be the most romantic Valentine's Day gesture, it could prove to be more thoughtful, caring, and valuable than an off-the-shelf purchase.

What Is a QTIP Trust?

A QTIP trust is an irrevocable trust for married couples that offers a tax advantage for the trustmaker (the spouse who creates the trust) and financial security for the surviving spouse while preserving wealth for future generations. Here is how it works:

• The trustmaker's assets are transferred to the QTIP trust upon their death. These assets are then held in trust for the surviving spouse according to the terms of the trust.
• QTIPs qualify for the federal estate tax marital deduction. This means the assets (accounts and property) transferred to the trust are not subject to federal estate taxes at the time of the trustmaker's death, effectively deferring those taxes until the surviving spouse's death.
• The surviving spouse receives income generated by trust assets for the rest of their life, giving them financial security and support.
• The trustmaker names beneficiaries who will receive the trust assets upon the surviving spouse's death. They could be family members, such as children or grandchildren, a charity, an entity, or anyone else the trustmaker chooses.
• A trustee appointed by the trustmaker manages the trust assets and ensures they are used in accordance with the trust's terms, which can be customized to meet the trustmaker's wishes and allows the trustmaker to retain control over the assets "from the grave."

What Makes a QTIP Trust Different?

There are as many different types of trusts as there are flavors in a box of Valentine's Day chocolates. In a way that sets them apart from other trusts, QTIPs offer a unique balance between providing for a surviving spouse and maintaining trustmaker control over the trust's assets.

• Trustmaker control. While a QTIP is required to pay all the income it generates to the spouse beneficiary, the trustmaker can specify whether and under what circumstances the spouse may access the trust's principal.
• Estate tax savings. QTIPs allow the trustmaker's estate to take advantage of the unlimited marital deduction to minimize estate taxes.
• Protection from creditors. Assets held in a QTIP trust are generally protected from the surviving spouse's creditors and from claims in any future remarriage. The level of protection will depend on the level of control the surviving spouse has over the trust's assets. However, after assets have been distributed to the surviving spouse, they may be subject to a creditor's claim.

Customizing a QTIP Trust

One of the strengths of a QTIP trust lies in its flexibility. Some ways to customize a QTIP include the following:

Distributions of Principal

The trustmaker has almost unlimited leeway to dictate when and how the trustee can distribute principal to their spouse. For example, they can limit access to the principal for only health, education, maintenance, or support expenses (i.e., the HEMS standard). They can also give the trustee sole discretionary authority to distribute principal based on the spouse's needs. They can even prohibit spousal access to the principal altogether to preserve assets for remainder beneficiaries.

Spousal Control

Although the trustmaker has the final say on the ultimate distribution of assets when the surviving spouse passes, they can give the surviving spouse some degree of control using strategies such as a testamentary limited power of appointment,which lets the surviving spouse choose how the remaining trust assets are distributed upon their death among a defined group of beneficiaries predetermined by the trustmaker (e.g., children, grandchildren, other family members).

Why Use a QTIP Trust?

A QTIP trust can be an effective estate planning tool if you want to provide for your spouse after your death but ultimately limit the spouse's control over your assets and have your assets pass to different beneficiaries.

This arrangement may prove useful when you have children from a previous marriage, your spouse does not manage money wisely or has creditor issues, or there is some other unique family dynamic. A QTIP trust can also be part of a business succession strategy that ensures your spouse has an income stream from the business without being involved in running it.

This Valentine's Day, instead of the customary candy, cards, flowers, and jewelry, consider showing your love with the gift of a QTIP trust that lasts a lifetime—and, in many cases, even longer. Call our office at 336-373-9877 to schedule an appointment.

[1] Valentine's Day Shopping Statistics, CapitalOne Shopping (Dec. 18, 2024), https://capitaloneshopping.com/research/valentines-day-shopping-statistics/.

[2] Have you ever felt disappointed by a romantic partner not doing enough on Valentine's Day? YouGov (Jan. 18, 2021), https://today.yougov.com/topics/entertainment/survey-results/daily/2021/01/18/0f873/2.

[3] Niranjana Rajalakshmi, Why you're so stressed out about finding the perfect Valentine's Day gift, News, The Univ. of Arizona (Feb. 7, 2024), https://news.arizona.edu/news/why-youre-so-stressed-out-about-finding-perfect-valentines-day-gift.

[4] Consumers Plan to Increase Valentine's Day Spending to Nearly $26 Billion, Nat'l Retail Fed. (Jan. 24, 2024), https://nrf.com/media-center/press-releases/consumers-plan-increase-valentines-day-spending-nearly-26-billion.

A home is often one of the most important assets that people own. Therefore, most people want to stay in their home until they die and then have a loved one receive it. One common way to pass a home to loved ones is through a will. However, transferring property with a will requires probate, which is generally considered a lengthy, costly, and public court process that many actively seek to avoid.

There are several ways an estate plan can transfer property without a will or probate court involvement when the owner passes away. In addition to a lifetime transfer of the property (by sale or gift), certain types of deeds can be used that take effect only upon the property owner's death and do not subject the property to probate. However, using these deeds for probate avoidance can potentially introduce new issues. A trust-based estate plan may be a better option if the goal is simply to avoid probate.

Home Ownership and Inheritance

We are living through one of the largest intergenerational wealth transfers in history. Roughly one in six Americans expect to receive an inheritance in the next 10 years, and among those, nearly half anticipate inheriting property such as a house.[1]

According to Pew Research, in 2021, nearly two-thirds of US households lived in a home they owned as their primary residence.[2] Homeowners have, on average, around $174,000 in equity in their homes—more than double the value of their next most valuable asset, retirement accounts, which have an average value of $76,000.[3]

Real Property, Legal Rights, and Trusts

A key concept in estate planning is honoring people's wishes by helping them control, as much as possible, what they own and what happens to it after their death.

An estate plan enables a homeowner to decide what happens to their property after they pass away, ensuring that it goes to the person (or people) they choose in a manner of their choosing, whether that means keeping it in the family and setting limits on its use or transferring the property to a beneficiary without restrictions.

Options for Transferring Real Property at Your Death

Estate planning is highly flexible, offering multiple ways to satisfy someone's wishes for what happens to their money and property when they die, each with a mix of benefits and downsides.

To avoid probate, there are many ways to transfer real property, both during the owner's lifetime and at their death. Some solutions can cost less than a trust, but as the examples below show, they can also have significant downsides and risks.

Deed-Based Transfers

A deed is a legal document that transfers real estate ownership from the current owner (the grantor) to another individual or entity (the grantee). Several types of deeds can be used to gift real property at the grantor's death. They include the following:

• Life estate deed. A life estate, created through a life estate deed, gives a person the right to live in and use a property for their lifetime. The life estate's owner is called the life tenant, and the person who receives the property after the life tenant's death is called the remainderman. Some people may consider using a life estate deed to retain the ability to live in their own home while they are alive, allowing them to name the remainderman who will receive the property at the life tenant's death. While a life estate avoids probate, the creation of the life estate can be undone only if the remainderman agrees. Because the goals, legal rights, and responsibilities of the life tenant and the remainderman may differ, disagreements may arise between them over, among other things, property use, improvements, or maintenance. In addition, a life tenant cannot liquidate or sell the property without the remainderman's agreement.
• Enhanced life estate deed. Also known as a ladybird deed, an enhanced life estate deed allows the grantor (who becomes the life tenant) to retain the ability to live in their home and the right to use, mortgage, sell, gift, and otherwise convey the property during their lifetime without the signature or blessing of the remainderman. When the life tenant dies, if they still own the property at their death, the remainderman will receive it. This provides flexibility for a property owner wanting to name who will receive the property at their death while retaining control over it throughout their lifetime. However, this type of deed is not available in all states. North Carolina does allow ladybird deeds.
• Beneficiary deed. Also known as a transfer-on-death (TOD) deed, a beneficiary deed automatically transfers the deeded property to a named beneficiary at the time of the property owner's death. The transfer avoids probate, and the deed can be revoked anytime during the owner's lifetime. However, not all states allow beneficiary deeds. North Carolina does not allow transfer-on-death deeds.

Again, not all of these types of deeds are legally valid in all states. An experienced estate planning attorney can explain what tools are available to you and discuss the benefits and potential risks.

Downsides to Using a Deed to Transfer Property at Your Death

There is no creditor protection for your beneficiaries. When a deed transfers property to a beneficiary, that property goes to the beneficiary outright. There are no strings attached and no protections. For instance, if the beneficiary were to receive the property during a bankruptcy proceeding, it might be used to satisfy the creditors because it is now considered the beneficiary's property.

There is no protection if the beneficiary is disabled or unable to manage their affairs. As previously mentioned, when the beneficiary receives the property, it is theirs. However, if they receive the property when they cannot manage their affairs, its management falls to another person. It may be handled by a court-appointed guardian or conservator or an agent under a financial power of attorney, who can do whatever they want with it (as long as it is in the incapacitated beneficiary's best interest). Also, if the beneficiary receives any means-based assistance, the sudden inheritance could jeopardize those benefits by placing the beneficiary above any applicable asset threshold.

There are no protections for you if you cannot manage your affairs. These deeds are a sufficient way to transfer property after you are deceased. However, if you cannot manage your affairs during your lifetime, the named beneficiary or remainderman has no access to or interest in the property to help you manage it until you pass away. You will have to rely on an agent under a financial power of attorney (if you have one) or a court-appointed guardian or conservator to manage the property on your behalf.

Your beneficiary is free to do what they want. As already discussed, if you use a deed to transfer ownership at your death, your beneficiary will receive the property outright. You cannot add any conditions or requirements regarding the property or its use. The beneficiary can sell, mortgage, or use it as a rental property (subject to applicable zoning restrictions). It is their property to do with as they please. Their intended use of the property may not align with your wishes.

Using a Trust to Transfer Real Property

While you may view your home as a place to live and not as an investment or financial vehicle, that perception can change when you pass away and the home passes to a loved one, particularly if that loved one already has a primary residence.

A beneficiary who inherits a home may decide to sell the property; turn it into a rental; renovate the property to use it as a farm or business; sell off individual structures on the property (such as a barn or historic structure); cash in on its natural resources (e.g., allow timber to be harvested); or even tear down the original home and build a new one in its place. When more than one beneficiary inherits the property, disagreements about how to best use it could arise.

You might not care what happens to your home when you are gone. However, if you want to set restrictions on its use for any reason—whether those reasons are sentimental or have the practical intent of reducing conflicts among multiple beneficiaries—you must use the right estate planning tool.

Consider placing your home in a living trust that legally owns the property, with you serving as a trustee and being the current beneficiary during your lifetime. This allows you to stay in your home—and maintain control over it—while you are alive. When you pass away, the home does not go through probate because you do not technically own it. Instead, a successor trustee assumes legal responsibility for the property and manages it or gives it away in accordance with your trust's terms.

The trust terms can be highly detailed, and limitations can be set on how the property can be used. You can stipulate, for example, that the property must be shared as a family vacation home and cannot be used for business purposes. You can require that the house be held in the trust until your minor children reach a certain age so they can remain in the home after your passing. While the trust owns the property, your terms will govern its use. As soon as the property is distributed from the trust, you lose all control over it.

The Best Way to Transfer Property for Every Situation

Estate planning is a highly personal process that must consider many factors, each of which can have multiple solutions that present a unique set of benefits and drawbacks.

Avoiding probate is usually just one estate planning consideration among many, and it may not be desirable in every situation.

Determining the best way to pass down real property at death depends on your preferences and family circumstances. An estate planning attorney can explain each available option and help you decide what is best for your situation.

[1] The "Great Wealth Transfer" is underway but nearly half expecting an inheritance are not ready to manage it, finds New York Life Wealth Watch Survey, New York Life, July 19, 2023, https://www.newyorklife.com/newsroom/2023/new-york-life-wealth-watch-great-wealth-transfer.

[2] Rakesh Kochhar and Mohamad Moslimani, 4. The assets households own and the debts they carry, Pew Research Center, Dec. 4, 2023, https://www.pewresearch.org/2023/12/04/the-assets-households-own-and-the-debts-they-carry.

[3] Id.

Do I Need Long-Term Care Insurance and How Does It Work?

Policy experts and families alike have long noted that the United States lacks a comprehensive public system for long-term care.

Medicare generally does not cover these services, and while Medicaid can help, it is available only to people with very limited assets, often requiring a spend-down that can leave little or nothing for loved ones.

Private long-term care insurance (LTCI) offers a potential solution, but the market is more exclusive than it once was. The policies still available today are typically designed for relatively healthy people who can afford higher premiums.

In recent years, interest in the LTCI market has grown again, thanks in part to hybrid life insurance/LTC products. While LTCI is not right for everyone, both traditional and hybrid policies can play a useful role in protecting assets and supporting long-term care strategies.

What LTCI Is—and Is Not

KFF Health News and the New York Times recently published a series explaining why “few can afford to grow old” and many Americans are “dying broke” due to high long-term care costs and no universal public care system.[1]

Given this reality, a private LTCI policy may seem like a no-brainer. Yet the contraction of the LTCI market over the past few decades shows that this is a limited tool with a small target audience.

Around 70 percent of people aged 65 and older will need long-term care services during their lifetime, but fewer than 5 percent of Americans aged 50 and older own a long-term care policy.[2]

LTCI emerged in the 1970s and 1980s as a mass-market product, similar to life insurance but specifically designed to cover services that standard health insurance and Medicare typically do not pay for. It typically covers the following services:

●  In-home care. Assistance with daily activities while staying at home

●  Assisted living facilities. Supportive housing with care services

●  Memory care. Specialized care for people with Alzheimer’s or other memory-related conditions

●  Skilled nursing or nursing homes. Long-term skilled care in a facility with professional medical support

LTCI generally does not cover the following services:

●  Short-term medical care that Medicare already pays for

●  Care that does not meet policy requirements (Most policies only pay when you have significant cognitive impairment or cannot perform at least two activities of daily living, such as bathing or getting dressed.)

●  Informal care by family or friends unless it meets the policy’s rules for coverage

What Else to Know About LTCI: Pricing, Options, and Fit

Why are more Americans not purchasing long-term care insurance? Let’s start with the benefits. Here is what LTCI can do:

●  Provide dedicated funds for care

●  Preserve assets for heirs

●  Offer flexibility in choosing where and how care is provided

●  Reduce reliance on family caregivers and Medicaid planning, including having to spend down savings

●   Support spousal planning

But LTCI is far from a perfect solution and is not one-size-fits-all. These are some important factors to consider:

●   Hybrid life/LTC products are growing in popularity,[3] combining long-term care coverage with a death benefit. They may be especially appealing to younger buyers or sandwich-generation families.[4]

●   Some policies (especially older or narrowly designed ones) may not pay for all the care you assume is covered,[5] leading to substantial out-of-pocket costs.

●   Modern policies often have stricter health requirements and more conservative pricing.

●    A policy for a 55-year-old single man averages roughly $950 per year and about $1,500 for a single woman. A married couple of the same age purchasing coverage together may pay around $2,080 annually, with higher premiums for inflation protection, according to the American Association for Long-Term Care Insurance.[6]

●   Plan features that affect pricing include age at the time of purchase, medical history and current health, daily or monthly benefit amounts, benefit duration, inflation protection, and waiting periods.[7]

With these factors in mind, LTCI may be worth considering in the following circumstances:

●   You have meaningful assets at risk and want to reduce the possibility of care costs wiping out your savings.

●   You want to preserve a legacy rather than using those assets for self-funded care.

●   You want to protect a spouse’s financial stability if your partner requires care.

●   You want to reduce the risk that care expenses will disrupt investments or other financial goals.

●   You are healthy enough to qualify and can afford to pay premiums over the long term.

LTCI may not be a good fit in the following circumstances:

●   You have limited cash or income flexibility, and premiums would stretch your budget or make other financial goals harder to achieve.

●   You expect to rely primarily on public benefits; if you are planning for Medicaid to cover your care, LTCI may not be necessary.

●   You have already arranged savings or trusts to cover care.

●   You face health issues that may make it difficult or expensive to qualify for coverage.

●   You are unwilling to commit to long-term premium obligations, preferring financial flexibility.

Whether LTCI is right for you comes down to a personalized analysis. The need for long-term care is becoming more common among aging Americans. However, a dedicated care policy is just one tool within LTC planning and the larger planning picture. You should evaluate its fit alongside your legal documents, insurance coverage, and financial goals so that long-term care—if it becomes necessary—does not dictate the choices available to you and your family.

[1] Dying Broke: A KFF Health News–New York Times Project, KFF Health News (Nov. 14–Dec. 15, 2023), https://kffhealthnews.org/dying-broke.
[2] Janet Weiner, Reforming Long-Term Care Policy: Lessons from the Past, Imperatives for the Future, Penn LDI (Dec. 4, 2025), https://ldi.upenn.edu/our-work/research-updates/reforming-long-term-care-policy.
[3] Is Life Insurance the Answer to the Growing Long-Term Care Need in the U.S.?, LIMRA (Aug. 28, 2025), https://www.limra.com/en/newsroom/industry-trends/2025/is-life-insurance-the-answer-to-the-growing-long-term-care-need-in-the-u.s.
[4] The Sandwich Generation: Balancing Care for Parents & Children, Caregiver Action Network, https://www.caregiveraction.org/sandwich-generation (last visited Mar. 31, 2026).
[5] Reed Abelson & Jordan Rau, Dying Broke: A KFF Health News–New York Times Project: Facing Financial Ruin as Costs Soar for Elder Care, KFF Health News (Nov. 14, 2023), https://kffhealthnews.org/news/article/dying-broke-facing-financial-ruin-as-costs-soar-for-elder-care.
[6] 2025 Long-Term Care Insurance Facts - Prices - Data - Statistics - 2025 Report, Am. Ass’n for Long-Term Care Ins., https://www.aaltci.org/long-term-care-insurance/learning-center/ltcfacts-2025.php (last visited Mar. 31, 2026).
[7] What Features of Long-Term Care Policies Should I Focus On?, Ins. Info. Inst., https://www.iii.org/article/what-features-long-term-care-policies-should-i-focus (last visited Mar. 31, 2026).