Child ID Theft In Raleigh, North Carolina

If your child, age 17 and under, receives a credit card application, you may have an identity theft problem.  Many identity thieves prefer stealing children’s identities because they know it is likely to go unrecognized until they are 18 years old.  That’s 18 years of abuse to a child’s name.  Many children turn 18 only to find they have bad credit and creditors seeking payment for things of which  the family are not even aware.

So, if your child gets an application, don’t just throw it away.  First, shred the application as it often contains personally identifiable information.  Then you should check to see if your child already has a credit file by contacting all 3 credit bureaus.  If there are items on the credit file that you do not recognize, dispute them immediately.  Also, remember to check other data bases such as utilities and the IRS.  Good luck.

The Major Differences Between A Will And A Trust

          The biggest difference between a will and a trust is a will names beneficiaries while distributing assets and a trust actually holds assets while distributing them. In other words with a will, you own your assets until you die and then they are distributed by someone you have named. However; with a trust, it owns all the assets that have been transferred to the trust immediately while you are living and you have named someone you have entrusted to manage it. You can name yourself as trustee or have a revocable trust and maintain some or all control over the assets and there are different reasons to do these, but we’ll save that for your estate planner. Also, please understand that while it can be very costly and time consuming probate is a court process, not a tax.

Will
-an executor manages the instructions of your will
-beneficiaries receive your assets
-depending upon the value and type of assets, a will may not avoid estate taxes; check with an estate planner in your state
-names a guardian for dependents
-can use a trust to manage distributions
-distributes assets upon your death
-can be contested

Trust
-a trustee manages the assets owned by the trust
-beneficiaries receive the assets or money from the assets as designed by the trustor
-usually no court oversight
-usually avoids probate depending on type of trust and other factors; always check with an estate -planner in your state
-can be used to protect the weak, irresponsible, pets and special needs persons
-a trust is confidential
-can have a no contest clause as a deterrent to lawsuits
-usually have a longer period to contest
-can double federal estate tax exemptions depending upon type of trust

Before I get lots of hate mail, I am not an attorney and this is not meant to be complete, but just to name the differences I found most compelling and informative. You should always check with an estate planner in your state of residency.

     The bottom line is to do something. If you don’t leave a will and/or trust, you do leave a very expensive, time consuming, and emotionally troubling ordeal for your relatives. Remember if you don’t take the time to make decisions now, the courts will do it all for you when you’re gone. Even deciding who raises your kids, or who gets your house and money will be left to the courts to decide and they don’t do it for free. If you have any questions or would like to know of a great way to get a will or trust done using an attorney, contact me at 919-302-8849. 

8 Ways You Are At Risk

     Here are some of the most common ways criminals steal your personally identifiable information.

Lost or stolen wallets and purses
Pilfered mail
Data breaches
Computer viruses
Phishing
Scams
Dumpster diving
Card reading devices

For a compilation of phone numbers and governmental agencies providing free service to the public if you are a victim of many types of identity theft, plus instructions visit www.businessandemployeebenefitsraleighnc.com. 

Fraudulent Tax Returns Totaling Almost $1.5 Billion; File Early.

     Almost $1.5 billion is the amount criminals committing identity theft sought in fraudulent tax returns in 2011 according to Michelle Singletary of The Washington Post. Tax identity theft is on the rise and criminals try to file early using stolen Social Security numbers or other personal identifiable information. So you may want to file early. Don’t forget, the IRS will never initiate contact with you via email to ask for any personal or financial information. If you think you may have been a victim of this type of identity theft, contact the IRS at 800-908-4490.

5 Tips For Handling A Traffic Stop

           Being pulled over by police can be a very scary experience. Often we make simple mistakes that may cause a stop to escalate in severity. Here are a few tips for handling a traffic stop. However; as always, consult with an attorney in your state for specific traffic laws.

1. Pull off the road to a safe spot, turn on your interior light at night, keep your hands on the steering wheel, be polite and cooperative with the officer and address he or she as “sir”or “ma’am”.
2. Comply with the officer’s requests for your name, driver’s license, registration and insurance information.
3. Absolutely, do not exit the vehicle unless you are directed to do so by the officer.
4. Do not consent to a search of your vehicle. If the officer searches your vehicle anyway, stay calm, tell the officer you object to the search and do not physically resist.
5. Call your attorney for consultation on the matter.

If you have LegalShield, you can even call your provider law firm at the beginning of the stop and get advice immediately. For more information on LegalShield and how we can help with this and other legal issues call David Newton at 919-302-8849 or visit www.legalshield.com/hub/newtonde.