What to Do After a Car Accident in North Carolina

Truck accidents often involve complex investigations because multiple parties may share responsibility. Determining liability requires examining driver behavior, trucking company practices, and vehicle maintenance records. The Stiles Law Firm helps injured individuals understand how liability works in North Carolina truck accident cases. The Truck Driver’s Responsibility Truck drivers must follow strict safety regulations including driving hours, vehicle inspections, and road safety rules. When drivers ignore these requirements, they may be held responsible for resulting accidents. Trucking Company Liability Trucking companies may also share responsibility if they failed to properly train drivers, pressured drivers to exceed safe hours, or neglected vehicle maintenance. Third Parties That May Be Involved Other parties such as cargo loaders, maintenance providers, or vehicle manufacturers may contribute to a crash if equipment failure or improper loading plays a role. If you were injured in a truck accident, The Stiles Law Firm can review your situation and explain your options for pursuing compensation.

Many people ask how much compensation they might receive after an accident. The value of a personal injury case depends on several factors including medical costs, lost income, and the long-term impact of the injury. The Stiles Law Firm helps injured individuals understand what influences the value of their claims in North Carolina. Medical Expenses and Treatment Costs Medical bills are often a major factor in personal injury claims. This includes emergency care, hospital stays, medication, physical therapy, and future medical treatment related to the injury. Lost Wages and Reduced Earning Ability Serious injuries may prevent someone from returning to work temporarily or permanently. Compensation may include lost wages and the impact the injury has on long-term earning potential. Pain, Suffering, and Life Impact Injury claims also consider how the accident affects daily life. Chronic pain, emotional stress, and reduced quality of life may all influence the total compensation available. To better understand the potential value of your case, speak with The Stiles Law Firm about your accident and the impact it has had on your life.

I recently had a client reach out and ask what if any tax breaks they would qualify for if they purchased a home. Given the state of the real estate market, I know many prospective homebuyers are looking right now for any kind of financial cushion. With that in mind, I thought I would share with you the good news I gave this client: There are a number of tax benefits that come with homeownership. Take a look at a few key ones below. You can deduct the interest you pay on your mortgage if the amount is over $600–up to a certain limit. You may be able to deduct the amount paid for mortgage insurance . You can reduce how much you owe in federal taxes by deducting your state and local real estate taxes by up to $10,000 in 2022. When you sell your home, you can exclude part or all of the profit from capital gains tax as long as you lived there for at least two of the past five years. People with lower incomes might be eligible for mortgage interest tax credits if issued a qualified Mortgage Credit Certificate from the state or local government. Improvements to your home can also come with tax benefits. You may be able to get a credit for installing certain types of renewable energy improvements like solar water heaters and heat pumps. And if you need to make modifications to your home for medical reasons , like installing a wheelchair ramp, you may be eligible to deduct those costs as well. With that said, if you are considering buying a home or doing a considerable remodel, it’s always a good idea to take note of the tax benefits you might qualify for. If that’s in the cards for you, do not hesitate to reach out if you’d like me to take a look at your unique situation–I’d be happy to see how you might be helped by tax breaks.

When you start a business, you have thousands of decisions to make. One of the most important is how you will classify your business legally. And while you’ve probably heard the terms floating around -- sole proprietorship, partnership, LLC, and corporation -- it’s crucial to understand the differences so you can choose the structure that works best for you. It will impact how much you pay in taxes, the liability you face, and your ability to raise money. Here are a few thoughts I often share with my clients as they make decisions about their new business venture: Sole Proprietorship A sole proprietorship is the most common form of business organization. These businesses’ owners report business income and expenses on their personal tax returns and pay tax on any profit. ADVANTAGE: It's easy to form and gives the owner complete control of the business. DISADVANTAGE: The owner is personally liable for all financial obligations. Partnerships A partnership involves two or more people who agree to share in the profits or losses of a business. ADVANTAGE: Partners do not bear the tax burden of profits or the benefit of losses -- they are simply reported on partners’ individual income tax returns. DISADVANTAGE: Each partner is personally liable for the financial obligations of the business. Corporations A corporation is a legal entity created to conduct business. The corporation becomes separate from those who founded it. The corporation can be taxed, held legally liable for its actions, and make a profit. ADVANTAGE: Corporate status allows owners to avoid personal liability. DISADVANTAGE: The cost to form the corporation and the extensive record-keeping keeps many new business owners from pursuing this option. Setting up an S Corp or C Corp can sidestep some of the liability by allowing income or losses to be reported on individual tax returns (similar to a partnership). Limited Liability Corporation (LLC) An LLC is a hybrid form of partnership that’s growing in popularity. ADVANTAGE: Profits and losses can be passed to owners without taxation of the business itself, while owners are shielded from personal liability. DISADVANTAGE: Compared to a sole proprietorship or partnership, an LLC is a little more expensive to operate. Additionally, owners must keep personal business separate from the business of the company. Now that you know a little bit about the different structures, here are a few questions to ask yourself when choosing one: To what extent do you need to be protected from legal liability? Consider whether your business lends itself to potential liability and, if so, if you can personally afford that risk. Based on your personal tax situation and business goals, where are your opportunities to minimize taxation? Keep in mind there are more tax options available to corporations than to proprietorships or partnerships. What funds do you have for setting up (and running) your chosen business structure? The tax advantages of a corporation may be nice, but they may not be enough to offset the costs of conducting business that way. Note that no two business situations are the same--I’m happy to help guide you based on your personal circumstances. Feel free to give me a call or shoot me an email if I can be of any assistance.

I wanted to reach out to address something that routinely comes up in financial and estate planning discussions—how to plan for an anticipated inheritance. It can be tough to discuss, but I encourage all my clients to have a plan in place for when (and if) an inheritance comes their way. Here’s some high-level guidance:  If your anticipated inheritance is years away, plan and save for the future as if it didn’t exist. Then, if circumstances change (and believe me, they often do!), you and your family will still be financially secure. If an inheritance is imminent: Identify your current and future financial goals, then use the inherited funds to help you meet those goals. Refrain from spending your inheritance before you have it. Keep from making large purchases before you know precisely what you’ll be receiving. Build a team of professionals to help you reach and stick to your post-inheritance goals. This might include a financial planner, an estate planning attorney, and a tax professional. If you would like to review your financial plans or if you’re in the midst of receiving an inheritance, reach out to schedule a free consultation. I’m here to help however I can.

If retirement is a part of your plans in the next several years, congratulations—what an exciting time in life! With that in mind, I want to briefly touch base about one aspect of retirement that is often overlooked: Medicare planning. There is no question that Medicare is complex, but you can make the wisest decisions for your future with the right help and guidance. I’m here to help. To get started, here are a few FAQs about Medicare planning: Isn’t Medicare “automatic” when I turn 65? Why do I need to plan for it? Medicare and how it works with Medicaid is sometimes confusing to understand. If you are nearing retirement age, it’s smart to have a professional guiding you through the process of obtaining the benefits you deserve. What are my Medicare options? The traditional Medicare plan consists of three parts (A, B, and D), each providing different types of coverage. Medicare Advantage and Medigap provide additional coverage levels that allow recipients to receive care from private service providers. When should I begin thinking about Medicare? Medicare planning is best done well in advance of the need for care, particularly if you have assets valued at over $50,000. In fact, there are some simple steps you should take six months before you turn 65 to ensure a smooth transition. Call the Social Security office to confirm your eligibility for Medicare and ensure you have sufficient work history to qualify for premium-free Part A. Consider your potential out-of-pocket expenses on each type of coverage. Compare the out-of-pocket maximums on Medicare Advantage plans in your area. Converse with your doctors to see if they accept Medicare and participate in any Medicare Advantage plans. Will Medicare pay for my assisted-living expenses? While Medicare will pay for 100% of the cost of care up to twenty days at a skilled nursing facility and approximately 80% of the cost up to eighty more days following an inpatient hospital stay, Medicare will not cover the cost of assisted living. There is lots more to cover, but it depends on your unique situation. No question or concern is too small. Give me a call—I don’t want you to miss out on the benefits that you need and deserve.

There’s no question that navigating a divorce can be extremely difficult; there are a handful of important considerations to keep in mind as the dust settles–one of them being your estate plan. I thought I’d reach out and share some insights on a few of the steps to take regarding estate planning after divorce papers have been finalized. Feel free to share this information with anyone you know who may benefit. 1. Update Will and Trust Many married couples have a will or trust that benefits their spouse–and even though the marriage is over, those provisions are usually still in effect until you say otherwise. You’ll need to revoke your existing will or trust and update it to remove your ex-spouse and assign a new heir (or heirs). If you have children under 18, you’ll also need to assign a guardian in the event that you pass away. Typically the surviving parent will get custody of the kids even if you’re divorced, but if they too pass away or are deemed unfit for any reason, you’ll want to have another guardian named. The guardian may also control any money you leave to the kids until they become legal adults, which is something to keep in mind. 2. Redesignate Beneficiaries Many people name their spouses as beneficiaries on life insurance policies, bank accounts, and retirement funds. These types of assets are distributed directly to the beneficiary when you pass away, rather than going through probate court. You’ll need to update your beneficiary forms to remove your spouse and designate a new person to receive those assets. This is typically as simple as requesting a new form from the institution. 3. Reassign Powers of Attorney It’s common for married couples to give one another medical and financial powers of attorney in the event that one spouse is unable to make health-related or financial decisions for themselves. After getting divorced, you may not want that responsibility to remain with your ex. We can easily revoke the powers of attorney and choose someone more suitable, like a sibling or child, to replace them. If you have any questions about this information or would like advice about your estate plan, give me a call and we’ll schedule some time to talk more in-depth. I’m here when you need me.

Estate planning can feel overwhelming for those who have never put together a plan or who haven’t reviewed theirs every three to five years as recommended. The good news is that with the help of a specialized lawyer, this process can go much more smoothly and efficiently than many anticipate. In that vein, I thought I would share a general checklist that I send to my clients who are preparing to create or update an estate plan. Beneficiary Designations: Make sure you name a beneficiary for all non-probate assets, including 401(k)s, IRAs, life insurance policies, pensions, and bank accounts. For those who already have an estate plan, it’s important to ensure that the person currently named is still the person you want to be the beneficiary. Financial Power of Attorney: Choose someone you trust who can make financial decisions for you in the event you are unable to do so. Advanced Healthcare Directive: Ensure your medical preferences are followed using a living will. In addition, you’ll want to name a trustworthy friend or family member (often a spouse, parent, or child) as your medical power of attorney. This person will make medical decisions for you in the event you are unable to do so. Name a Digital Executor: I n this day and age, it’s wise to name a digital executor. This person can follow instructions you leave regarding all of your digital assets, such as bank accounts, social media, digital files, photos, and online storage. Proof of Identity: Make sure all of these documents, including your marriage license/divorce certificates, Social Security card, and prenuptial agreements, are in one place and easy to locate. Property Deeds and Titles: Confirm that all deeds and titles are up to date and in an easy-to-locate place–and if you’ve established a trust, make sure to retitle your property to list the trust as the owner Funeral Instructions: Make a list of your preferences regarding your funeral and place it with your will and other important documents. List your preferences, such as whether or not you wish to be cremated, a passage you want someone to read, or a list of preferred charities for donations. Insurance Information: Gather all of your policies and make sure your executor knows where they are and what to do with the information. While this is not an exhaustive checklist, it’s a good jumping-off point to work from in consultation with an estate planning professional. That said, if you have any questions about estate planning or would like to set up an appointment to create or update your plan, please give me a call. I’m here to help.

Chris and Lori are buying their first home. Their realtor talked with them about buying title insurance, but Chris and Lori are on the fence about the purchase. It’s a one-time expense that will prevent Chris and Lori from losing their new home if a problem with the title arises. What is Title Insurance? Title insurance protects the insured from past occurrences. Common types of title insurance claims include: Errors in the public records Undiscovered liens Omitted heirs Fraud When you purchase title insurance, an extensive search of the property’s title is performed. This search minimizes potential liability for the owners by discovering foreseeable title issues. Once the property owner takes possession of the title, title insurance defends against litigation that challenges the validity and legality of the new owners. Here’s a local example that happened in the Memphis area. An elderly woman passed away leaving her assets, including a home, to her daughters. The two daughters sold their mother’s house and split the proceeds. The new homeowners walked away happy with their purchase. Until two years later when a third sister laid claim to the property. In this instance, title insurance would have covered what was owed to the third sister thus protecting the new homeowners. Types of Title Insurance There are two types of title insurance. Mortgagors purchase title insurance to secure security interest in the estate. Property owners purchase title insurance to protect their investment. Title Expense The average title insurance policy costs property owners a one-time payment of $544 while mortgagors pay around $835 for their coverage. Title insurance may seem like an unnecessary expense to some but the protection and peace of mind it offers is invaluable. A one-time cost at closing allows new property owners to enjoy their investment without worry. Your closing attorney plays a vital role in ensuring that you, the new property owner, are fully protected with your investment. The Stiles Law Firm is diligent in protecting our clients and giving them the best experience possible during the purchase of their new home or property. Book your free consultation to learn more.