Is Estate Planning Just For What Happens After I Die Or Can Estate Planning Benefit Me During My Lifetime?

Estate Planning

In my experience, it is often much more important to plan in anticipation of incapacity during your lifetime. For example, what would happen if one spouse becomes incapacitated, needing to go into a nursing home and the other spouse needs to sell the primary residence during that time? In North Carolina, if a person becomes…

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IRS Issues Inflation Adjustments for Transfer Taxes Related to Estates and Trusts

In Rev. Proc 2022-38, the IRS provided inflation adjustments for various IRS Code provisions for taxable year 2023, including many relevant to trusts, estates, and gifts. The 2023 inflation adjustments include: The basic estate and gift tax exclusion amount (and the generation skipping transfer tax amount) will increase to $12,920,000 from the 2002 exemption of…

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Year-End Gifting

Towards the end of the year, some families consider making financial gifts to others as part of their year-end tax planning. As part of your estate plan, you may consider sharing your financial success with your children, grandchildren, or other loved ones before your death. First, let’s review gifts that aren’t taxable. Gifts that are…

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Planning for Beneficiaries with Disabilities

Estate planning is important for all families to ensure that an individual’s wishes are honored after they pass away. When the guardian of a person with disabilities or primary caretaker is making arrangements for their own planning, it’s ideal and necessary to answer several questions regarding the person under their care. Who will take care…

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How Do I Plan for Possible Incapacity During My Lifetime? What Estate Planning Documents Are Necessary?


There are several estate planning documents that we prepare for our clients to anticipate some form of incapacity, including: Healthcare powers of attorney Durable powers of attorney, and Trusts. Healthcare powers of attorney are distinguishable from durable financial powers of attorney, in that they are limited to only the scope of making healthcare decisions for…

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Common Disputes and How to Resolve Them

In my experience, there are only two or three things that truly create a hostile relationship and contention within a family during an estate administration process. What can lead to litigation in many instances is when one beneficiary feels they are entitled to more, or something different, than the other beneficiaries, even though the estate…

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