Estate Planning

U.S. Treasury Issues Rev. Proc. 2023-34 & SECURE Act 2.0 Revisions for 2024 & Beyond

U.S. Treasury Issues Rev. Proc. 2023-34 Detailing Changes to Estate, Gift & Generation Skipping Transfer Tax Rates & SECURE Act 2.0 Revisions for 2024 & Beyond

By Web Administrator / November 27, 2023 / Comments Off on U.S. Treasury Issues Rev. Proc. 2023-34 Detailing Changes to Estate, Gift & Generation Skipping Transfer Tax Rates & SECURE Act 2.0 Revisions for 2024 & Beyond

On November 11, 2023, the U.S. Treasury Department issued Rev. Proc. 2023-34 releasing the 2024 inflation-adjusted exemptions for estate, gift, and generation-skipping transfer tax as follows: The estate and gift exemption amount (currently $12.92 million in 2023) will increase to $13.61 million per taxpayer for 2024 ($27.22 million per married couple).  The generation-skipping transfer tax…

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Irrevocable Trusts

Modifying Irrevocable Trusts in North Carolina: What You Need to Know

By Web Administrator / November 16, 2023 / Comments Off on Modifying Irrevocable Trusts in North Carolina: What You Need to Know

Irrevocable trusts, by design, are meant to remain unchanged. However, life’s unpredictability and evolving legal landscapes can sometimes necessitate alterations. More commonly, at the death of a revocable or “living” trust’s creator, their trust immediately becomes irrevocable. In addition, trusts created under a person’s last will and testament (testamentary trusts) are likewise irrevocable, coming into…

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End of Year Estate Planning reminders for Estate Planning Awareness Week 2023

Year-End Gift, Tax, Retirement, & Estate Planning

By Web Administrator / October 18, 2023 / Comments Off on Year-End Gift, Tax, Retirement, & Estate Planning

As another year-end approaches, tasks on your financial “to-do” list should include a reexamination of your current gifting, retirement, and estate planning and act on key year-end planning opportunities. A review of your current estate planning and current financial position can help you ensure that you are taking full advantage of all tax-saving opportunities and…

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Key Planning for Closely Held and Family Businesses: Business Succession Planning

Limited vs. General Power of Appointments: Enhancing Estate Planning Flexibility

By Web Administrator / July 13, 2023 / Comments Off on Limited vs. General Power of Appointments: Enhancing Estate Planning Flexibility

Within wills or trust documents, a power of appointment grants an individual, known as the power holder or donee, the authority to designate another person, the appointee, as the recipient of all or a portion of assets. Powers of appointment can serve as powerful estate planning tools, offering significant tax planning opportunities. While we cannot…

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Estate Planning For Beneficiaries With Mental Illness

What Exactly Is Estate Planning And When Do We Need It?

By James E. Hickmon, JD, MBA, CFP® / January 16, 2023 / Comments Off on What Exactly Is Estate Planning And When Do We Need It?

Estate planning encompasses a wide variety of subject matter, from how your assets may be titled and who is the beneficiary of your insurance to IRAs and 401(k)s, to the creation of business entities, the establishment of buy-sell agreements, the creation of trusts and gifting during your lifetime. The process allows you, rather than a…

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Estate Planning

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

By James E. Hickmon, JD, MBA, CFP® / January 16, 2023 / Comments Off on Is Estate Planning Just For What Happens After I Die Or Can Estate Planning Benefit Me During My Lifetime?

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? Without a plan in place, such as…

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

By James E. Hickmon, JD, MBA, CFP® / November 7, 2022 / Comments Off on 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

By James E. Hickmon, JD, MBA, CFP® / November 7, 2022 / Comments Off on 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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What Exactly Is a Trust, and Do I Need Different Types of Trusts in My Estate Plan?

By James E. Hickmon, JD, MBA, CFP® / November 25, 2021 / Comments Off on What Exactly Is a Trust, and Do I Need Different Types of Trusts in My Estate Plan?

A trust is essentially a contract between two people, one who is the grantor of the trust and the other the trustee or beneficiary. These can be the same individual, the grantor of the trust can also be the trustee. That’s contrary to contract law where generally you cannot enter into a contract with yourself,…

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What if I die with property but no Will?

What Happens If Somebody Dies With Property But No Will?

By James E. Hickmon, JD, MBA, CFP® / November 24, 2021 / Comments Off on What Happens If Somebody Dies With Property But No Will?

It is a common assumption between spouses that at the death of the first spouse to die, the surviving spouse will inherit all the deceased’s property. This is usually not the case. If the individual or the deceased spouse has any children, whether from the first marriage or by the marriage to the surviving spouse,…

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