Trusts
In estate planning, managing the inheritance of Individual Retirement Accounts (IRAs) involves critical decisions that can significantly impact the tax implications and distribution strategies for beneficiaries. This article examines the differences between IRA conduit trusts and accumulation trusts, focusing on their structure, tax treatment, benefits, and considerations. By analyzing these two types of trusts, estate…
Read More
The North Carolina case Wilson v. Wilson, 690 S.E.2d 710 (N.C. Ct. App. 2010),** provides significant insights into a trust beneficiary’s right to receive trust accountings and the obligations of trustees under North Carolina law. This case illustrates how the courts interpret and enforce the statutory and fiduciary duties of trustees, particularly concerning the duty…
Read More
Introduction to Trustee Duties Under North Carolina’s Uniform Trust Code The fiduciary duties of a trustee are fundamental components of trust law, designed to ensure the trustee acts in the best interests of the beneficiaries. Among these duties is the obligation to report and inform, which requires trustees to keep beneficiaries reasonably informed about the…
Read More
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…
Read More
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…
Read More
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,…
Read More