Using Qualified Personal Residence Trusts (QPRTs) in Estate Planning: Benefits, Risks, and Tax Implications
April 30, 2025
A Qualified Personal Residence Trust (“QPRT”) is a powerful estate planning tool that allows individuals to transfer a personal residence or vacation home to beneficiaries at a reduced gift tax cost while retaining the right to live in the residence for a specified term.
Continue ReadingWhat Is Post-Mortem Planning, and How Can It Save Your Heirs Time and Money?
April 28, 2025
Estate planning isn’t just about managing your affairs during your lifetime - it’s also about creating a smooth transition for what comes next. Post-mortem planning addresses key financial and legal decisions that need to be made after death.
Continue ReadingTHE USE OF TESTAMENTARY CHARITABLE LEAD ANNUITY TRUSTS (TCLATS) IN ESTATE PLANNING
April 16, 2025
With the Trump tax cuts set to expire on December 31, 2025, many wealthy individuals and families are searching for additional tools to help them pass large amounts of wealth to lower generations to avoid the imposition of the federal estate tax.
Continue ReadingPre-Death Planning: How to Prepare Your Estate to Minimize Future Conflicts
April 8, 2025
Preparing for life after you're gone may not be a task many look forward to, but it’s one of the most impactful ways to safeguard the future of your loved ones. Without a clear plan in place, unresolved questions about your assets can create stress, potential legal issues, and financial strain for your family.
Continue ReadingAdjusting Inside Basis on the Death of a Limited Partner
April 7, 2025
When a limited partner in a partnership dies, tax and estate planning considerations become crucial for both the deceased partner’s estate and the remaining partners. One of the key tax implications is the adjustment of the inside basis—the partnership’s basis in its assets. This article explores how the inside basis may be adjusted upon the death of a limited partner, the implications for the deceased partner’s estate and the partnership, and planning strategies to optimize tax outcomes.
Continue ReadingHow to Incorporate Digital Assets into Your Estate Plan
Feb. 20, 2025
Digital assets are an integral part of modern life. From cryptocurrency and online banking accounts to email accounts, social media profiles, and even cloud storage, digital assets have value—whether financial, sentimental, or both.
Continue ReadingHow to Create a Comprehensive Incapacity Plan
Feb. 3, 2025
Planning for the unexpected is never easy. However, establishing a comprehensive incapacity plan is one of the most important things you can do to protect your family and assets and ensure your wishes are fulfilled.
Continue ReadingWhat Role Does Estate Planning Play in Business Succession?
Dec. 14, 2024
When it comes to business succession, estate planning is the key to a smooth transition of ownership and preserving the legacy of your business. While business succession planning focuses on the transfer of ownership and management, estate planning provides the necessary legal framework to protect your assets, minimize tax liabilities, and secure the financial future of your loved ones.
Continue ReadingWhat are Common Causes of Fiduciary Disputes?
Dec. 14, 2024
Fiduciary disputes can have significant legal and financial implications, and it is crucial to identify and address them promptly. By scheduling a consultation with a lawyer at North Carolina Estate Planning & Fiduciary Law, you will have the benefit of a team member to assist you in tough legal matters.
Continue ReadingA Forecast of President-Elect Donald Trump’s Proposed Tax Legislation and Its Implications for Estate Planning
Nov. 13, 2024
With Donald Trump elected as the President of the United States, his administration’s proposed tax reforms are poised to have profound impacts on estate planning strategies.
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