The U.S. Tax Court’s Opinion in McDougall v. Commissioner and Its Implications for Estate Planning
Oct. 8, 2024
The U.S. Tax Court’s recent opinion in McDougall v. Commissioner (163 T.C. No. 5, September 17, 2024) serves as a critical point of reference in estate tax law, specifically addressing the commutation of Qualified Terminable Interest Property (QTIP) trusts and the complex interplay of gift tax regulations
Continue ReadingEstate Planning For Beneficiaries With Mental Illness
Sept. 30, 2024
According to the National Alliance on Mental Illness, 19.1% (nearly 1 in 5) of U.S. adults experience mental illness annually. Historically, discussions surrounding mental illness were taboo and off-limits.
Continue ReadingAnalyzing the Supreme Court’s Connelly v. Commissioner Decision
Sept. 30, 2024
The June 6, 2024, U.S. Supreme Court ruling in Connelly v. Commissioner of Internal Revenue has captured significant attention in legal and financial circles due to its profound implications for estate taxation and corporate succession planning.
Continue ReadingCommon Estate Planning Pitfalls in North Carolina
Sept. 30, 2024
Creating an estate plan is crucial for safeguarding your assets and ensuring your loved ones are protected.
Continue ReadingHow Do I Plan for Possible Incapacity During My Lifetime? What Estate Planning Documents Are Necessary?
Sept. 30, 2024
There are several estate planning documents that we prepare for our clients to anticipate some form of incapacity, including:
Continue ReadingHow Often Should I Review My Estate Planning Documents?
Sept. 30, 2024
In a perfect world, you should review your estate planning documents every time there is a life event, such as a,
Continue ReadingInsights from Wilson v. Wilson on Trustee Duties in NC
Sept. 30, 2024
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.
Continue ReadingIRA Conduit vs. Accumulation Trusts: A Comparative Analysis
Sept. 30, 2024
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.
Continue ReadingIRS Issues Inflation Adjustments for Transfer Taxes Related to Estates and Trusts
Sept. 30, 2024
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.
Continue ReadingIs Estate Planning Just For What Happens After I Die Or Can Estate Planning Benefit Me During My Lifetime?
Sept. 30, 2024
In my experience, it is often much more important to plan in anticipation of incapacity during your lifetime.
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