U.S Treasury Issues Rev. Proc. 2024-40 Detailing Changes to Estate, Gift & Generation Skipping Transfer Tax Rates
Oct. 24, 2024
On October 22, 2024, the U.S. Treasury Department issued Rev. Proc. 2024-40, which outlines inflation-adjusted tax exemptions for estate, gift, and generation-skipping transfers for 2025.
Continue ReadingUnderstanding Pet Trusts in North Carolina: Protecting Your Pets’ Future
Oct. 24, 2024
When it comes to estate planning, many people overlook one very important part of their family: their pets.
Continue ReadingYear-End Gifting for Estate Planning: Maximizing Tax Savings Before the 2017 Tax Act Sunset
Oct. 17, 2024
Estate planning is a critical component of wealth management, especially for high-net-worth individuals seeking to transfer assets to future generations with minimal tax implications.
Continue ReadingDecanting Trusts Under North Carolina’s Uniform Trust Decanting Act
Oct. 17, 2024
The North Carolina Uniform Trust Decanting Act (UTDA) allows trustees to “decant” or transfer assets from an irrevocable trust to a new trust.
Continue ReadingWhat Exactly Is a Trust, and Do I Need Different Types of Trusts in My Estate Plan?
Oct. 17, 2024
A trust is essentially a contract between two people, one who is the grantor of the trust and the other the trustee or beneficiary.
Continue ReadingWhat Exactly Is Estate Planning And When Do We Need It?
Oct. 17, 2024
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.
Continue ReadingModifying Irrevocable Trusts in North Carolina: What You Need to Know
Oct. 17, 2024
Irrevocable trusts, by design, are meant to remain unchanged. However, life’s unpredictability and evolving legal landscapes can sometimes necessitate alterations.
Continue ReadingWhat Are the Most Important Components That Should Be Part of Everyone’s Estate Plan?
Oct. 17, 2024
Determining what the objectives are, implementing a plan that meets those objectives in a way that conforms to the laws of the tax code and treasury regulations is important when planning any estate.
Continue ReadingIRS Issues Inflation Adjustments for Transfer Taxes Related to Estates and Trusts
Oct. 17, 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?
Oct. 17, 2024
In my experience, it is often much more important to plan in anticipation of incapacity during your lifetime.
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