Year-End Gifting
Oct. 17, 2024
Towards the end of the year, some families consider making financial gifts to others as part of their year-end tax planning.
Continue ReadingYear-End Gift, Tax, Retirement, & Estate Planning
Oct. 17, 2024
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.
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 ReadingAdministration Of Proper and Intestate Estates
Oct. 17, 2024
We can demonstrate the importance of estate planning by comparing two estates with different approaches to estate planning.
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 ReadingU.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
Oct. 17, 2024
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:
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.
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