IRS 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.
Continue ReadingLimited vs. General Power of Appointments: Enhancing Estate Planning Flexibility
Oct. 17, 2024
Within wills or trust documents, a power of appointment grants an individual, known as the power holder or done, the authority to designate another person, the appointee, as the recipient of all or a portion of assets.
Continue ReadingEstate Planning For Beneficiaries With Mental Illness
Oct. 17, 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 ReadingHow Often Should I Review My Estate Planning Documents?
Oct. 17, 2024
In a perfect world, you should review your estate planning documents every time there is a life event, such as a,
Continue ReadingCommon Estate Planning Pitfalls in North Carolina
Oct. 17, 2024
Creating an estate plan is crucial for safeguarding your assets and ensuring your loved ones are protected.
Continue ReadingSpousal Lifetime Access Trusts (SLATs): A Comprehensive Guide to Maximizing Estate Planning Benefits
Oct. 17, 2024
Spousal Lifetime Access Trusts (SLATs) are a sophisticated estate planning tool that enables high-net-worth individuals to transfer wealth efficiently while maintaining access to the assets indirectly.
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