A 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.
Continue ReadingWhat are the Tax Implications of Post-Mortem Planning?
Nov. 13, 2024
Post-mortem planning can be a complicated and sensitive subject. The experienced attorneys at North Carolina Estate Planning & Fiduciary Law have spent years honing their skills in estate planning for clients in Charlotte, North Carolina.
Continue ReadingCommon Mistakes to Avoid in Estate Planning
Nov. 13, 2024
Estate planning is an important part of preparing for the future. It ensures your assets are distributed according to your wishes. However, many people make easily-avoidable mistakes that can have long-lasting repercussions for their estate and loved ones.
Continue ReadingWhat Is Pre-Death Planning and Why Is It Important?
Nov. 13, 2024
When it comes to planning for the future, many of us focus on the immediate—saving for a house, a child's education, or retirement. However, there is an equally essential aspect of planning that often goes overlooked until it is too late—pre-death planning.
Continue ReadingFinCEN Reporting Requirements for Trusts That Own Businesses
Oct. 29, 2024
The Financial Crimes Enforcement Network (FinCEN), tasked with combating money laundering and ensuring transparency in financial transactions,
Continue ReadingSunset of the Tax Cuts and Jobs Act of 2017
Oct. 29, 2024
The Tax Cuts and Jobs Act of 2017 (TCJA), one of the most comprehensive overhauls of the U.S. tax code in decades, introduced significant changes to individual and corporate taxation.
Continue ReadingConverting a Net Income Only Trust to a Total Return Unitrust under North Carolina’s Uniform Principal and Income Act
Oct. 24, 2024
The shift from traditional net income only trusts to total return unitrusts has garnered significant attention as fiduciaries and beneficiaries seek to align investment strategies with modern portfolio theory
Continue ReadingU.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 ReadingThe U.S. Tax Court’s Opinion in McDougall v. Commissioner and Its Implications for Estate Planning
Oct. 17, 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
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