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 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
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 ReadingWhat Happens If Somebody Dies With Property But No Will?
Oct. 17, 2024
It is a common assumption between spouses that at the death of the first spouse to die, the surviving spouse will inherit all the deceased’s property.
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 ReadingWhat Is Probate And When Is Probate Triggered In North Carolina?
Oct. 17, 2024
Probate is the court-supervised process over which personal assets are transferred out of the individual’s name into the names of their heirs or beneficiaries after death.
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