Estate Planning For Beneficiaries With Mental Illness
Sept. 30, 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 ReadingCommon Estate Planning Pitfalls in North Carolina
Sept. 30, 2024
Creating an estate plan is crucial for safeguarding your assets and ensuring your loved ones are protected.
Continue ReadingHow Often Should I Review My Estate Planning Documents?
Sept. 30, 2024
In a perfect world, you should review your estate planning documents every time there is a life event, such as a,
Continue ReadingIRS Issues Inflation Adjustments for Transfer Taxes Related to Estates and Trusts
Sept. 30, 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?
Sept. 30, 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
Sept. 30, 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 ReadingModifying Irrevocable Trusts in North Carolina: What You Need to Know
Sept. 30, 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
Sept. 30, 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 Exactly Is a Trust, and Do I Need Different Types of Trusts in My Estate Plan?
Sept. 30, 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 Are the Most Important Components That Should Be Part of Everyone’s Estate Plan?
Sept. 30, 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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