U.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 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 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.
Continue ReadingCommon Estate Planning Pitfalls in North Carolina
May 9, 2024
Creating an estate plan is crucial for safeguarding your assets and ensuring your loved ones are protected.
Continue ReadingModifying Irrevocable Trusts in North Carolina: What You Need to Know
Nov. 16, 2023
Irrevocable trusts, by design, are meant to remain unchanged. However, life’s unpredictability and evolving legal landscapes can sometimes necessitate alterations.
Continue ReadingLimited vs. General Power of Appointments: Enhancing Estate Planning Flexibility
July 13, 2023
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 ReadingIs Estate Planning Just For What Happens After I Die Or Can Estate Planning Benefit Me During My Lifetime?
Jan. 16, 2023
In my experience, it is often much more important to plan in anticipation of incapacity during your lifetime.
Continue ReadingIRS Issues Inflation Adjustments for Transfer Taxes Related to Estates and Trusts
Nov. 7, 2022
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.
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