Estate & Financial Planning Articles
Estate Planning
U.S Treasury Issues Rev. Proc. 2024-40 Detailing Changes to Estate, Gift & Generation Skipping Transfer Tax Rates

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.

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Estate Planning
Understanding Pet Trusts in North Carolina: Protecting Your Pets’ Future

When it comes to estate planning, many people overlook one very important part of their family: their pets.

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The U.S. Tax Court’s Opinion in McDougall v. Commissioner and Its Implications for Estate Planning

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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Estate Planning
Year-End Gifting for Estate Planning: Maximizing Tax Savings Before the 2017 Tax Act Sunset

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.

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Estate Planning
Decanting Trusts Under North Carolina’s Uniform Trust Decanting Act

The North Carolina Uniform Trust Decanting Act (UTDA) allows trustees to “decant” or transfer assets from an irrevocable trust to a new trust.

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IRA Conduit vs. Accumulation Trusts: A Comparative Analysis

In estate planning, managing the inheritance of Individual Retirement Accounts (IRAs) involves critical decisions that can significantly impact the tax implications and distribution strategies for beneficiaries.

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Estate Planning
Spousal Lifetime Access Trusts (SLATs): A Comprehensive Guide to Maximizing Estate Planning Benefits

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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Insights from Wilson v. Wilson on Trustee Duties in NC

The North Carolina case Wilson v. Wilson, 690 S.E.2d 710 (N.C. Ct. App. 2010),** provides significant insights into a trust beneficiary’s right to receive trust accountings and the obligations of trustees under North Carolina law.

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Trustee Reporting Duties Under NC Uniform Trust Code

The fiduciary duties of a trustee are fundamental components of trust law, designed to ensure the trustee acts in the best interests of the beneficiaries.

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Analyzing the Supreme Court’s Connelly v. Commissioner Decision

The June 6, 2024, U.S. Supreme Court ruling in Connelly v. Commissioner of Internal Revenue has captured significant attention in legal and financial circles due to its profound implications for estate taxation and corporate succession planning.

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