FinCEN 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
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 ReadingIRA Conduit vs. Accumulation Trusts: A Comparative Analysis
Oct. 17, 2024
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.
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.
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