Modifying Irrevocable Trusts in North Carolina: What You Need to Know
Oct. 17, 2024
Irrevocable trusts, by design, are meant to remain unchanged. However, life’s unpredictability and evolving legal landscapes can sometimes necessitate alterations.
Continue ReadingTrustee Reporting Duties Under NC Uniform Trust Code
Oct. 17, 2024
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.
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
Oct. 17, 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 ReadingCommon Disputes and How to Resolve Them
Oct. 17, 2024
In my experience, there are only two or three things that truly create a hostile relationship and contention within a family during an estate administration process.
Continue ReadingWhat Are the Most Important Components That Should Be Part of Everyone’s Estate Plan?
Oct. 17, 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.
Continue ReadingInsights from Wilson v. Wilson on Trustee Duties in NC
Oct. 17, 2024
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.
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 ReadingIRS Issues Inflation Adjustments for Transfer Taxes Related to Estates and Trusts
Oct. 17, 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?
Oct. 17, 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
Oct. 17, 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.
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