Year-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 ReadingWhat Exactly Is a Trust, and Do I Need Different Types of Trusts in My Estate Plan?
Oct. 17, 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 Exactly Is Estate Planning And When Do We Need It?
Oct. 17, 2024
Estate planning encompasses a wide variety of subject matter, from how your assets may be titled and who is the beneficiary of your insurance to IRAs and 401(k)s, to the creation of business entities, the establishment of buy-sell agreements, the creation of trusts and gifting during your lifetime.
Continue ReadingWhat Happens If Somebody Dies With Property But No Will?
Oct. 17, 2024
It is a common assumption between spouses that at the death of the first spouse to die, the surviving spouse will inherit all the deceased’s property.
Continue ReadingWhat Is Probate And When Is Probate Triggered In North Carolina?
Oct. 17, 2024
Probate is the court-supervised process over which personal assets are transferred out of the individual’s name into the names of their heirs or beneficiaries after death.
Continue ReadingModifying 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 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.
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