Limited vs. General Power of Appointments: Enhancing Estate Planning Flexibility
Sept. 30, 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.
Continue ReadingModifying Irrevocable Trusts in North Carolina: What You Need to Know
Sept. 30, 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
Sept. 30, 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
Sept. 30, 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
Sept. 30, 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 Exactly Is a Trust, and Do I Need Different Types of Trusts in My Estate Plan?
Sept. 30, 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 Are the Most Important Components That Should Be Part of Everyone’s Estate Plan?
Sept. 30, 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 ReadingWhat Exactly Is Estate Planning And When Do We Need It?
Sept. 30, 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?
Sept. 30, 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 ReadingAdministration Of Proper and Intestate Estates
Sept. 30, 2024
We can demonstrate the importance of estate planning by comparing two estates with different approaches to estate planning.
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