Estate & Financial Planning Articles
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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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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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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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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Estate Planning
Common Estate Planning Pitfalls in North Carolina

Creating an estate plan is crucial for safeguarding your assets and ensuring your loved ones are protected.

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Estate Planning
Modifying Irrevocable Trusts in North Carolina: What You Need to Know

Irrevocable trusts, by design, are meant to remain unchanged. However, life’s unpredictability and evolving legal landscapes can sometimes necessitate alterations.

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