Spousal 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.
Continue ReadingTrustee Reporting Duties Under NC Uniform Trust Code
Aug. 8, 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 ReadingInsights from Wilson v. Wilson on Trustee Duties in NC
Aug. 8, 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 ReadingAnalyzing the Supreme Court’s Connelly v. Commissioner Decision
July 21, 2024
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.
Continue ReadingCommon Estate Planning Pitfalls in North Carolina
May 9, 2024
Creating an estate plan is crucial for safeguarding your assets and ensuring your loved ones are protected.
Continue ReadingModifying Irrevocable Trusts in North Carolina: What You Need to Know
Nov. 16, 2023
Irrevocable trusts, by design, are meant to remain unchanged. However, life’s unpredictability and evolving legal landscapes can sometimes necessitate alterations.
Continue ReadingLimited vs. General Power of Appointments: Enhancing Estate Planning Flexibility
July 13, 2023
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 ReadingIs Estate Planning Just For What Happens After I Die Or Can Estate Planning Benefit Me During My Lifetime?
Jan. 16, 2023
In my experience, it is often much more important to plan in anticipation of incapacity during your lifetime.
Continue ReadingIRS Issues Inflation Adjustments for Transfer Taxes Related to Estates and Trusts
Nov. 7, 2022
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 ReadingWhat Exactly Is a Trust, and Do I Need Different Types of Trusts in My Estate Plan?
Nov. 25, 2021
A trust is essentially a contract between two people, one who is the grantor of the trust and the other the trustee or beneficiary.
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