Limited 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 ReadingHow Do I Plan for Possible Incapacity During My Lifetime? What Estate Planning Documents Are Necessary?
Nov. 25, 2021
There are several estate planning documents that we prepare for our clients to anticipate some form of incapacity, including:
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.
Continue ReadingCommon Disputes and How to Resolve Them
Nov. 24, 2021
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?
Nov. 24, 2021
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?
Nov. 24, 2021
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?
Nov. 24, 2021
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?
Nov. 24, 2021
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.
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