No one likes paying the estate tax. But the estate tax is especially problematic for individuals that own valuable but illiquid assets. Common scenarios where this is an issue is a person who owns their own business, who owns stock in a family-owned or other closely-held business, or who has substantial real estate holdings. These […]
Other than a home, IRAs and other ERISA-qualified retirement accounts are the most substantial portion of most people’s assets. Yet they receive inadequate attention in many estate plans. The law requires that the custodians of these accounts (the financial institution where the account is) provide for beneficiary designations and that the account custodians make an […]
As we have discussed elsewhere, RLTs (revocable living trusts) can be quite useful estate planning devices, though they are not the solution for everyone. Estate planning almost invariably involves trade-offs, a given option will have pros and cons.
As part of the tax changes implemented by the Legislature, North Carolina joins the growing number of states to repeal the estate tax. The Tax Simplification and Reduction Act signed into law by Governor McCrory provides (among other things) that North Carolina will assess no estate tax on decedents dying on or after January 1 of 2013. North […]
Welcome! Attorneys love disclaimers, and here it is: The information on this page is intended as a general discussion of legal issues and not as legal advice. It is based upon North Carolina law and is correct as of the time it was written.The law is different from state-to-state, and is constantly changing. It is important […]
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