Using An ILIT For Estate-Tax-Free Liquidity

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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 assets can trigger a large estate tax liability, but present heirs with no assets that can be easily sold to pay the tax—or at least no assets that they would want to sell to pay the tax. Read more →

Common IRA Beneficiary Designation Errors Part 1

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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 effort to see that you complete the designation.  So completing the designation must be all you need to do.  After all, we know that the government is always looking out for your best interests.  Right? Read more →

Revocable Living Trust- Why Many Couples Should Not Put Their Residence In an RLT

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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.  Read more →

North Carolina Repeals Estate Tax

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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 Carolina has no Read more →

Sorrell Law Blog

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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 to review the particulars of any given set of circumstances as no two situations are identical. There may be particulars in your situation that may make critical differences. We encourage you to contact an attorney to discuss your situation.We would love the opportunity to be of service to you. But no attorney-client relationship is created by use of this material. You have not retained Sorrell Law Firm or any attorney associated with us unless you have an engagement letter signed by Richard Sorrell.

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