The end of year is a busy time for many reasons. Travel plans, holiday hosting, and family visits tend to keep your calendar packed. But as a small business owner you have additional obligations that need to be addressed. The end of year is a perfect time to assess your current business, make some decisions, and set some overall goals to ensure you start the New Year off right. When 2019 rolls around be sure you took the time to self-assess with this Checklist: ( ) December is not too late to make a number of moves that can lower […]
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We are often asked: “I’ve been named as Executor in my mother’s Will. What does an Executor of an estate do?” First, for terminology, an Executor in certain cases can be referred to as an Administrator, but the role is very similar so we’ll combine all the terms under Personal Representative, or “PR” for short. The main responsibility of a PR is settling the estate of a decedent, but you may be wondering what it actually takes to settle an estate. Below is a brief synopsis of some key PR duties: (1) Locate the Will. The most important document the […]
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Have you been avoiding the “uncomfortable” topic of your estate plan with your children? You want to do what is best for your children but perhaps you are legitimately concerned that your children are too young or busy, the conversation will be perceived as morbid or will not deliver the message you intend, or you just think it is too personal or confusing to discuss. For these and many other reasons, it is certainly an easy discussion to put off. However, with the holidays and plenty of family time approaching, we want to review three important reasons to take the […]
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As estate planning attorneys, we often get the question: “Who needs an estate plan?” The answer is: “EVERYONE!” Studies have shown that only 42% of American adults currently have an estate plan in place. For the 58% of Americans who don’t have an estate plan, dealing with intestacy laws and the probate process places a huge burden on loved ones left behind. If you die without a Will in North Carolina, you lose control over a number of important decisions. North Carolina’s default statutes provide what happens upon your death, regardless of your particular situation or circumstance: (1) Intestacy laws […]
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The passing of movie icon Burt Reynolds brings to light how certain estate planning techniques differ as they unfold. Selecting a revocable trust – versus only a Will – as Burt chose to do for the benefit of his son, Quinton, has its advantages. One that’s highlighted in the current stories about Burt’s passing is privacy. A simple Will is part of the probate process and its terms are public. On the other hand, the terms of a revocable trust are private and confidential. Just as important (and maybe more so in a world where digital crimes are more prevalent), […]
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Gift planning can be an important component of estate planning and, if the right techniques are executed, can reduce your overall tax burden. With this in mind, it is never too early to be thinking about gifting to your children and/or grandchildren. The annual gift tax exclusion is the most commonly used method for tax-free giving. For 2018, the annual exclusion is $15,000 per child. This is applied on a per-donee basis and can be leveraged by making gifts to multiple donees. For example, if an individual makes $15,000 gifts to 5 donees, he or she may then exclude $75,000 […]
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