“When is the right time to create an estate plan?” “Am I too young to write a Will?” “Do I have enough assets?” These are a few common questions clients ask when inquiring with our team. Simply put, regardless of age and assets, every adult benefits from having the proper estate planning techniques in place. While the motives of creating an estate plan may vary for each individual, taking the time to create one should be a top priority at every stage of life. Deciding what age you should be when you are ready to create a Will is a […]
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$22.8 Million is probably not a fair approximation of the exclusion amount couples have to protect property from the estate tax. For this to be true, both spouses would need to die before 2026. Otherwise, the language of the Internal Revenue Code appears to make clear that the survivor has at most only two times the then-current exclusion (i.e., after 2026 this is $5 Million X 2 = $10 Million [adjusted for inflation]). One consequence of this is that if you are a surviving spouse who had transferred to them the decedent spouse’s full exclusion, you should consider making additional […]
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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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In our last post, we detailed many of the new individual and corporate tax laws. Here we’ll take a closer look at three practical steps you should consider taking in light of these. 1. Revisit the income tax classification of your corporation or LLC. For decades now, the S corporation has been the income tax classification of choice for most non-real estate businesses. The fact that it offers a single level of tax versus “double taxation” in C corporations has mostly been the deciding factor. Now, while C corporations still expose their owners to double tax (first on corporate income […]
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