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The Potter Law Firm

North Carolina and Kentucky Estate Planning Attorneys

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Home » BLOG

Has the Gift Tax Exclusion Been Increased for 2021?

January 18, 2021 by Pamela Potter

gift tax exclusion

In this post, we are going to look at the annual gift tax exclusion, which can be increased at the beginning of a year when the IRS deems it necessary. Before we focus on that subject, we will review the 2021 estate tax parameters, because the gift tax and the estate tax go hand in hand. 2021 Estate Tax Exclusion Increase The estate tax carries a robust 40 percent rate so it can have a significant impact on your legacy. Fortunately, a very small percentage of families have to pay the tax … [Read more...] about Has the Gift Tax Exclusion Been Increased for 2021?

Filed Under: Estate Planning Tagged With: Estate Tax, gift tax exclusion

Six Things to Know About a Simple Will

January 13, 2021 by Pamela Potter

simple will

The simple will is the most commonly used estate planning document because most people do not consider the value of trusts. In this post, we will share five things that you should know about simple wills so you can go forward with a more thorough understanding of the pros and cons. Witnesses Are Required We practice in North Carolina, South Carolina, and Kentucky, and there is a minor difference with regard to the witnessing requirement. In Kentucky, you must sign your will in front of two … [Read more...] about Six Things to Know About a Simple Will

Filed Under: Estate Planning Tagged With: guardian nomination, Probate, simple wills

Resolve to Review Your Estate Plan in 2021

January 11, 2021 by Pamela Potter

New Year estate planning resolution

We are turning the page on the most unusual year that most of us have ever experienced, and the best thing many can say about it is good riddance. Fortunately, the future looks considerably brighter as we turn the page and welcome the new year. During this transition from one year to the next, people make resolutions of various different kinds. As an estate planning firm, we encourage you to work with us to review your existing plan because revisions may be necessary if it was established … [Read more...] about Resolve to Review Your Estate Plan in 2021

Filed Under: Estate Planning Tagged With: estate plan revisions, Inheritance Planning

Nursing Home Cost Increases Exceeded Inflation Rate in 2020

January 8, 2021 by John Potter

nursing home asset protection

Elder law attorneys focus on legal and financial matters that impact senior citizens, and living assistance is at the top of the list. The majority of elders will need help with their activities of daily living, and just over one third of seniors will eventually require nursing home care. A lot of people are not overly concerned about long-term care costs because they know that they will qualify for Medicare when they reach the age of 65. This coverage will definitely provide a solid … [Read more...] about Nursing Home Cost Increases Exceeded Inflation Rate in 2020

Filed Under: Elder Law Tagged With: Medicaid Planning, nursing home asset protection

Step-Up in Basis Could Be Eliminated

January 6, 2021 by Pamela Potter

step-up in basis

There can always be legislative changes that impact estate planning matters so we keep our finger on the pulse of these issues. This dynamic is especially relevant when there is a transition from one party to the other in the White House. With this in mind, we are going to explain a potential change to the capital gains tax structure, and we will look at another tax issue that is looming over the horizon. Inherited Appreciated Assets Let’s say that your grandfather bought a thousand shares … [Read more...] about Step-Up in Basis Could Be Eliminated

Filed Under: Estate Planning Tagged With: capital gains tax, Estate Tax, step-up in basis

IRA News: SECURE Act 2.0 May Become a Reality

January 4, 2021 by Pamela Potter

SECURE Act IRA

We focus on matters that are of interest to senior citizens, and the laws that regulate individual retirement accounts are quite relevant. In December of 2019, the SECURE Act was enacted, and it established some new parameters for 2020 and subsequent years. In October of this year, a bipartisan measure that has been dubbed SECURE Act 2.0 was introduced, and it would mandate additional changes to the IRA guidelines. We will look at these provisions in this post, but first, we will review the … [Read more...] about IRA News: SECURE Act 2.0 May Become a Reality

Filed Under: Retirement Planning Tagged With: Estate Planning, Retirement Planning, SECURE Act 2.0

Estate Tax Exclusion Will Rise in 2021

December 12, 2020 by John Potter

estate tax 33

The federal estate tax exclusion is the amount that can be transferred before the estate tax would potentially be levied on the remainder. This figure is not permanently etched in stone because it can be changed by legislation. Once an exclusion has been mandated, there are annual adjustments to account for inflation. Since the year is coming to an end, the news is out about the increase for 2021. Throughout this year, the exclusion has been $11.48 million, and it is going up to $11.7 … [Read more...] about Estate Tax Exclusion Will Rise in 2021

Filed Under: Estate Planning Tagged With: Estate Tax, estate tax exclusion increase, Gift Tax

An Overview of 2021 Medicaid Spousal Impoverishment Standards

December 10, 2020 by Pamela Potter

Medicaid spouse allowances

People that will qualify for Medicare should understand the Medicaid parameters because of an inconvenient truth. More than one third of elders will reside in nursing homes eventually, and Medicare does not pay for the custodial care that they provide. These facilities are very expensive, and married couples can be inundated with two different sets of nursing home bills. Medicare does cover nursing home care, and this is why it is relevant to seniors who will be enrolled in the Medicare … [Read more...] about An Overview of 2021 Medicaid Spousal Impoverishment Standards

Filed Under: Elder Law Tagged With: Community Spouse Resource Allowance, Medicaid Planning, Monthly Maintenance Needs Allowance

Have a Living Trust? You Still Need a Will

November 26, 2020 by John Potter

living trust 22

You may assume that the will/trust question is an either or situation. There is some truth to this, because you have to use one of them as your primary asset transfer vehicle. That being said, there are a couple of reasons why you still need a will if you have a living trust. Before we explain them, we will look at some of the benefits that living trusts provide. Consolidation of Assets and Incapacity Planning When you have a living trust, you make the trust the owner of the property that … [Read more...] about Have a Living Trust? You Still Need a Will

Filed Under: Estate Planning Tagged With: guardian designation, living trust, Pour Over Will

Show Your Appreciation This Thanksgiving

November 24, 2020 by John Potter

legacy planning 5

Holidays can often put you in a reflective mood, and Thanksgiving is a special event that revolves around gratitude. When you sit back and think about the good things that have happened in your life, you can probably pinpoint people that helped you out along the way. Hold that thought for a moment and consider these statistics. According to a 2020 survey, 68 percent of American adults are going through life without any estate planning documents. You would expect younger adults to put it on … [Read more...] about Show Your Appreciation This Thanksgiving

Filed Under: Estate Planning Tagged With: Estate Planning, Incapacity Planning, Trusts, Wills

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Testimonials

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Overall The Potter Firm was very professional. They took what could of been a very complicated process and were able to break it down so it was a lot easier to understand. We are confident we now have made the right decisions in our estate planning. Good firm to work with.

DKS & KMS Client Review August 28, 2020

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John Potter has been a real pleasure to work with. He is very knowledgeable and explains things in a very simplistic manner so the average person can understand how/why the laws are written. He is very attentive and asks questions in such a way that not only helps him understand your goals, but also helps you think about what type of goals and expectations you should be considering. Exemplary client service.

David J. Client Review August 28, 2020

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My husband and I selected Ms. Potter to assist with our small business. She responsive and attentive every time I have a question or need assistance, and is extremely knowledgeable and able to answer any legal question I have had. I know I can count on Ms. Potter for all of my business legal needs and I would highly recommend her to anyone needing legal assistance with such.

Jillian Client Review August 28, 2020

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Where We Are

Ashland

ASHLAND
1620 Carter Avenue
Ashland, KY 41101-7631
Phone: (606) 324-5516
Fax: (606) 324-4766

Charlotte

CHARLOTTE
15720 Brixham Hill Avenue
Suite 300,
Charlotte, NC 28277
Phone: (704) 944-3245

Huntersville

HUNTERSVILLE
11330 Vanstory Drive
Huntersville, NC 28078
Phone: (704) 944-3245

Northern Kentucky

NORTHERN KENTUCKY
7310 Turfway Road
Suite 550,
Florence, KY 41042
Phone: (859) 372-6655

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