When you are in possession of a considerable store of wealth, you are in a position to make things easier for your loved ones after your passing. However, there is a major challenge that looms for high net worth individuals. There is a federal estate tax in the United States that can come into play when large asset transfers are taking place. If the amount of your estate exceeds the amount of the federal estate tax exclusion, the estate tax looms large for you and your family. During the 2016 … [Read more...] about Do Estate Taxes Apply on Transfers to My Spouse?
Do I Really Need a Last Will and Testament?
They say that death and taxes are the only two certainties of life. With this in mind, people routinely take steps to prepare for the tax man each year. Many individuals will engage accountants to assist with tax-preparation so that they do everything possible to minimize their exposure, and this is certainly a wise course of action. Everyone recognizes the need to plan ahead when it comes to taxes, but far too many people ignore the other basic certainty. When studies are conducted, they … [Read more...] about Do I Really Need a Last Will and Testament?
Kentucky Inheritance Laws Regarding Gifts
There are taxes on large asset transfers in the United States. One of them is the federal estate tax. To prevent people from giving away assets while they are living to avoid the estate tax, there is also a federal gift tax in place. Kentucky inheritance laws do not allow for a state-level gift tax or a state-level estate tax. There is a state-level inheritance tax in Kentucky, but your spouse, your children, your grandchildren, your parents and your siblings are exempt from the tax. With … [Read more...] about Kentucky Inheritance Laws Regarding Gifts
The Living Trust Is the Trust “For the Rest of Us”
Many individuals are under the impression that trusts are inappropriate and unnecessary if you are not extremely wealthy. This is actually a misconception, but it is widely held. Why would trusts be useful for wealthy people? Individuals who have been able to accumulate a great deal of wealth are exposed to the federal estate tax. This tax could be applied on transfers that exceed $5.45 million in value. It carries a 40 percent maximum rate, so it looms large for high net worth families. There … [Read more...] about The Living Trust Is the Trust “For the Rest of Us”
Estate Taxes: Will They Impact Your Legacy?
Once you have accumulated a significant store of wealth, the work is not done. Because of the existence of transfer taxes, you may have to take steps to preserve your wealth for the benefit of succeeding generations. Federal Estate Tax There is a federal estate tax that can be a significant factor for high net worth individuals. In 2016, the exact amount of the federal estate tax exclusion is $5.45 million. This is the amount that you can transfer free of the estate tax. Anything that you want … [Read more...] about Estate Taxes: Will They Impact Your Legacy?
News From the North Carolina Alzheimer’s Association Chapter
We have all heard of Alzheimer's disease, but when you understand all the facts, the wide reach of the disease may surprise you. It is actually the sixth leading cause of death in the United States, and it impacts a very significant percentage of senior citizens. As a Charlotte, North Carolina elder law firm, we understand the importance of Alzheimer's education. If you would like to learn some facts about the disease, you may want to visit the Alzheimer's Association website. You can also … [Read more...] about News From the North Carolina Alzheimer’s Association Chapter
Do You Need a Trust Lawyer?
If you are under the impression that you should use a last will to state your final wishes when you are planning your estate, you may feel as though you have no need for a trust lawyer. In fact, there are many different circumstances that would call for using a trust instead of a will. Let's look at the some of those situations. Special Needs Planning Let's say that you have an adult granddaughter with special needs in your family. She is relying on Medicaid is a source of health insurance. This … [Read more...] about Do You Need a Trust Lawyer?
What Is a Step-Up in Basis
What Is a Step-Up in Basis from John Potter If you intend to pass along appreciated assets after you pass away, you may wonder about the capital gains tax. Will the inheritors be forced to pay this tax on the inherited appreciated assets. The assets would get a step-up in basis. This means that the value of the assets for capital gains purposes would be equal to their value when you pass away. Learn more about what is a step-Up in basis in this presentation. … [Read more...] about What Is a Step-Up in Basis
Five Important Estate Planning Tips
In this blog post, we will provide five important estate planning tips that can lead you in the right direction if you want to make sure that your family is appropriately provided for after your passing. 1.) Now is the time to take action. If you are wondering when you should put an estate plan in place, the answer is now. Far too many people think that estate planning is only for senior citizens, but in reality, every responsible adult should have a plan in place. Studies show that the … [Read more...] about Five Important Estate Planning Tips
Asset Planning: Preserve What You Have Earned
The term "asset planning" can refer to different sets of circumstances. In this post, we will look at a couple of the ways that proper asset planning can preserve your resources. Lawsuits Business people can sometimes be concerned about potential legal actions. If someone were to get injured on property that you own, like a customer or a tenant, legal actions could be initiated. Professionals can also be vulnerable to lawsuits. For example, doctors are viewed by litigious types as people … [Read more...] about Asset Planning: Preserve What You Have Earned
