Any discussion of estate planning should involve an examination of probate to one extent or another. Just about everyone has heard of a last will. It is the vehicle of asset transfer that is most commonly utilized among people in North Carolina who want to arrange for the future distribution of their financial assets. If you do use a last will, you should understand the fact that the estate must be probated before the heirs receive their inheritances. Probate in Charlotte North Carolina During … [Read more...] about What Are the Drawbacks of Probate in Charlotte North Carolina?
Trusts in Charlotte NC: Can a Trust Protect Family Wealth?
When you have been financially successful throughout your life, you need to measure your level of success as it compares to the amount the estate tax exclusion. In 2014, the federal estate tax credit or exclusion in North Carolina is $5.34 million. This is the amount that you can pass on to your heirs before the estate tax would become a factor. If you are exposed, you may wonder if a trust could protect your family wealth. Trusts in Charlotte NC Revocable and Irrevocable Trusts Some people … [Read more...] about Trusts in Charlotte NC: Can a Trust Protect Family Wealth?
Kinkade Estate: Closure at Last
Estate planning attorneys always advise clients that life changes can require an estate plan update. One of these changes is a change in relationship status. One caution involves do-it-yourself estate planning. Things can go awry when you try to do things on your own without the advice of an attorney. For proof, look no further than the estate of the deceased painter Thomas Kinkade. He died back in April, and he was legally married at the time, though he was estranged from his wife for two … [Read more...] about Kinkade Estate: Closure at Last
Illinois Man Makes Interesting Estate Planning Decision
A man named Ray Fulk, who did not have any children or close relatives, died last summer in Illinois. He owned 160 acres of land that he inherited from his father that is valued at around $1 million. He was also in possession of over $200,000 in additional funds. Though he was by no means indigent he lived in a farmhouse that did not have any running water. He kept to himself and did not have very close friends according to reports. Apparently he did have access to television during the 1970s, … [Read more...] about Illinois Man Makes Interesting Estate Planning Decision
Farmers Get Break Via New Tax Act
Some people who are potentially exposed to the estate tax would not consider themselves to be "wealthy." They earn a decent living as farmers, but they are certainly not living the lifestyles of the rich and famous. Many farmers own large pieces of land that have been in the family for generations. Over time it has appreciated considerably, and its value may exceed the estate tax exclusion amount. This concern weighed heavily on the minds of many farmers as 2013 approached. Without new tax … [Read more...] about Farmers Get Break Via New Tax Act
Hagman Passes; “Heavenly” Home on the Market
They say that people who have lived their lives well go to heaven after they pass away. Ironically, the recently departed actor Larry Hagman apparently left a piece of heaven behind when he died. Hagman was a television legend, and he was actually a relatively early pioneer. He costarred with Barbara Eden on the 1960s situation comedy I Dream of Jeannie. Though Hagman certainly made his mark playing the role of Capt. and then Major Anthony Nelson on the somewhat otherworldly sitcom he went on … [Read more...] about Hagman Passes; “Heavenly” Home on the Market
Work of Art Donated to Museum to Settle Estate Tax Case
There was an interesting settlement to an estate tax dispute that was reached recently involving a work of art that cannot be sold. The work in question, a sculptural combine called "Canyon," features a bald eagle that had been stuffed by a taxidermist. It is theoretically very valuable because it is the work of Robert Rauschenberg. However, eagles are a protected species. To prevent people from thinning out the species even further by killing eagles for sale protections were put into place … [Read more...] about Work of Art Donated to Museum to Settle Estate Tax Case
How Can Will Challenges Be Successful?
There are a number of reasons why it is not a good idea to depend on online downloads or worksheets to create a do-it-yourself estate plan. One of them is the possibility of providing an opening for a successful challenge to your last will. There are essentially four different grounds for invalidating a last will. One of them is improper execution. Each state has certain laws regarding how a last will should be executed. When you use a so-called "one-size-fits-all" document you have no way of … [Read more...] about How Can Will Challenges Be Successful?
A Look at the “Stretch IRA” Transfer Technique
If you plan ahead intelligently with the assistance of a good estate planning lawyer you will be aware of your options for transferring your assets to your loved ones. One of the options available in appropriate circumstances is the "stretch IRA" transfer technique. Individual retirement accounts come with tax deferral advantages built-in. This is intended to assist individuals who are planning ahead for their senior years. However, it is possible to take steps to allow a beneficiary to take … [Read more...] about A Look at the “Stretch IRA” Transfer Technique
Something Couples Should Know About Portability
Because laws are always changing, you should develop an ongoing relationship with your estate planning attorney and be proactive about having your plan reviewed on an annual basis. Without periodic reviews, sometimes these changes in the law can render your existing estate plan obsolete. We had some notable changes at the beginning of 2013 after the passage of the American Taxpayer Relief Act of 2012. One of them was an increase in the maximum rate of the federal estate tax from the 35% rate … [Read more...] about Something Couples Should Know About Portability
