potterlaw

North Carolina and Kentucky Estate Planning Attorneys

NC (704) 944-3245
KY (606) 324-5516
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Understanding the Federal Gift Tax

October 18, 2019 by Pam Potter

gift tax

Do you know that there is a gift tax in the United States? Before you start to get worried about all the gifts that you have received over your lifetime without paying any taxes, it is unlikely that you violated any laws. We have a federal estate tax, but most people do not have to pay it because there is a large exclusion. This is the amount that can be transferred before the tax applies. At the time of this writing in 2019, the exclusion is $11.4 million. Each year there are adjustments … [Read more...]

Filed Under: Estate Planning Tagged With: Estate Tax, Gift Tax

Five Things to Know About Estate Taxes

September 25, 2019 by Pamela Potter

estate tax estate taxes

Since the tax man seems to be involved in every financial transfer imaginable, you may assume that your family will be forced to pay some type of estate taxes. We are glad to be able to tell clients that in fact, most people do not have to worry about this form of taxation. However, those who do are facing a maximum rate of 40% that can have a very serious impact. In this post, we will provide five key pieces of information about death taxes that will give you a basic but broad understanding … [Read more...]

Filed Under: Estate Planning Tagged With: Estate Tax, Gift Tax, inheritance tax

Inheritance Tax Can Impact Kentucky Residents

August 27, 2019 by Pam Potter

inheritance tax

We often respond to clients who have questions about how taxation can enter the picture when assets are changing hands after someone dies. This is certainly understandable, and perhaps surprisingly, most of the news that we pass along is good news. Generally speaking, inheritances are not considered to be regular income for federal or state tax purposes. Plus, you get a step-up in basis if you inherit appreciated property. This means that for capital gains tax purposes, you are not … [Read more...]

Filed Under: Estate Planning Tagged With: Estate Tax, inheritance tax

Will My Estate Be Subject to Taxation?

July 22, 2019 by John Potter

estate taxation

When you are engaged in your estate planning efforts, it is natural to be concerned about estate taxation. Most people have heard the terms “estate tax” and “death tax” and in this blog post, we will provide some clarity about postmortem asset transfers and taxes. The Federal Estate Tax The federal estate tax is applicable in all 50 states, and sometimes people will refer to it as the death tax. This levy carries a 40 percent maximum rate so it can potentially consume a very significant chunk … [Read more...]

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

How Can I Leave My Estate to My Spouse Tax Free?

January 23, 2014 by John Potter

You may wonder if you can leave your estate to your spouse tax-free, Before we answer this question, let's take a general look at taxes as they apply to bequests. Income Tax It seems as though you are asked to pay income taxes any time you receive an influx of money. This can lead to the believe that your spouse may be required to report an inheritance as income. This is not the case. An inheritance would not be looked upon as taxable income by the Internal Revenue Service. However, it should … [Read more...]

Filed Under: Estate Planning, Taxes Tagged With: Estate Tax, wealth preservation

Farmers Get Break Via New Tax Act

February 18, 2013 by John Potter

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...]

Filed Under: Estate Planning, Taxes Tagged With: Estate Planning, Estate Tax, Inheritance Planning

Work of Art Donated to Museum to Settle Estate Tax Case

February 11, 2013 by John Potter

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...]

Filed Under: Estate Planning, Taxes Tagged With: Estate Planning, Estate Tax, Inheritance Planning

Something Couples Should Know About Portability

January 25, 2013 by John Potter

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 in … [Read more...]

Filed Under: Estate Planning, Taxes Tagged With: Estate Planning, Estate Tax, Inheritance Planning

IRS Implements Adjusted Exclusion Figure

January 21, 2013 by John Potter

Though there were many different possible outcomes, as it turns out, the fiscal cliff negotiations left us without a lot of changes to the estate tax rules. We passed along some of the details in a previous post, but we now know the exact amount of the estate tax exclusion for 2013 after the IRS has adjusted it for inflation. The new legislation calls for the retention of the base of $5 million that was put into place for the 2011 calendar year. In 2012 an adjustment for inflation brought this … [Read more...]

Filed Under: Estate Planning, Taxes Tagged With: Estate Planning, Estate Tax, Inheritance Planning

How Does “Cliff” Deal Impact Estate Tax?

January 11, 2013 by John Potter

Throughout 2012 there was a lot of uncertainty about the estate tax parameters that would be in place for 2013. Last year the estate tax exclusion was $5.12 million and the maximum rate of the tax was 35%. These provisions resulted from the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. This act was scheduled to sunset at the end of 2012. If Congress had not passed new legislation, the estate tax exclusion would have decreased to $1 million, with an increase … [Read more...]

Filed Under: Estate Planning, Taxes Tagged With: Estate Planning, Estate Tax, Inheritance Planning

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Testimonials

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
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
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.

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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