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

Gift Tax in Ashland: Do I Pay a Tax on Gifts to My Children?

May 23, 2014 by John Potter

In Ashland, Kentucky, gifts that you give to others, including your children, are potentially taxable on the federal level. Because of the unlimited marital deduction, you can give unlimited gifts to your spouse free of the gift tax, but gifts to everyone else are subject to the tax. The reason why you generally do not have to write a check is because of the fact that there are gift tax exclusions. First, let's look at the annual per person gift tax exclusion. $14,000 Per Year, Per … [Read more...]

Filed Under: Estate Planning, Taxes Tagged With: Gift Tax, gift tax in ashland, transfer taxes

Higher Tax-Free Transfers Possible This Year

January 23, 2013 by John Potter

The federal gift tax is unified with the estate tax. There is a $5.25 million unified exclusion in place in 2013 that encompasses all of the taxable gifts that you give along with the value of your estate. In other words, if you gave $5.25 million in gifts that were taxable throughout your life, you would use up this exclusion; and all of your estate would be subject to the estate tax. So giving gifts using the lifetime exclusion is not really in any way preserving your available estate tax … [Read more...]

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

There’s More To Generosity Than Meets The Eye

April 16, 2012 by John Potter

Taxes are controversial, and though most people accept that tax revenue is necessary to support our societal infrastructure, you probably don't want to be taxed at every turn, and you probably don't want to be taxed twice on the same income. With this in mind let's take a look at the federal gift tax. You may not realize that some gifts that you give to your loved ones are taxable. The reason why you don't get a bunch of IRS bills in your mailbox around the holiday season is because there is a … [Read more...]

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

Office Hours

Monday8:30 AM - 4:30 PM
Tuesday8:30 AM - 4:30 PM
Wednesday8:30 AM - 4:30 PM
Thursday8:30 AM - 4:30 PM
Friday8:30 AM - 3:00 PM

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