People often harbor certain misconceptions about trusts. They paint with a broad brush without recognizing that there are a number of different types of trusts that serve different purposes. With this in mind, let's look at what a revocable living trust can and cannot accomplish. Revocable Living Trusts Revocable living trusts are very useful, but they have limitations. A primary reason why you may want to utilize a revocable living trust would be to facilitate the transfer of your assets … [Read more...] about Does a Revocable Living Trust Protect Family Wealth?
There are taxes on gifts in the United States. Technically, you should be keeping track of your gift giving so that you can report taxable gifts to the Internal Revenue Service. The reason why most people don't bother doing this is because of the gift tax exclusions that exists. In this post we will look at the annual gift tax exclusion in Florence Kentucky and briefly touch upon the unified estate and gift tax exclusion for clarification purposes. Unified Gift & Estate Tax The federal gift … [Read more...] about What Is the Annual Gift Tax Exclusion in Florence Kentucky?
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 are … [Read more...] about Trusts in Charlotte NC: Can a Trust Protect Family Wealth?