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?
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...] about How Can I Leave My Estate to My Spouse Tax Free?
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?