Orsbon & Fenninger, LLP

Estate Planning and Estate Administration

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June 2017 Archives

IRS offers extensions to declare portability

Portability is an estate tax provision that allows married couples to combine their estate tax exemption. That exemption is currently close to $11 million between both spouses, but many executors in North Carolina may not understand that it isn't given automatically. To take advantage of the portability provision, a surviving spouse must tell the IRS that it is being used before they pass away.

Plans for long-term living assistance in North Carolina

According to a survey recently conducted by the Associated Press-NORC Center for Public Affairs Research, just 33 percent of older Americans have saved enough money to pay for long-term care that they may require. The survey also indicated that more than half of Americans who are 40 years of age or older share the belief that the federal government should contribute to long-term care expenses.

Irrevocable life insurance trust administration

An irrevocable life insurance trust may have many estate planning benefits when drafted and administered properly. Trustees in North Carolina are urged to be aware of their fiduciary duties, which means that their administrative actions must be in the trust beneficiary's best interests. They must also be sure that it is administered in accordance with the relevant trust provisions.

Avoiding estate tax on life insurance

Many North Carolina residents know that real estate and investments are considered taxable parts of an estate. However, they may overlook the fact that insurance proceeds are taxable assets as well. This may end up affecting the taxable value of an estate unless handled properly.

Who, what, when: Have you begun business succession planning?

Throughout your career as a business owner, you undoubtedly enjoyed seeing your company thrive and grow into the success you had always hoped. You likely put much of your life into the business in order to ensure its survival, and as you grow older, you may find yourself wondering what could happen to the life of your business when your life comes to an end.