Estate planning in order to avoid or reduce estate tax can be complicated, and it may become even more complicated if one spouse is not a citizen. The U.S. has a tax treaty with more than 70 countries, but not all of these treaties deal with estate tax. One of the...
Month: April 2017
Elements of a qualified personal residence trust
North Carolina homeowners who are creating an estate plan might wonder they should set up a qualified personal residence trust. The purpose of a QPRT is to transfer a home to a beneficiary for less than the home's full value. This is done by creating two separate...
Tax court finds conflict of interest in estate tax appraisal
North Carolina executors of estates with significant assets may wish to be careful who they choose to perform estate tax appraisals. The Internal Revenue Service pays close attention to asset valuations, and the agency may issue a notice of deficiency when the...
How a revocable trust can be useful
Some North Carolina residents might wonder whether they need a trust as part of their estate plan. Although there are many different kinds of trusts, one that is helpful for many people is a revocable living trust. This means that it is created while a person is alive...
Remarried? Protect assets, children with an updated estate plan
For you and many other individuals, your first marriage may have ended in divorce. However, that does not mean that love will never come again. In fact, numerous people enter into second marriages at some point in their lives and enjoy a new kind of family and...