In 2018, residents of North Carolina, along with the rest of the country, will have a $5.6 million federal estate tax exemption. This is an increase from $5.49 million in 2017. Couples may choose to combine their individual exemptions, which means that they have a...
Month: October 2017
When an asset protection trust may make sense
North Carolina residents who are looking to do what's best for their children may be interested in creating a spendthrift trust. This may be especially useful for those who may not have had experience handling money who may otherwise be inheriting a lot of it at once....
Estate tax rules withdrawn by the Treasury Department
Small business owners in North Carolina may breathe a sigh of relief upon learning that the proposed valuation rules for family businesses will be withdrawn by the Treasury Department. The rules were proposed in August 2016 and would have greatly limited discounts in...
Do you really need a special needs trust for your child?
You may already know that your special needs child cannot have assets over a certain amount in order to receive benefits from the government. This limitation may make it seem difficult to plan for your child's future. Fortunately, an estate-planning tool that could...
The various types of trusts
North Carolina residents may take advantage of a variety of trusts as part of their overall estate plan. For instance, a testamentary trust is one that is included in a will. The will spells out which assets the trust is to hold after the testator passes away, and...