Good trust advice

North Carolina residents who want to incorporate trusts into their estate plans should be wary of whose advice they use. Some professionals may provide advice that is not complex enough to address the goals of a particular estate plan, or the advice provided may be rooted in obsolete strategies. In order for professionals to provide pertinent estate planning advice, they will have to determine how the goals of their clients may have evolved due to the tax-related changes in 2017.

They should not advise clients to make gifts to heirs outright because that method of giving provides them with no access. To ensure that the heir is protected and that the client has access, the client should be advised to place the gift in to the appropriate type of trust.

The intentionally non-grantor trust has been used for many years by taxpayers with high income to move certain income to a state with a lower tax rate. While ING trusts may still be beneficial to taxpayers who have an extremely high net worth and have already exhausted their estate tax exemptions, the majority of wealthy taxpayers may want to consider securing exemptions before the exemptions are reduced to half of their amounts in 2026.

An attorney who practices estate planning law may consider the types of assets clients have and may recommend certain types of trusts to ensure that their goals are met. The attorney may collaborate with financial planners regarding estate planning strategy and may assist with drafting the provisions of trusts so that the assets are managed according to the client's wishes.

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