Putting together an estate plan may just be one of the most important things you do for your family. During your life, you control how you support and care for them. You can take certain steps to extend that care and support beyond your death.
Some North Carolina residents may need to employ some strategies to reduce what their estate will owe in taxes. The current federal exemption is nearly $11.2 million, but for estates worth more than that, there are additional options.
When a spouse dies in North Carolina, most of the focus goes to the estate planning that was accomplished by the recently deceased. This, of course, is appropriate. However, the surviving spouse should also complete an in-depth analysis regarding the efficacy of their estate planning in light of the changed circumstances. This chore is often neglected to the detriment of all concerned.
Some North Carolina residents who are creating an estate plan might want some of their assets to go to charity. However, people often use a will or a trust to pass those assets, and this can be a mistake.
When people in Charlotte think about estate planning, they may consider where they want their belongings to go after they die. However, in many cases, they may not fully consider how their choices affect their loved ones, particularly when it comes to dealing with probate and estate administration.