People in North Carolina who have created a trust-based estate plan might also want to have a pour-over will. There are several reasons this may be a good idea.
An estate owner in North Carolina who wishes to disinherit a family member may want to discuss the process with a professional. Simply leaving a person out of a will or even other actions may be insufficient to stop the person from successfully challenging the disinheritance in court.
It is not unusual for many people to consider their relationships with their siblings contemptuous. Years of sibling rivalry may have made it difficult for you and your siblings to get along as well as you may have hoped. Now that your parent has passed, you may have concerns over how your relationships will influence the estate administration proceedings.
People in North Carolina might be aware that the death of George H. W. Bush, the former president, occurred just eight months after the death of his wife, Barbara Bush. The two were married for decades. It is not unusual for spouses who are married for a long time and who have a close marriage to both die within a short time period. While it is likely that the Bushes were careful in their estate planning, the death of both spouses in quick succession can cause some issues.
Those living in North Carolina or any other state have the right to gift up to $11.18 million without any estate tax implication. The exemption amount was increased from around $5 million as per the Tax Cuts and Jobs Act (TCJA). However, the exemption is planned to return to the old limit when 2025 comes to an end. Therefore, it is important to consider how to take advantage of the new rule while anticipating a potential clawback in 2026.