estate tax

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...

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Carolina may breathe a sigh of relief upon learning that the proposed valuation rules for family businesses will be withdrawn by the Treasury Department.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...

Couples in North Carolina and throughout America may see their joint federal estate tax exemption climb above $11 million in 2018. It is also likely that the gift tax exemption will increase to $15,000 for 2018, which would mark the first increase since 2013. The...

With good planning, North Carolina residents may be able to deal with life insurance policies in a manner that minimizes estate tax consequences. Proper planning can help in this regard. People purchase life insurance in order to offer financial protection for their...

Portability is an estate tax provision that allows married couples to combine their estate tax exemption. That exemption is currently close to $11 million between both spouses, but many executors in North Carolina may not understand that it isn't given automatically....

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...

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...

One of the things that President Trump campaigned on was eliminating the federal estate tax. This has made a number of people wonder if they will need to bother with creating an estate plan if the estate tax is abolished. However, many people don't have to worry about...

Music fans in North Carolina and around the country may be interested in learning about some recent developments concerning his legacy. The legendary performer's reputation had been badly damaged by child abuse allegations when he died, which prompted his estate to...

People in North Carolina who need to make estate plans might wonder whether they should wait until new tax laws are passed by the Trump administration. The best course of action is to avoid delaying the creation of an estate plan and make one that's based on existing...