Many North Carolina residents are globally mobile. As a result, some of them might have questions about how property received from outside of the United States may be taxed. Whether a gift or inheritance that is received from another country will be taxed seems to be...
estate tax
Understanding gift tax limits
North Carolina residents who are lucky enough to have some money to give away should take the time to look into gift tax limits. Contrary to what many people think, the recipient of a large financial gift does not pay tax. Under the transfer tax system, the person who...
Planning to avoid estate taxes
North Carolina residents who have estates worth more than the federal exemption may have estate taxes assessed at a rate of 40 percent after they die. There are several strategies that people can use to make certain that their money goes to the people and causes that...
Will the estate tax be repealed?
North Carolina voters likely know that a debate has been brewing regarding the enforcement of estate and gift taxes. Donald Trump inquired about the possibility of repealing the federal estate tax. It is suggested that if this tax is repealed, it may be altered in a...
Estate planning can provide peace of mind the 2nd time around
More than half the nation's citizens who are over 55 years old are in second, third or subsequent marriages. This number includes seniors in all states including North Carolina, and it represents research by the Pew Research Center -- a neutral entity that researches...
Estate tax exemption for 2017
North Carolina does not have an estate tax, and the Internal Revenue Service has raised the estate and gift tax limit for 2017 to $5.49 million for individuals. The gift tax exclusion is still at $14,000 just as it has been since 2014. For couples, the total exemption...