Resolving to get your legal affairs in order is one of the most important things you can do to make sure your family, wishes and assets are protected if something unexpectedly happens to you this year. Charlotte, North Carolina: While many people focus on getting out of debt or getting organized for the New Year, [...]
Category Archives: Estate Taxes
November 30, 2010
A Truly Unique Holiday Gift!
As your Charlotte estate and tax-planning lawyer, I would like to ask how your holiday shopping is going? If you are like me you are trying your best to fit holiday shopping into every day family and work life, running errands and all other day-to-day obligations. What if I told you to skip the malls [...]
August 16, 2010
Not every asset is handled in the same way when transferring it (also known as “funding the trust”) into the Revocable Living Trust. As a matter of fact, there are certain types of assets that if transferred into the Revocable Living Trust will cause significant tax consequences. A common manner in naming a Revocable Living [...]
August 20, 2009
What is a Gift Tax Annual Exclusion?
The Gift Tax annual exclusion in 2009 is $13,000. This allows an individual to gift up to $13,000 of cash property per year to each child (or any other person), free of any gift tax. If you are married, you can gift $26,000 per year, per person tax-free. This could be from your property, your [...]
August 19, 2009
What is a Credit Shelter Trust?
This is probably the most popular type of arrangement for married couples with substantial estates. It provides that at the death of the first spouse, his/her estate will be split into two parts. One part, equal to the estate tax exemption amount ($3,500,000 in 2009) would go into a Trust so it would not be [...]
August 18, 2009
So You Think Your Estate is a “Small” Estate?
You may not think you have a “small” estate after knowing the following. Assets that are included in determining the value of your Estate may surprise you. Your gross estate for Federal estate tax purposes is a broad concept. It is not limited to probate property or by state tax exemptions. It includes all your [...]
August 4, 2008
The Basics of the Federal Estate Tax
At first, most clients that meet with me think that they do not have a large enough Estate to be concerned about it being taxed when they pass away. When I have completed asking them questions they are amazed at the true value of their Estate. The reality is that many people need to start planning [...]