Creating a comprehensive and well thought out estate plan is something everyone should make a priority. If you are the parent of a minor child, however, the need to have an estate plan in place is heightened for several reasons, starting with the fact that your child is, of course, is your most valuable asset. Because your minor child cannot inherit directly from your estate, you must … read more
Do I Need to Worry about North Carolina Estate Tax?
Creating a successful estate plan that accomplishes all of your various goals requires you to consider a number of complex, yet inter-related, factors. One of those factors is the impact taxes will have on your estate. In fact, failing to understand, and account for, the impact of taxes on your estate can cause an otherwise well thought out estate plan to fail miserably. You should … read more
How Does the Estate Tax Work for a Married Couple?
One of the most common reasons people give for creating a comprehensive estate plan is the desire to ensure their assets will be passed down to loved ones after they are gone. If that is one of your estate planning goals, you clearly want to pass down as much as possible to your family and loved ones to ensure that they are well provided for after you are gone. Simply amassing a large … read more
Dean Smith’s Estate Didn’t Forget His Players
When former North Carolina basketball coach Dean Smith passed away in February at the age of 83, he left behind a legacy as one of the most successful, respected, and beloved coaches of all time. During his tenure of 36 seasons at North Carolina, he led his teams too compiling a record of 879 wins and 254 losses. He was also known as one of the first college coaches of any sport in the … read more
Do I Need to Worry about Estate Taxes?
Like most people, you have probably heard of federal gift and estate taxes and know that you don’t want your estate to incur the tax; however, do you really need to worry about estate taxes? The answer is not a simple one except to say that most people should be concerned about the possibility that their estate will incur federal gift and estate taxes. With proper estate planning that … read more
Basic Estate Planning Questions – What Are Estate Taxes in North Carolina?
In this week's blog post in our ongoing series on basic estate planning questions, we are going to look at estate taxes in North Carolina. As with any other estate planning issue, it's always important to ask your lawyer about any specific questions you might have. Until then, here are some common questions about estate taxes in North Carolina, why they matter, and what you can do about … read more
Portability, Estate Taxes, and Your Estate Plan
Some people in the Greensboro, North Carolina area who begin estate planning often worry about the estate tax. The federal estate tax applies to the property left behind by people who die. However, the estate tax, sometimes referred to as the “death tax,” is not a significant concern for the vast majority of people. In 2013, Congress passed a law that effectively ensured the estate … read more
When The Nursing Home is The Problem
When an elderly family member moves into a nursing home or elder care facility, you want to know that the facility is doing its best to take care of your loved one. But sometimes, things go wrong. Sometimes people act badly. Even though most nursing homes provide the adequate amount of care an elderly person needs, this is not always the case. Elderly people who are harmed while in a … read more
A Good Active Gift Strategy Takes a Little Planning
If you are making a will in Greensboro, North Carolina and are using it to pass inheritances, you may want to think about developing an active gift strategy as well. While you can easily develop an estate plan that focuses on giving gifts through inheritances, developing a living gift giving strategy can provide you with some significant tax benefits. You’ll need to speak to your lawyer … read more