The North Carolina Legislature repealed the State’s Estate Tax in July 2013 making the repeal retroactive to deaths on January 1, 2013 or later.
The North Carolina State Tax was tied to the Federal Estate Tax. In other words if you did not hit or trigger the Federal Estate Tax you did not trigger any North Carolina Estate Tax.
For deaths in 2012 Estates with a total value below $5.12 million were exempt from both Federal and North Carolina Estate Taxes. Non-residents could also be exempt from North Carolina Estate Tax if they had North Carolina land valued below $5.12 million.
Three things are always moving in Estate Planning: (1) The laws (here a tax law); (2) Your relationships – who you want to help you in the event you become mentally disabled or pass on; and (3) What you own. We’ll have different houses, vehicles, banks, investments, and other assets that are changing over time. Your Estate Plan needs to be kept up to date as those three items are moving constantly.
At the Law Firm of Steven Andrew Jackson, Attorney and Counsellor at Law, we have helped hundreds of families protect themselves and their loved ones, avoid Estate Taxes and Probate Costs, and keep their Estate Plans current with the law through The Customized Protective Estate Planning Solution™.