The North Carolina Legislature repealed the State’s Estate Tax in July 2013 making the repeal retroactive to deaths on January 1, 2013 or later.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... [Read More]
Category: Special Needs
“Git ‘Er Done”
Larry the Cable Guy For many of us, our tendency towards perfectionism precludes us from moving forward. Our strong desire to “get it just right” precludes us from moving forward on what needs to get done. “Paralysis by Analysis” is a good description as it often precludes the perfectionist in us from moving forward on... [Read More]
You have an Affirmative Duty to do Estate Planning
Most states, including North Carolina, have laws in place that establish what your Estate Plan will be. Those Laws may be the opposite of what you actually want. In North Carolina under those laws, in a family with a husband and wife with children, in most scenarios, two thirds (2/3) of the parent’s estate, when... [Read More]
Summer Travel and Healthcare Authority
Summer is when many Americans are traveling out-of-state. They are on vacation to new places or to visit with loved ones or family. As we cross state lines one concern is that our Healthcare Power of Attorney a/k/a Healthcare Proxy might not be accepted in another state. For example if you have a Healthcare Power... [Read More]
Boston Bombers and the Unknown
Those injured at the finish line of The Boston Marathon last week never anticipated that two bombs would explode killing three and injuring and maiming another 200 people. A physician from Sylva, North Carolina, just west of Asheville, was at the finish line with his wife cheering on a friend. After the explosions, the first... [Read More]
North Korea, Kidnapping and Estate Planning
As North Korea declares a state of war on the United States and South Korea, and a leading news story shows by security camera a couple being kidnapped in broad daylight in Manhattan Sunday, we think about the “Worse Case Scenario”. We want to make sure that we have planned in advance in case we... [Read More]
What about heirlooms?
What about heirlooms? You can make specific provisions for family heirlooms and specialty items in your Estate Plan. Many times the family heirlooms or special personal items are considered the most important or emotionally valuable part of any Estate. In other words, your Grandfather’s watch that he wore every day may be more important to... [Read More]
Estate Planning is not really about taxes.
Estate Planning is really about the family and not about taxes. When I have asked my clients what their primary concerns are, their first answer is they want to protect themselves in the event of physical and mental disability and protect the surviving spouse in the event of physical or mental disability and in the... [Read More]
President Trying to Raise Taxes Again
I told you so! Most thought that the tax raises that went into effect in the American Taxpayer Relief Act of 2012 would be the end of the raised taxes. The Republicans agreed to raise taxes without receiving any concessions in spending from the White House in negotiating over the American Taxpayer Relief Act of... [Read More]
2013 ESTATE TAX RATES
Under the 2012 Tax Law, the Federal Estate Tax Exemption remains high for 2013. For 2013, the Federal Estate Tax is not due until the total value of the Estate is over $5.25 million. Last year the number was $5.12 million, but has gone up with the Cost of Living Inflation Index. The top Estate... [Read More]