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Estates and gifts over a certain value can bring significant taxes, often as much as 40 percent of the total value. According to the Congressional Budget Office, federal revenues from estate and gift taxes in 2020 totaled $17.6 billion. That…
People preparing estate plans often spend a lot of time determining what will happen to high-value assets like real estate, vehicles, and stocks. Some people spend little time allocating small personal property with sentimental value to members of their families.…
Most people know how important it is to prepare a will so that their last wishes can be honored when they die, but what happens if you become incapacitated while you’re still alive? Who will make the key decisions involving…
Wills and living trusts are both crucial elements of estate planning, but do you know what the differences are between the two? And do you know which one is best for your situation? These are common questions, and the best…
The easiest way to think about the difference between an estate planning lawyer and a probate lawyer is to think of them in before and after terms. People typically hire an estate planning lawyer before death to help them make…
Drafting a will that leaves instructions for how your loved ones and beneficiaries should divide up your assets after your death is important, but simply having a will is not always enough to avoid probate. A will must be legally…
Probate refers to the process by which a deceased individual’s assets are legally passed onto the beneficiaries and heirs of the decedent’s estate. In probate, the North Carolina courts manage the collection, inventorying, and distribution of the decedent’s assets. Of…
Sometimes, when a person passes away, the will they leave behind isn’t what was expected. It may be that heirs didn't receive the property they planned on, that certain people didn't get anything at all, or there are problems with…
When you write and sign a will, it needs to meet North Carolina law's requirements to be valid. That means that the appropriate language needs to be in place, and the will must have all of the needed signatures. Without…
There are numerous reasons that adults of all ages should develop an estate plan, but one of the top considerations is avoiding the probate process in North Carolina. Depending on the details, estate administration can involve lengthy court proceedings and…
