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Jun
Grantor Trusts
Why should I want a “Grantor Trust” ? A Grantor Trust is a Trust that is ignored for tax purposes. Back when Federal Income Tax Rates were much higher, wealthy individuals would establish many trusts for their descendants to push income in to the lower brackets. The t...
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Jun
What are Conservation Easements?
What would a conservation easement do for me? The conservation easement is an agreement that permanently restricts the future development or use of your land. You may do this to preserve your land and maintain it in its current condition so that it is preserved for future generat...
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Jun
Donating Your Body to Medicine
As part of your estate plan, you may want to leave instructions in your will to your loved ones to donate your body to medicine. There are many important reasons to donate your body to medicine. Your donation can be used to: Teach medical students about the human body Allow surg...
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Jun
Do I have to file Gift Tax returns for the gifts to my Insurance Trust?
Filing a gift tax return for an ILIT, even if not technically required because all gifts are below the annual exclusion, is a good idea. It starts the statute of limitations for an audit of the gift. It allows you to decide affirmatively whether GST exemption is allocated. The GS...
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Jun
No Super Committee Action: Now What?
Now that the so-called ‘super committee' failed to agree on spending cuts and/or revenue gains to reduce the deficit, what’s next? What does this mean for the estate and gift tax law? Under the law that created the super committee, their failure to act means tha...
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Jun
Conduit Share versus Accumulation Share: Difficult Choices, Important Consequences
This article originally appeared in the May 2009 issue of Gray Matters (Section Vol. 13, No. 4), a publication of the North Carolina Bar Association Elder Law Section. Once a decision has been made to leave tax qualified assets such as IRAs, 401(k)s or other tax qualified accoun...
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Jun
How to Protect Qualified Accounts from Creditors, Predators, Youth and Inexperience.
This article originally appeared in the May 2008 issue of The Will and the Way (Vol. 27, Iss. 3), a publication of the North Carolina Bar Association Estate Planning & Fiduciary Law Section. The Problem - and the OpportunityOn a regular basis, estate planning attorney...
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