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Category Archives: estate tax
Tips for reducing estate tax
Some North Carolina residents may need to employ some strategies to reduce what their estate will owe in taxes. The current federal exemption is nearly $11.2 million, but for estates…
Tax code changes impact life insurance trusts
There are an estimated 1,800 estates that will be subject to federal estate taxes after the passage of the Tax Cuts and Jobs Act. The legislation increased the federal estate…
Changes in the tax law and its effect on legacy planning
In 2017, Congress passed legislation that made significant changes to tax law. For people in North Carolina who are creating an estate plan, the major part of that law that…
What to know about estate taxes in 2018
In 2018, residents of North Carolina, along with the rest of the country, will have a $5.6 million federal estate tax exemption. This is an increase from $5.49 million in…
Estate tax rules withdrawn by the Treasury Department
Small business owners in North Carolina may breathe a sigh of relief upon learning that the proposed valuation rules for family businesses will be withdrawn by the Treasury Department. The…
Estate tax and gift tax exemptions may rise in 2018
Couples in North Carolina and throughout America may see their joint federal estate tax exemption climb above $11 million in 2018. It is also likely that the gift tax exemption…
Avoiding estate taxes on life insurance
With good planning, North Carolina residents may be able to deal with life insurance policies in a manner that minimizes estate tax consequences. Proper planning can help in this regard.…
IRS offers extensions to declare portability
Portability is an estate tax provision that allows married couples to combine their estate tax exemption. That exemption is currently close to $11 million between both spouses, but many executors…
Estate tax planning when one spouse is not a citizen
Estate planning in order to avoid or reduce estate tax can be complicated, and it may become even more complicated if one spouse is not a citizen. The U.S. has…
Tax court finds conflict of interest in estate tax appraisal
North Carolina executors of estates with significant assets may wish to be careful who they choose to perform estate tax appraisals. The Internal Revenue Service pays close attention to asset…
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