Occasionally I work with an estate planning client who wants to disinherit an heir. They've heard there is a trick to doing this correctly -- and there is, but often not for the reason people expect. The truth is, in North Carolina, no one has a right to inherit anything from you -- with the exception of your spouse (and then presuming that you do not have a prenuptial agreement waiving the right to inherit). However, even natural heirs such as children who have no right to inherit, do … [Read more...] about Getting it right when Disinheriting an Heir
Humanity. Passion, emotion and imperfection personified. Sometimes, our family members can be a mess, or a mess waiting to happen. That doesn't mean we don't love them and doesn't mean we want to write them out of our Wills. It means that when we do estate planning, we may be doing some planning for them as well as ourselves. One of the most sensitive, and difficult, conversations I have with clients is what to do about a problematic beneficiary. For example, if you have a beneficiary … [Read more...] about Let’s Get it Right for Problem Beneficiaries — The Addict
If you are the parent of a young child, your child’s financial security is probably a primary goal within your estate plan. Knowing that your child will be well cared for if something happens to you provides invaluable peace of mind to a parent. As a minor though, your child will need someone to guard and manage that inheritance for him/her. This kind of planning is a big part of what we do at Clarity Legal Group®. Our Raleigh, Durham, Chapel Hill area estate planning attorneys work with our … [Read more...] about Who Should Manage My Child’s Inheritance?
Historic Overview Congress and the Wilson administration established the original federal estate tax in 1916. However, the lack of an annual gift tax limitation provided a large unintended loophole for individuals to distribute inheritances prior to their death and avoid the estate tax. The federal annual gift tax exclusion was first enacted in 1924, repealed in 1926, reenacted in 1932 and has remained in force since that time. Congress and the Reagan administration unified the lifetime and … [Read more...] about The 2015 Lifetime Estate Tax Exclusion & Annual Gift Tax