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 The federal annual gift tax exclusion was first enacted in 1924, repealed in 1926, reenacted in 1932 and has remained in force since that time.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