The annual exclusion is an extremely beneficial tax avoidance tool that allows each taxpayer to gift up to $16,000 (as of 2022) in assets to … [Read more...] about What is the annual exclusion?

Portability refers to a surviving spouse’s ability to use any unused portion of a deceased spouse’s lifetime exemption. For example, imagine … [Read more...] about What is “portability?”

Each taxpayer is entitled to make use of the lifetime exemption to reduce the amount of gift and estate taxes owed by their estate. ATRA set … [Read more...] about What is the lifetime exemption?

An estate tax is a tax imposed on the estate of a deceased individual. An inheritance tax is a tax imposed on an individual when they … [Read more...] about What is the difference between an estate tax and an inheritance tax?

While every taxpayer’s estate is subject to federal gift and estate taxes, a handful of states also impose an estate tax. Fortunately, North … [Read more...] about Does North Carolina have an estate tax?

The federal gift and estate tax is essentially a tax on the transfer of wealth. Every estate is potentially subject to the federal gift and … [Read more...] about What is the federal gift and estate tax?