The average life expectancy in the U.S. has almost doubled in the last century. Living longer is certainly good news; however, the longer … [Read more...] about Why do I need to plan for nursing home care?
What alternatives to nursing home care are available?
For seniors who need assistance with the daily tasks of living or who require less extensive medical care, there are alternatives to nursing … [Read more...] about What alternatives to nursing home care are available?
What is long-term care?
The U.S. Senate Special Committee on Aging explained the difference as follows: “It [long-term care] differs from other types of health care … [Read more...] about What is long-term care?
What is the annual exclusion?
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?
What is “portability?”
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?”
What is the lifetime exemption?
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?
What is the difference between an estate tax and an inheritance tax?
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?
Does North Carolina have an estate 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?
What is the federal gift and 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?
