In an initial probate conference with a potential client, my goal is to determine the available court procedures for administering the estate. This is so the client can make an informed decision on how to move forward. In certain cases, court involvement is not required to administer the estate. However, in most cases, there is at least limited court involvement required to administer an estate. In this blog, I will discuss the alternative probate procedures available in North Carolina and when they are appropriate. By alternative probate procedure, I mean a procedure whereby a personal representative (Executor or Administrator) for … Continue reading
Tag Archives: Estates
Federal Gift and Estate Tax Planning- Part 2 of 7: Leveraging the Basic and Annual Exclusions
Maximizing Your Basic Exclusion The primary reason the vast majority of North Carolinians avoid estate tax is by simply using their basic gift and estate tax exclusion which is historically high. The 2024 amount is $13,610,000 per individual and $27,220,000 for a married couple who elects portability. Although some individuals may accomplish this without any planning, if an individual has a large estate, even if it is currently below the basic exclusion, there is simple planning which can leverage their basic exclusion. This leverage is due to the future growth of the gifted assets becoming removed from an individual’s taxable … Continue reading