What You Should Know About Estate Gift Taxes
You are planning to give money to your son, daughter or another beneficiary if you pass away. This should be simple; unfortunately, any large amount of money or property transferred to an individual who is not your spouse – even someone in your immediate family – is subject to an estate gift tax, both on the federal and state levels.
If you fail to plan for estate gift taxes and do not place money in a charitable organization, a trust or in another asset preservation mechanism, your beneficiary will end up paying for it.
Personal Service And The Skill To Get Things Done Right
We at Maitland & English Law Firm, PLLC are recognized throughout Chapel Hill and the surrounding areas of North Carolina for the personal service and quality representation we provide. Each of us brings a unique perspective to the law. For example, attorney Michele Lynn English earned an LLM in taxation, which helps inform our estate law and elder law clients of the various ways taxation can influence their plans for the future.
The Value Of Trusts
In many cases, we use trusts to provide a way to transfer assets responsibly. Not only does it protect assets from large amounts of taxation, but it also helps ensure long-term protection of the funds. This is particularly valuable when our clients are hoping to protect the special needs of family members or want the money to be used for a specific purpose, such as a minor child’s future education.
Get In Touch With Us Today To Discuss Your Case
There is no simple solution for these estate planning issues because every case is different. To learn more about how an experienced lawyer at our firm can help you, call us at 919-944-4757 or contact us online. We are here to help you understand the gifting laws in North Carolina and how they may affect your estate planning goals.