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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 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 special needs family members or want the money to be used for a specific purpose, such as a minor child’s future education.
Asset Preservation For Heirs And Beneficiaries
Estate planning documents like wills and trusts outline who receives what when someone passes away, but simply declaring the recipients of assets is not necessarily enough to make strong decisions in estate planning.
When an heir or beneficiary receives estate gifts, either in lump sums of money or in the transfer of property ownership, he or she will end up taking on responsibility for taxes and fees associated with that property. If property transfer is not handled appropriately, significant amounts of wealth could be lost in the gifting process.
At The Maitland & English Law Firm, PLLC we help our clients account for these issues and make thoughtful decisions in estate law and asset protection. Even if estate planning documents do not provide a means to preserve assets, we can work with you and the estate’s administrator or trustee to find a legal solution.
Protecting Assets From Creditors And Others Who May Have Judgments Against The Beneficiary
When people face unexpected financial hardships, such as overwhelming debt or the cost of divorce, an inheritance can save them from pervasive loss. This is only true, however, if inheritance is protected from creditors, injury claimants and anyone else who may have taken legal action to recover money from the beneficiary.
Setting up a trust is a flexible and durable way to transfer assets while protecting them from unexpected loss. There are many classifications of trusts, including revocable trusts, irrevocable trusts, special needs trusts, educational trusts and more. Work with our experienced attorneys at The Maitland & English Law Firm, PLLC to learn more about your options.
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