NC and SC Estate Planning and Elder Law Firm

When you meet someone new, the conversation usually covers the same general topics: family and careers. We love bragging about our family as much as the next person. But when the conversation comes around to what we do for a living, we are much more cautious about sharing our passion. A lot of people are uncomfortable talking about...

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The Titanic didn’t have enough lifeboats for all its passengers because the ship was “unsinkable.” The Mars orbiter was lost because some engineers used the metric system while others used the English system. Decca Records turned down the Beatles because they weren't sellable. No mistake you make will ever be a bad as these historic disasters, but just to be on the safe side, check out this list of the four biggest...

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The odds are good that you have read the book or saw the movie adaptation of To Kill a Mockingbird. Harper Lee’s coming-of-age classic has a perennial spot on summer reading lists, and in the hearts of many attorneys who view Atticus Finch as a fictional role model.

When a follow-up, Go Set a Watchman was published in 2015 after 55 years with no new writings from Lee, fans rejoiced. But the novel proved more controversial than satisfying. Perhaps most upsetting at first blush is the revelation that Atticus is a racist.
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When Mary’s parents passed away, Mary inherited the house she grew up in. And everything in it. Figuring out what to do with her family’s “treasures” was more work, and more rewarding, then she could ever have imagined. Assisting her with the task gave our firm a crash course on archiving with an eye toward Read more . . .

Planning for Long-Term Care Should Be Done A Long Time Before You Need It

52% of all adults over the age of 65 are projected to spend time in a nursing-home or need some other form of long-term care in their lifetime. We work with clients who want to proactively plan for the cost of long-term care without sacrificing their quality of life to pay for it.

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2017 was a big year in the art world. A Saudi prince bought Leonardo da Vinci’s Salvator Mundi for $450 million. And a painting by Jean-Michel Basquiat, which was bought by a Japanese collector for over $110 million, bumped Andy Warhol from the top spot on the list of most expensive American artists. It will be hard for 2018 to top those eye-popping deals, but the year is young, so you never know! What we do know is that art collections need to be factored into estate plans if one wants to avoid making some big tax mistakes. When dealing with a valuable collection of anything, special estate planning tactics should be employed to ensure the collection ends up where the collector wants it to, and to minimize the collector’s estate tax bill.
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When President Trump was running for office, he vowed to get rid of the estate tax. The “Tax Cuts and Jobs Act” he signed into law in December doesn’t manage to do that, but it does make a few changes that will impact large estates.

The new law temporarily doubles the exemption amount for estate, gift, and generation-skipping taxes from $5 million to $10 million. Only about 5,000 estates a year are above the new $10 million limit, so the law does go a decent way towards reducing the estate tax burden. 

This new limit is in effect for tax years 2018 through 2025, but it is not static, it is indexed to inflation, even for 2018. As in the past, couples can plan together and double their exemption amount. 

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There is no easy way to divide up money between family members because no matter what you do, someone is going to feel like they were treated unfairly. And that person’s complaints are going to make everyone else in the family as miserable as he or she is.
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When Hugh Hefner, the famous founder of Playboy magazine, died, speculation about who would inherit his fortune immediately began. Now, some details have been released, and they are a bit shocking considering Hef was known as much for the parties he threw as his publishing prowess.

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They say a fool and his money are soon parted, but modern-day scammers are getting so sophisticated that many non-foolish folks are being taken in as well. The federal courts and the U.S. Marshals Service are...

 

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Little did Tammy Wynette know, she could have had another hit on her hands by doing a follow-up to her classic song D-I-V-O-R-C-E on post-divorce E-S-T-A-T-E P-L-A-N-N-I-N-G. Maybe not a Number 1, but it would probably be popular in legal circles. Maybe? Okay, it’s a stretch. But estate planning should come after divorce in the real world even if a song about it wouldn’t register on Billboard’s Hot 100 chart.
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