Practical Advice

How Much Can You Gift Someone in One Year?

How Much Can You Gift Someone

A frequently asked estate planning question is, how much can you gift someone in one year? The simple answer is you can give someone as much as you want. But you can’t give an unlimited amount without subjecting yourself to the federal gift tax. Now, before we get into the nuts and bolts of the gift tax and how it works, you should understand that if you manage your affairs properly, you should never have to file a gift tax return or pay any gift tax. But the key to this is, you have to manage your affairs properly. Let’s get […]

5 Reasons You Might Not Need a Living Will

living will

Let’s be honest. Not everyone needs a living will. I know you probably find that strange to read on an estate planning blog, but it’s true. Nobody is putting a gun to your head and telling you that you must have a living will drawn up. I mean, you aren’t going to be held in contempt of court or face a lawsuit if you don’t prepare a living will. 5 Reasons to Avoid Getting a Living Will And in case you think this post is in jest, here are five reasons that you absolutely, definitely, should NOT prepare a living […]

Getting Divorced? Don’t Forget to Update Your Healthcare Power of Attorney

healthcare power of attorney

When going through a divorce, the last thing that many people want to think about is reviewing their estate plan, specifically your healthcare power of attorney. But this is one of the best times to do this. When a married couple prepares an estate plan, often they will name each other as the health care power of attorney for the other spouse. Basically, if you were incapacitated, this means that your ex-spouse would be the person responsible for giving directions to your doctor about your health care. And, unless you split on good terms and remained best friends, I’m pretty […]

The Three P’s of Estate Planning

Three p's of estate planning

Whether you are just starting to think about putting together an estate plan, or you need to change one that you already have, it is helpful to think of estate planning in terms of the “three p’s”. What are the Three P’s of Estate Planning? Put simply, the three p’s of estate planning are the people and property that you need to include in your plan, as well as the plan that you put together to deal with them. To help make this more clear, let’s discuss these one at a time. People that you care about As you start […]

Why is Estate Planning Important to You?

why is estate planning important

Are you one of those people who secretly wonders, “why is estate planning important?” When you talk to friends and family about the topic, you all agree that it is something you should do, but deep down inside, you are wondering… Why? Why is estate planning important? Why should I care? Here are 5 reasons that estate planning is important. But before I get into that, let me explain that estate planning is important for anyone. You needn’t have a lot of money, or kids, or even a spouse. You see, estate planning is more than just getting a will […]

Last Minute Tax Tips to Reduce Your 2016 Tax Bill

last minute tax tips

Ok, so 2016 has come and gone. And even though there isn’t much you can do to reduce your income or accelerate your deductions from 2016, there are still things you can do to reduce your tax bill come April. Here are just a few of last minute tax tips that you should be thinking about to keep your tax bill down. Contribute to your retirement accounts The deadline to contribute to an Individual Retirement Account (IRA) or Roth IRA is April 17, 2017. If you are self-employed, then you may contribute to a SEP IRA, up through the date that […]

How a Spare Tire Is Like Your Estate Plan

estate plan

Yesterday was the first Monday of 2017, and while many people were home watching football, I was one of the few people in my office building working. But apparently that was a bad decision because when I left the office last night, I found a flat tire waiting for me when I got to my car. So I did what any normal adult would do, I called my Wife to tell her what had happened, then I took off my jacket, rolled up my sleeves, and put on the spare tire so I could make it home. This morning, I’m […]

North Carolina Estate Planning Do’s and Don’ts

North Carolina Estate Planning

Whether you are newly married, just had your first child, or are creeping up on your retirement, it’s a good idea to start thinking about putting together your estate plan. Creating an estate plan will help you to find peace of mind by knowing that in a moment of crisis, those closest to you would be taken care of. There are many downfalls to failing to create an estate plan, not the least of which include having your children taken into protective custody if you haven’t named a guardian, and not purchasing adequate life insurance to care for your loved […]

A True Gift for Your Family… The Legacy Conversation

legacy conversation

I’ve been very open about the fact that my mother died last January. I still remember the last “real” conversation I had with her. I was getting my tires changed and picking my car up from the shop. It was around New Years, and I let her know that I had planned to fly home in a couple of weeks to visit her with my oldest son and that I would be coming back again in February with my daughter. Aside from updating her about my travel plans, I wanted to check in because I knew that she wasn’t feeling […]

Asset Protection for Professionals and Small Business Owners in Cary, North Carolina

asset protection cary north carolina

One of the main ways to protect your wealth if you are a small business or a professional is to use one or more asset protection techniques to keep your assets away from would-be creditors. What is Asset Protection? A lot of people have heard of asset protection, but not many people truly understand what this term means. In a nutshell, asset protection is a concept that employs a multiple of different legal strategies to protect one’s wealth from future creditors. What is a future creditor? A creditor could come in a number of forms. It could be as simple […]