Monday, November 18, 2013

Website redesign

Please take a look at our website which we have redesigned. It still needs some work and more info but we believe it is an improvement and headed in the right direction!

Thursday, November 7, 2013

10th Anniversary

In October, our firm celebrated our 10th Anniversary!
Our early years were spent on a second floor office on Main Street in Waynesville, when we also had one other partner, Caleb Decker.
Since then, we moved to our new offices in 2006, and have become an established firm here in Waynesville, North Carolina, focusing solely on the practice areas of real estate, wills, trusts, probate, and estate administration.

Laura S. Bell also celebrated her 10 year anniversary with our firm, being with us from the beginning, when she answered phones, handled bookkeeping, and serve as the firm's sole paralegal.  Now, she is the firm's senior paralegal assisting Sarah with probate and estate administration.

Sarah also has Tricia, who assist her with wills and estates.

We have a full time receptionist, Tiffany, who also handles some of the bookkeeping.

And, Derek has a full time primary paralegal, Pam Rogers, who assists him with closings, as well as part-time staff member Pam Starnes.

We are pleased to continue to serve our clients here in Waynesville, Haywood County, and Western North Carolina!

Tuesday, August 20, 2013

North Carolina Estate Tax Repealed

On July 23, 2013, the state of North Carolina repealed its estate tax, with an effective date of January 1, 2013.

Therefore, the only estate tax (death tax/inheritance tax) for North Carolinians remains the federal estate tax, which only applies for those estates above $5,250,000 for 2013 (with this amount being increased for inflation going forward).  For a married couple, each spouse generally can use this amount, with the proper planning.

Friday, January 4, 2013

2013 and beyond.... The Estate Tax

Congress finally passed a bill preventing the formidable problem of the "fiscal cliff."  And, in that bill, Congress dealt with the estate tax.  As you may recall, we were scheduled to default back to a $1 million exemption with a rate of 55% for any amounts over the exemption.

However, with the passing of the bill, we now essentially have a continuation of the $5 million exemption, along with the inflationary adjustment.  The inflationary adjustment in 2012 resulted in $5,120,000.  We do not yet know the inflationary adjustment for 2013.  But, we do now know that you can still generally pass a little over $5 million dollars tax free upon your death.  While the tax rate for any amount over the $5 million exclusion was approximately 35% in 2012, that amount has been increased to a flat 40%.

Congress also adjusted the annual gift exclusion amount, which is adjusted from time to time for inflation.  In 2013, you can now generally gift $14,000 per recipient without filing a gift tax return or decreasing the amount you can pass at your death.

Disclaimer: IRS Circular 230 Notice:  Please be advised that this post should not be construed as tax advice.  Many factors affect your personal situation.  Any tax information contained in this blog or any postings (or in any attachments) is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code.