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A trust is only as good as the trustee you assign to oversee it after you pass. Trustees do have a fiduciary obligation to faithfully carry out your wishes. However, there are no “trustee police ...
North Carolina Department of Revenue v. Kimberley Rice Kaestner 1992 Family Trust, 588 U.S. ___ (2019), was a United States Supreme Court case in which the Court held that the presence of in-state beneficiaries alone does not empower a state to tax trust income that has not been distributed to the beneficiaries where the beneficiaries have no right to demand that income and are uncertain to ...
It’s important to speak to a lawyer and tax accountant or tax attorney to discuss the tax ramifications of an irrevocable trust. An irrevocable trust can also protect the beneficiary’s ...
But you may want to consider a living trust instead for these reasons. 1. You own assets in different states. When you own assets like real estate in different states, using a will to pass them ...
The term "grantor trust" also has a special meaning in tax law. A grantor trust is defined under the Internal Revenue Code as one in which the federal income tax consequences of the trust's investment activities are entirely the responsibility of the grantor or another individual who has unfettered power to take out all the assets. [20]
The North Carolina Department of Revenue was created in 1921 by the North Carolina General Assembly. The department is headed by a Secretary that is appointed by the Governor. The secretary is a member of the North Carolina Cabinet. Currently, the department is responsible for administering the collection of the North Carolina state income tax ...
The federal estate tax only applies to any amount over $12.92 million. At that point, there’s a 40% tax rate. However, some states’ estate taxes which start on much lower amounts.
The legislature derives its authority from Article II of the North Carolina Constitution. [11] The North Carolina General Assembly is the state legislature. Like all other states except for Nebraska, the legislature is bicameral, currently consisting of the 120-member North Carolina House of Representatives [12] and the 50-member North Carolina ...