January 2014’s New Estate Tax Law

Estate Planning Raleigh NC: Take a Look at The New Estate Law! 

January 1st, 2014 marked a new law for estate planning in Raleigh NC, as well as, the rest of the state of North Carolina. The new tax law will eliminate the North Carolina estate tax. In the past, this estate tax was put in place to take care of the federal death tax credit.  The law goes into effect for those estates for any who deceased on or after January 1st, 2013.

What does this mean, exactly? Simply, eliminating the state estate tax means that certain North Carolina estates will no longer be subject to tax collection, before a deceased person’s belongings are distributed among its heirs.

Before the law took effect, North Carolina collected high taxes on certain estates. Though that percentage was lower than other state’s estate taxes, it was still a large amount for those that had a significant estate.

It is hoped that this new exemption law will help to make everything simple and clear to understand. It’s also hoped to eliminate any loopholes, so that all are treated equally.

If you have any questions regarding the new estate tax law for 2014, feel free to contact our lawyer in Raleigh NC, for help. We are available to sit down with you and discuss your current plan and the ways it may be impacted by the laws.  We can also work with you on updating your estate plan.

If you’re just beginning to think about estate planning and want to start a plan soon, contact our lawyer in Raleigh NC, as well! We can provide direction to assist you with getting your plan in place and ready.

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