Can You Avoid Probate And Estate Tax?
The short answer is yes. You can avoid probate and you can avoid paying estate taxes. However, it is a complex reality because probate is a process that an estate goes through, and estate taxes are paid on the value of the estate. It takes careful planning and forethought to accomplish this task.
At Kirschbaum, Nanney, Keenan & Griffin, P.A., our attorneys are highly experienced in asset protection measures for people planning their estates. We understand North Carolina law regarding both the probate process and estate taxes. We work diligently for our clients in Raleigh – as we have for the last four decades – to provide detailed estate planning services.
How To Avoid Probate
Probate is the process where all the debts of an estate are settled, and all the assets are distributed. If there are no debts or assets in an estate, then there is nothing to go through probate. There are three ways to accomplish this:
- Utilize irrevocable trusts.
- Add Joint ownership with the right of survivorships to financial accounts.
- Create payable on death/transfer on death accounts.
Our attorneys have experience with all of these measures and can guide you through making these changes to your financial portfolio. We can also draft all the necessary documents you need to keep your assets secure and protected from any probate matter.
How To Avoid Estate Taxes
The same steps you would take to avoid probate are the same ones that you would need to avoid the federal estate tax. Additionally, there is an exemption amount for federal estate taxes, and if your estate’s value is beneath that, your estate may not face that burden.
We Answer Questions. We Provide Support.
With any estate planning issue, we have the experience to provide real, impactful answers to your questions. Our estate planning and probate lawyers are ready to speak with you about how to best preserve your assets. Call 919-295-0930 or send an email to schedule a meeting.