Should I be worried about Estate taxes?
Uncle Sam's share
North Carolina has no estate taxes (as of 1/1/24). The current federal exemption is $12.92 million in 2023, but that exemption is supposed to sunset in 2025. If you have more than $4 million in total assets, we need to discuss estate taxation to be sure there is a plan in place to minimize those taxes should your net worth exceed the exemptions in place when you pass. For those with estates that may be subject to inheritance or estate taxes, it is important that we work with your CPA, financial advisor, and tax professionals to develop a long term plan to minimize the potential impact of these taxes on your estate and heirs.