What happens if you have a will or revocable trust agreement which leaves some or all of your assets at death to a beneficiary who predeceases you? To whom do assets pass at your death, which are earmarked for the deceased beneficiary? The answer is more complicated than you might imagine, and it can be dependent on a number of factors. Beneficiary designations in a well-drafted will or revocable trust agreement will anticipate unexpected events, such as the death of…
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The federal gift tax and estate tax exclusion was doubled from $5 million, indexed for inflation, to $10 million, indexed for inflation, by the Tax Cuts and Jobs Act of 2017, which is currently scheduled to expire in 2026. Including the index for inflation, the total exclusion for 2021 is $11.7 million per person, or $23.4 million per married couple. Because of the high exclusion under the Tax Cuts and Jobs Act, very few people are currently required to pay…
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For married taxpayers with total assets of several million dollars or more, it is important to consider whether the estate tax exclusion of the first spouse to die should be utilized to minimize federal estate taxes upon the death of the surviving spouse. Anything which a decedent leaves outright to his or her surviving spouse will qualify for the deceased spouse’s estate tax marital deduction and will pass to the spouse, tax-free. However, that property will become part of the…
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What do you do if someone wrote a will, but the will cannot be found after the testator’s death? Will that person’s estate pass to his or her heirs according to the North Carolina intestacy laws, which are applicable when a person dies without a will? No. It is possible in North Carolina to probate either a lost will or a will which has been inadvertently destroyed without the testator having the intent to revoke the will. In North Carolina…
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Business North Carolina has named Rebecca Smitherman, partner at Craige Jenkins Liipfert & Walker, to its 2020 Legal Elite list. Rebecca is recognized in the Tax & Estate Planning category for this year. To be selected for inclusion in Business North Carolina’s Legal Elite, the magazine asks attorneys in the state to vote for their peers who excel in their respective practice areas. Please join us in congratulating Rebecca on this honor.
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Craige Jenkins Liipfert & Walker LLP has been awarded the Winston-Salem Journal Readers’ Choice Award for Best Law Firm for the second year in a row! Craige Jenkins is rated #1 Best Law Firm for 2019. We are honored to receive this distinction and we thank all of the community members who voted for us. We are very proud to be of service to you each and every day.
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Craige Jenkins Liipfert & Walker LLP has been awarded the 2018 Winston-Salem Journal Readers’ Choice Award for Best Law Firm! CJLW is rated #1 Best Law Firm. We are honored to receive this distinctions and we thank all of the community members who voted for us. We are very proud to be of service to you each and every day.
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Julian Robb, partner at Craige Jenkins Liipfert & Walker LLP, has been awarded the 2018 Winston-Salem Journal Readers’ Choice Award for Best Real Estate Attorney! Julian is a board-certified specialist in both Residential and Commercial Real Property Law. During his 20 years of practice, Julian has helped many individuals and families achieve their dream of home ownership, and has assisted countless businesses in their efforts to grow and thrive. Thank you to the members of community for voting in the…
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Rebecca Smitherman has been elected as a Fellow to The American College of Trust and Estate Counsel (“ACTEC”). ACTEC peer-elects a class of Fellows from across the United States as well as internationally, and its selection process is rigorous. ACTEC’s press release describes the organization and its membership as follows: ACTEC is an organization of peer-elected trust and estate lawyers and law professors who are skilled and experienced in: the preparation of wills and revocable and irrevocable trusts; probate; trust,…
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On Friday, April 13, 2018, Craige Jenkins attorneys, staff, and our friends and colleagues in the community attended the 2018 Annual Pinwheel Gala, held by The Parenting PATH (formerly Exchange/SCAN). Assistant District Attorney Jessica Spencer, Chairperson, and Elizabeth Miller, Executive Director, were the hospitable hosts for the evening. The event featured a silent auction, a live auction, a D.J., a Community Hero award presentation, and even a moving testimonial from an individual in the community whose life had been changed…
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