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Blog Posts (31)
- Estate Taxes in North Carolina
North Carolinians are used to paying income taxes each year. However, at death, they can be subject to a different form of taxation – estate taxation. Estate taxation is different from income taxation because it is not a tax on your income. Instead, it is a tax on your “net worth” at the time of your death. Estate Taxation Vs. Income Taxation The distinction between estate taxation and income taxation can be seen in comparing a worker who is age 35 with a retiree who is age 75. The 35-year-old worker who earns a high salary and a bonus may have a greater annual income than the 75-year-old retiree who lives on Social Security and some retirement income. On the other hand, because the 35-year-old worker is younger and has had less time to accumulate property, the 35-year-old worker may have a lower “net worth” than the 75-year-old retiree who owns significant assets. In this comparison, the 35-year-old worker is subject to a greater potential for income taxation, while the 75-year-old retiree is subject to a greater potential for estate taxation. [Need help with probate? We offer helpful probate services and will work with you to find the plan that meets your needs. Learn more.] Estate Taxes Vs. Property Taxes In terms of other taxes, estate taxes probably can best be somewhat compared to property taxes – a tax on the value of the assets that you own, rather than on the income derived from the assets that you own. Estate taxes are different from property taxes because estate taxes also take into account liabilities and are only imposed at death. Taxable Estate Persons in North Carolina are subject to estate taxes assessed by the Federal government. The tax base for Federal estate taxation is known as the “taxable estate” (the legal equivalent for Federal estate tax purposes of your “net worth”). The taxable estate is equal to the “gross estate”, less certain “allowable deductions”. Gross Estate And Taxable Estate The gross estate generally is based on the value of the decedent’s assets at the date of death. The gross estate can include: Real estate; Stock and bonds; Mortgages and promissory notes payable to the decedent; Cash (in possession or in banks); Death benefit proceeds from life insurance on the decedent’s life; The decedent’s applicable interest in a jointly-owned property; Interests in business; Claims, rights, and judgments owned by the decedent; Digital assets; Household goods and personal effects and other personal property (including automobiles); Assets transferred by the decedent to a revocable Living Trust; Assets subject to certain powers of appointment; Annuities; and IRAs and pension plans. After the gross estate is aggregated, the following items can be allowable deductions from the gross estate to determine the taxable estate: Funeral expenses; Expenses incurred in administering property (including attorney fees); Liabilities of the decedent (including mortgages and liens); Net losses during the administration of the decedent’s estate; Transfers of assets to a surviving spouse (the “marital deduction”). The marital deduction may be the most important deduction to reduce Federal estate tax liability, as assets that transfer to a surviving spouse (probably the most common form of testamentary disposition on the death of the first-to-die spouse) are not subject to Federal estate tax liability. The marital deduction is unlimited, meaning that it can apply to any amount of transferred assets; and Transfers of assets to a charity. Once the taxable estate is determined, it generally is subject to a Federal estate tax rate to compute a Federal estate tax liability. Federal estate tax rates are graduated, ranging from 18% to 40%. Federal estate tax liability is then subject to certain estate tax credits. Estate Tax Exemption The most important of these estate tax credits is known as the “unified credit” or the “estate tax exemption amount”. The estate tax exemption amount is intended to exclude certain estates from Federal estate tax liability; when the taxable estate is below a certain threshold amount, it is considered too small to be subject to Federal estate tax liability. The estate tax exemption amount is indexed for inflation. For decedents dying in 2023, the estate tax exemption amount is $12,920,000. This amount means that any decedent dying in 2023 whose taxable estate is $12,920,000 or less will not be subject to Federal estate tax liability. It also can be viewed that in 2023, a married couple can have joint taxable estates of $25,840,000 ($12,920,000 x 2) or less and not be subject to Federal estate tax liability. If a decedent does not need to utilize all of the decedent’s estate tax exemption amount, it is possible that the decedent’s surviving spouse can utilize the unused decedent’s estate tax exemption amount (known as the “deceased spousal unused exclusion” amount) under the concept of “portability”. Based on the combined effect of the unlimited marital deduction and the large estate tax exemption amount, most North Carolinians will not have to pay Federal estate tax liability on death. However, if the decedent’s gross estate is more than $12,920,000 in 2023, a Federal estate tax return must be filed. Federal Estate Tax liability In addition, if a surviving spouse intends to utilize the deceased spousal unused exclusion amount of a deceased spouse, a Federal estate tax return for the deceased spouse generally must have been filed. A Federal estate tax return is filed on Form 706, “United States Estate (and Generation-Skipping Transfer) Tax Return. Form 706 generally must be filed within nine months after the date of the decedent’s death. If you are potentially subject to Federal estate tax liability, there are certain steps that can be taken during your lifetime to minimize any Federal estate tax liability. Three steps to minimize your Federal estate tax liability are: Gifting. By gifting assets to younger family members, you can both reduce the amount of your gross estate and potentially defer any payment of Federal estate tax liabilities until their deaths (if expected to be later than your death). Irrevocable life insurance trust. An irrevocable life insurance trust can exclude death benefit life insurance proceeds from your gross estate. Charitable donations. Donations of property to charities on your death can reduce your taxable estate. Conclusion The above discussion focuses on Federal estate taxes. Some states also assess state estate taxes. However, North Carolina repealed its state estate tax in 2013. Thus, North Carolina resident decedents only need to be concerned with Federal estate taxes, and not state estate taxes. The proper handling of estate taxes (and other taxes) is one aspect of the probate process in North Carolina after a decedent’s death. If you need help guiding through estate tax issues or any other issue in the probate process in North Carolina, please call North Carolina Probate Solutions at 252-902-9006. Denise Harper Davis Certified Probate Real Estate Specialist Licensed Realtor 252-902-9006 * NOTE: North Carolina Probate Solutions and the author of this article is not a licensed attorney or CPA. This post should not be considered legal or tax advice. Always consult an estate attorney or tax professional when needing legal answers and legal advice.
- Coping with Grief and Probate
Losing a loved one is an incredibly difficult and emotional experience, and it is one that we will all face at some point in our lives. Whether it's a spouse, parent, sibling, or close friend, the pain of losing someone you love can be overwhelming, and the feelings that come with it can be intense and varied. The Initial Shock: Coping with the Unbearable The initial shock and disbelief that comes with losing a loved one can be almost unbearable. It's common to feel numb, and as if you're living in a dream or a fog. You may find yourself struggling to concentrate, forgetful, or feeling like you're in a daze. The first few days can be particularly difficult, and you may feel like you're in a constant state of disbelief. [Need help with probate? We offer helpful probate services and will work with you to find the plan that meets your needs. Learn more.] Navigating the Emotional Rollercoaster: Feelings that Come in Waves As the reality of the loss sets in, you may find yourself feeling a range of emotions, from intense sadness and grief to anger, guilt, and even numbness. These emotions can come in waves, and you may find yourself feeling overwhelmed by them at times. It's important to remember that these feelings are a normal part of the grieving process and that it's okay to experience them. Finding Your Own Way: Coping Strategies for Grief Grief is a very personal and individual process, and it can be difficult to know how to cope with your feelings. Some people find solace in spending time with friends and family, while others prefer to spend time alone. It's important to do what feels right for you and to take the time you need to process your emotions. Honoring Their Memory: Celebrating a Life Well-Lived One thing that can help is to find a way to honor your loved one's memory. This might involve creating a memorial or dedicating a space in your home to them, or it might involve participating in a charity walk or event in their honor. Finding a way to celebrate their life can help you to focus on the positive memories you have and to find some comfort during a difficult time. Moving Forward: Taking Things One Day at a Time It's important to remember that the grieving process takes time and that everyone experiences it differently. There's no right or wrong way to grieve, and it's important to be kind to yourself during this difficult time. Reach out for help if you need it, and take things one day at a time. With time and support, you will find a way to move forward and honor the memory of your loved one. Grief is a complex emotion, and there's no right or wrong way to cope with the loss of a loved one. Remember that it's okay to feel the way you do and to take the time you need to process your emotions. By finding your own way to cope and by celebrating the life of your loved one, you can begin to move forward and honor their memory. Navigating the Probate Process in North Carolina: The Importance of Seeking Help Losing a loved one is a challenging and emotional experience, and dealing with the probate process in North Carolina can make it even more overwhelming. It's a process that can be complex, time-consuming, and fraught with bureaucracy, and it's one that you may find difficult to handle alone. The Complexity of the Process: Understanding the Legal Requirements The probate process in North Carolina is a legal procedure that takes place after someone passes away. It involves validating their will, identifying their assets, and distributing their estate to their beneficiaries. The process can be complex and requires a thorough understanding of North Carolina probate law. It involves a lot of paperwork and legal requirements that can be daunting for anyone who's not familiar with them. The Time and Effort Involved: Managing a Lengthy Process The probate process can be lengthy, and it can take anywhere from several months to several years to complete. During this time, you'll need to manage the estate, pay off any outstanding debts, and ensure that the assets are distributed according to the will. This can be a time-consuming and emotionally draining process, especially if you're trying to manage it alone. The Importance of Seeking Help: Working with a Real Estate Probate Specialist Trying to manage the probate process on your own can be a daunting task, and it's easy to get overwhelmed by the complexity and the bureaucracy involved. A real estate probate specialist can help you navigate the process, manage the paperwork, and ensure that the estate is distributed according to the will. They can also provide emotional support and help you through the difficult emotions that come with losing a loved one. Meet Denise Davis: Your Certified Probate Real Estate Specialist in Greenville, NC I may not know exactly what you’re going through right now but I just want to let you know something: you're not alone. The process can be overwhelming, time-consuming, and stressful, but you don't have to go through it by yourself. I'm Denise Davis, a certified probate real estate specialist (CPRES) and licensed realtor in Greenville NC, and I'm here to help you through this difficult time. You Don't Have to Navigate the Probate Process Alone As a certified probate real estate specialist, I'm here to guide you through the probate process and help you navigate the complex and often confusing legal requirements. I understand the emotional toll that losing a loved one can take, and I'm here to provide compassionate support and expert guidance as you navigate the process. The Benefits of Working with a Certified Probate Real Estate Specialist Working with a certified probate real estate specialist like myself has numerous benefits. I have specialized knowledge and experience in handling probate transactions and can provide you with valuable advice and guidance throughout the process. I can help you navigate the bureaucracy involved in probate, handle the legal requirements and paperwork, and help you avoid costly mistakes. (Unfortunately, that happens as well…) How I Can Help You Manage the Probate Process As your certified probate real estate specialist, I can provide you with a range of services to help you manage the probate process. I can assist with the valuation and sale of real estate, help you identify assets, and provide support and guidance throughout the entire process. I can also help you connect with other professionals, including attorneys, accountants, and financial planners, to ensure that your loved one's estate is managed correctly. Contact Me Today to Discuss Your Needs If you're struggling to navigate the probate process on your own, I'm here to help. Contact me today to discuss your needs and find out how I can assist you. Don't let the complexity of the probate process add to your stress and anxiety - work with a certified probate real estate specialist like myself and get the support and guidance you need to manage the process with confidence. Denise Harper Davis Certified Probate Real Estate Specialist Licensed Realtor 252-902-9006 * NOTE: North Carolina Probate Solutions and the author of this article is not a licensed attorney or CPA. This post should not be considered legal or tax advice. Always consult an estate attorney or tax professional when needing legal answers and legal advice.
- The Critical Role of Probate in North Carolina
The death of a loved one can be a challenging and emotional experience, but it's important to ensure that their assets are distributed according to their wishes. In North Carolina, this process is known as probate, and it is an essential step in the settlement of a deceased person's estate. The probate process not only ensures the distribution of assets to the rightful beneficiaries, but also provides a framework for settling outstanding debts, taxes, and other financial obligations. [Need help with probate? We offer helpful probate services and will work with you to find the plan that meets your needs. Learn more.] Why Probate? One of the main reasons for the probate process is to certify the deceased person's will. The probate court reviews all relevant documents to ensure the will is valid and meets all legal requirements. This process helps to prevent any disputes over the distribution of assets, and it paves the way for the deceased person's wishes to be carried out as they intended. In cases where the deceased person did not leave a will, the court will distribute the assets according to North Carolina's laws of intestacy. Another important reason for the probate process is to settle any outstanding debts and taxes. The probate court serves as a forum for creditors to come forward and make a claim against the estate. This makes certain that all debts are paid before the remaining assets are handed out, protecting the beneficiaries from being held responsible for any payments that might be due. The Probate Process The probate process provides a clear and certain determination of who the deceased person's assets belong to and how they should be doled out. This can help to prevent disputes between family members and also increase the likelihood that the estate is settled in a timely and efficient manner. In many cases, the probate process can be straightforward and relatively quick, especially if the deceased person left a clear and comprehensive will. Sometimes, the process can involve the services of a probate real estate agent. These agents specialize in the sale of property and can help ensure that the estate's belongings are sold swiftly and for the best possible price. This can be especially important if the deceased person owned multiple properties, if the estate is facing financial difficulties, or if there are assets that require special handling. Conclusion As you can see, the probate process in North Carolina is a crucial step in the settlement of an individual's estate. It guarantees that all debts and taxes are taken care of, assets are distributed according to the deceased person's wishes, and also provides clarity and certainty to the inheritors. If you are an executor or administrator of an estate, it's important to understand the nuances of this process and work with a probate agent if necessary, so that you can ensure the estate you are looking after is handled correctly. Remember, the probate process is not only about the distribution of assets but also about honoring the memory of your loved one. It's a chance to pay tribute to their life and see that their belongings are distributed how they would have wanted. By taking the time to understand the process and enlisting the right professionals, you can make certain that their legacy is preserved and their assets are distributed exactly how they intended. Denise Harper Davis Certified Probate Real Estate Specialist Licensed Realtor 252-902-9006 * NOTE: North Carolina Probate Solutions and the author of this article is not a licensed attorney or CPA. This post should not be considered legal or tax advice. Always consult an estate attorney or tax professional when needing legal answers and legal advice.
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- Contact | North Carolina Probate Solutions
Contact Us If you have any questions regarding the probate process or our services please contact us. Contact Us First Name Last Name Email Phone Write a message Submit Thanks for submitting! Denise Will Contact You Shortly! Opening Hours Mon - Fri 9:00 am – 5:00 pm Saturday Closed Sunday Closed
- NC Probate Solutions | Probate Real Estate Agent | North Carolina
Whether it's selling your property or guiding you through the probate process, we can help you. North Carolina Probate Solutions “one-stop” approach is designed to take the probate workload off of you. From paperwork assistance to putting the house on the market, my solutions team and I will coordinate it all. As your certified probate real estate agent, it is my purpose to serve and provide you with a seamless experience. Steps To Begin The Probate Process in NC If your loved one created a will, you will need this to begin the process. Obtain the death certificate. Locate and list your loved one assets, liabilities and heirs. Contact the Clerk of Superior Court in the county where your loved one resided. If there is not a will the courts will appoint an administrator. Do You Understand The North Carolina Probate Timeline? It is very important that you know and understand the probate timeline. Almost every part of the probate process has a time that things must be turned in, carried out and completed. As your certified probate real estate agent, I can help keep you on track with the probate timeline and recommend tools to keep things simple and organized. When you call me, I will explain it to you so you have a clear understanding and then email you your very own probate timeline table to serve as a reminder of when you need to have things done. Call To Get Your FREE Copy! 252-902-9006 If you Are Feeling Overwhelmed with the thoughts of: Understanding and Following the probate timeline. Creating an inventory list of assets and liabilities. Getting the home prepared to put on the market to sell. Finding the right attorney, accountant, contractor, inspector or other professionals, No Worries. I can help you. about Hello, I'm Denise Davis, a certified probate real estate specialist (CPRES) and licensed realtor in Greenville NC. I help individuals all across North Carolina to confidently navigate through the probate process. Since 2007, I have worked as a registered nurse. It is just as important to me that I provide my clients with the same care, trust and understanding that I provide my patients. When you work with me, I will help remove some of the stress that the probate process can bring, because I care and I want this process to be one less burden on you. I wish I could say that the probate process was a quick and easy process, but in all actuality there is a timeline to be followed and it can take some time to get through it. If you are unfamiliar with the probate process it is important that you work with a probate real estate agent like myself to help put in place the necessary services that you are going to need to bring the probate process to completion. If real estate is involved and needs to be sold, as a probate real estate agent, I will assist you in getting the home ready to be placed on the market. I will assist you in gathering the correct forms and information to present to your attorney and/or the Clerk of Superior Court. If you do not have an attorney, I can assist you in finding an experienced caring attorney who specializes in probate cases and will take the time to listen and answer your legal questions. My solutions team consist of a network of investors, accountants, appraisers, inspectors, contractors, clean up and removal crew, estate sales, all ready to assist you with your needs. And most of all, keep you updated with what's going on with the process so that you never feel lost or alone. Let's Talk 252-902-9006 Denise Harper Davis Certified Probate Real Estate Spe cialist Licensed Realtor "My goal is to make a complicated emotional process easier for all involved." North Carolina Probate Solutions does not provide legal or tax advice. GET YOUR PROPERTY VALUE CURIOUS WHAT YOUR PROPERTY IS WORTH? One of the first steps to being a strategic seller of Probate property is to know the current market value of your home. Get a General Market Value of Your Property Compare Your Property Condition to Recently Sold Properties Adjust the Value Based on Condition Don't Take On Probate Alone. Getting The House Prepared to Sell. I know it can be difficult and emotional selling the home of a loved one who has passed away, especially if you are living miles away from the home. Finding a certified probate real estate agent who can be trusted and is familiar with the probate process, the details and necessary steps to place the home on the market and get it sold for the highest price possible is imperative. This is because a house that is involved in probate can sometimes be handled differently than your traditional home sale. If things are not handled correctly it can cause a delay in the process and a delay in the heirs or beneficiaries receiving what is rightfully theirs. To ensure that the process runs smoothly my solutions team is in place and ready to handle all of the necessary details to selling your loved one's home and keep you updated with the process so you have one less thing to worry about. 252-902-9006 We Will Help Coordinate Clean Up & Donations Removal of Unwanted Items Maintenance & Repair Utilities Selling & Marketing House-Keeping Locksmith & Board-up Abandoned Vehicle Removal Inspections Appraisals and much more Free Consultation to Assess Your Needs and Goals Free Market Analysis so You Know Where You are Positioned Pre-Sale Renovation Option to Get You the Highest Possible Price A Customized Marketing Plan to Attract the Right Buyers Probate Resources and Service Providers to Help You From Petition to Disposition Highly Skilled Negotiation with Investor Buyers Escrow Service Providers Who Know Probate Inside & Out CONCIERGE SERVICES FOR MY CLIENTS We can help you get the home ready to be placed on the market and sold for the highest price possible. We Can Help Make The Probate Process EASIER When you work with us we will be diligent in assisting you through the probate process from start to finish! Communication Listening to your concerns and questions and ensuring that everyone is on the same page. Implementation Executing all necessary and required steps in a timely manner Assistance Knowing which documents to start with and how to fill them out is crucial to getting started. We will help you with this. Probate Real Estate Agent Get the property prepared to go on the market and Selling it for the highest price possible. Guidance If necessary, we will connect you with other professionals to help you such as attorneys, contractors, inspectors and more. Expertise You will have access to a team of professionals by your side every step of the way. Frequently Asked Questions? Questions You May Be Wondering About What Is Probate? Probate is the legal process of administering a person’s estate after they pass away. This would include things like carrying out the instructions in the will, distributing assets, paying taxes, and more. What if I Avoid Probate If the deceased had any assets or debts, the consequences of not probating a will can be fairly serious, both for the estate and for you personally. How Long Will It Take? Administering an uncontested probate and estate administration in North Carolina generally takes between six months to a year. The process and time involved can vary depending upon the nature and complexity of the Estate. Probate Terminology General Probate Questions Definition and Duties of the Personal Representative/Executor Property Issues * Disclaimer : North Carolina Probate Solutions and the author of this site is not a licensed attorney or CPA. This site should not be considered legal or tax advice. Always consult an estate attorney or tax professional when needing legal answers and legal advice. The above information is provided for informational purposes only. While we do our best to keep our content and links up-to-date, state laws may change periodically, so be certain to confirm any state specific information with a local authoritative source such as the court clerk’s office, or if necessary, an attorney. For specific or individualized advice regarding your situation, please consult with a probate clerk of court, qualified trust & estates tax &/or legal professional, or reference the North Carolina probate code.
- Denise Davis Sold My Home! | NC Probate Solutions
Denise Davis, Realtor/Certified Probate Real Estate Specialist Denise Davis is a realtor and a certified probate real estate specialist. If you are looking for a probate real estate agent to assist you in selling your home give Denise a call 252-902-9006. Princeville, NC. Rocky Mount, NC Greenville, NC Grifton, NC Princeville, NC. Greenville, NC Washington, NC Rocky Mount, NC Grifton, NC. Ayden, NC Winterville, NC Beaufort County, NC Greenville, NC