How Frequently Does Estate Law Change?
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If you’ve taken the time to sit down with an attorney and create an estate plan, than you’re ahead of the game. However, as your life changes, you’ll want your estate plan to change as well. Often, these changes reflect life changes such as divorce, marriage, birth, death, business or property ownership, and more. In other circumstances, it may make since to change your estate plan based on changes in estate law. While the law is certainly slow to change, nonetheless, the small changes made each year can add up and make it a good idea to periodically revisit your estate plan to ensure you’re achieving your goals.
Federal Estate Tax
The change that perhaps most people are aware of is the always changing federal estate and gift tax exemption, currently set at $11.2 million. For the moment, that amount is expected to stay the same, though changes in the political climate often drive changes to this figure. This exemption is now a per-person exemption, so a couple can plan together to exempt twice that amount. This change is a benefit to many larger estates, but does require some careful planning to fully utilize. Further, individuals and couples looking to take advantage of both estate and gift exemptions will need to pay attention to these federal changes and act accordingly.
Taking advantage of the federal estate tax exemption for large estates requires careful planning to ensure the value of the assets in the estate are less than the exemption. Further, you must make an election for portability for the estate tax exemption for the first spouse to die by planning for this eventuality in your estate and filing the appropriate paperwork with the IRS. If your estate exceeds the exemption, or there is the possibility of the law changing and lowering the exemption, then your estate attorney can help you set up other vehicles to protect your wealth and ensure you’re giving the gifts you want to the family, friends, and charities that matter most to you.
North Carolina Estate Law
North Carolina does not levy an estate tax, but if you die with property and assets in North Carolina, then you will be subject to North Carolina probate laws. These laws vary from state to state, especially in regards to property, so it’s important to engage educated counsel who can guide you in crafting an estate that fits your specific goals.
Periodically, the North Carolina legislature revisits different sections of the North Carolina Code. Further, as estates are probated and contested in court, the judicial system makes minor but meaningful changes in how the laws enacted by the legislature are interpreted. These changes, sometimes immediately, but especially over time, can add up to unanticipated outcomes for your estate plan. That’s why estate planning lawyers recommend revisiting your estate plan after major life events, but also every five years. This ensures that your plan is still in line with current reality, accurately reflects your goals, and will lead to the desired outcome.
Recent changes include, for example, changes to the Uniform Trust Code including guardianship for incompetent adults, clarifying changes to the role of trustees, and establishment of living probate procedures, where the court declares your will valid during your lifetime. In January of 2018, a new power of attorney statute went into effect, designed to bring clarity to the role of a power of attorney and provide both guidance and flexibility in the document. As part of this new law, estate attorneys are updating their durable power of attorney forms to reflect this new guidance and to no longer state that the document will be filed with the registrar of deeds to be valid. Any updated estates will include a form that reflects this updated law.
If you’re interested in setting up or updating your estate plan, reach out to Stacey Walters and the team at TW Estate Planning. They will take the time to learn about your family, your assets, and your personal goals in order to help you draft the estate plan that’s right for you now. Further, when you take advantages of the lifetime lawyer program, they will stay in touch and ensure you keep your estate updated as your life, and the law, changes. You can rest easy in the knowledge that someone experienced in the field is looking out for your goals and interests and bringing it to your attention when changes are needed.
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Celebrating Life with Shayla
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Managing Partner Stacey Walters was blessed with a beautiful angel for 10 years. Her daughter Shayla, who was born with a heart defect, unexpectedly suffered a cardiac arrest at 5 months old, leaving her severely disabled. In April 2018, Shayla unexpectedly gained her angel wings and left Stacey and her family on this earth. While Shayla forever changed their family’s life, she taught Stacey the meaning of selfless love and that we are never promised tomorrow.
Shayla’s story forms the pillar of our law practice: We are all going to leave this earth, but if we aren't prepared for the unexpected, the people we hurt the most are the ones we love the most! It is too important to have a plan in place, and everyone needs an estate plan for that unexpected time, but not just any plan- the perfect plan that easily ensures your final wishes are met while relieving the stress and burden on your family when you are gone!
At Thomas Walters Probate and Estate Planning Attorneys, we build lifetime relationships with our family of clients. We not only help ensure our clients have a current and perfect plan in place, but we give them peace of mind knowing both they and their family can always call on us a trusted advisor when the unexpected happens.
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Upcoming Estate Planning Events
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Register today! 800-769-1561
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Raleigh
Raleigh Monday, October 8 Nantucket Grill 1145 Falls River Ave. 6:30-8:00pm Dinner following
Raleigh Wednesday, October 10 Coquette Brasserie 4351 The Cir At N Hills St. # 119 11:00am-12:30pm Lunch following
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Cary
Cary Tuesday, October 9 Egg & I 1104 Ledsome Ln., Suite 101 10:30am-12:00pm Lunch following
Cary Tuesday, October 9 Lugano 1060 Darrington Dr. 5:30-7:00pm Dinner following
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Apex
Apex Thursday, October 18 Peak City Grill 126 N Salem St. 6:30-8:00pm Dinner following
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Durham
Durham Wednesday, October 10 Bocci 5850 Fayetteville Rd. 6:30-8:00pm Dinner following
Durham Tuesday, October 11 Bennett Pointe Grill, 4625 Hillsborough Road, 6:30pm- 8:00pm Dinner following
Durham Wednesday, October 17 Maggiano’s 8030 Renaissance Pkwy. 11:30am-1pm Lunch following
Durham Wednesday, October 17 Bleu Olive 1821 Hillandale Rd. 6:30-8pm Dinner following
Durham Tuesday, October 23 Bleu Olive 1821 Hillandale Rd. 11:30am-1pm Lunch following
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Greensboro
Greensboro Monday, October 22 Bravo! 3324 W Friendly Ave. 6:30-8pm Dinner following
Greensboro Monday, October 22 12 Southern Lights Bistro 2415A Lawndale Dr 11:30am-1pm Lunch following
Greensboro Monday, October 29 Undercurrent 327 Battleground Ave. 6:30-8:00pm Dinner following
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Clayton
Clayton Wednesday, October 10 Manning’s 406 E Main St. 6:30-8pm Dinner following
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Pinehurst
Southern Pines Wednesday, October 24 Scott’s Table 311 SE Broad St. 6:00-8:00 pm Dinner following
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Charlotte
Charlotte Thursday, October 18 Vine 13735 Conlan Circle 6:30-8pm Dinner following
Charlotte Thursday, October 25 Vine 13735 Conlan Circle 11:30am-1pm Lunch following
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Corneluis
Cornelius Thursday, October 25 Alton’s Kitchen 19918 Northcove Rd. 6:30-8pm Dinner Following
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Huntersville
Huntersville Thursday, October 18 Red Rocks 8712 Lindholm Dr. 11:30am-1pm Lunch following
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"Stacey is an exceptional Estate Planning attorney who works very closely with her clients. The first time you meet with her, you will know immediately that she has the expertise to walk you through the entire estate planning process. My wife and I are extremely pleased with the comprehensive Estate Planning Portfolio we now have in place that safeguards out assets and investments. It is a wonderful feeling to know that our estate will be distributed according to our wishes. We are also pleased that we can contact Stacey in the future to make changes or updates to all of our Estate Planning Documents."
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Bobby Glisson, Fuquay-Varina, NC
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Meet Attorney Ashley Kevitt
I was raised in the mountains of North Carolina in the small town of Brevard by my parents, Wayne and Sarah Kevitt along with my older brother. Growing-up, I participated in almost every sport, but I found my real passion in soccer, playing in Asheville for almost ten years. That experience helped to instill the concept of team work, responsibility and hard work from an early age.
I attended college at The University of North Carolina at Wilmington, where I majored in Political Science. While there I actively informed students on the issues in the 2008 election and encouraged them to get out and vote. Seeing the importance of the different issues and truly realizing that everyone’s voice makes a difference, I knew I wanted to be involved in the law and helping others. So, I became an active member of the pre-law club where I volunteered countless hours to various organizations in the community.
After graduating from The University of North Carolina at Wilmington in 2010, I attended the New England School of Law in Boston, Massachusetts. I had the opportunity to work with the tax commissioner of Boston, which confirmed my desire to focus on tax law and estate planning. Upon completing law school, I returned to my roots in Brevard, North Carolina where I opened my own practice that focused on estate planning. Desiring to be part of of a larger group, I transitioned to the Sanford Law Firm in Charlotte, practicing in the areas of estate planning, probate and estate administration as well as long-term care planning. After that valuable experience, I decided to join the Daly Family Law Firm in Statesville where I had the opportunity to start an estate division for the firm. My desire to develop this was driven due the community’s needs for someone to focus on all aspects of estate planning which ranged from simple Wills to more complicated Trust plans. I also helped clients in the probate estate administration process from start to finish ensuring all necessary steps were completed to the Court’s satisfaction. In addition to those estate matters, I worked with the Iredell County Clerk of Court serving as a court appointed Guardian ad Litem for proposed incompetent adults and minor children. This work further emphasized the need to educate people to have a complete plan in place for the unexpected. Major issues can and do arise at all stages of life, not just at their passing.
I recently moved back to the Raleigh area to be closer to my family who live throughout the Triangle and along the North Carolina coast. Knowing I wanted to continue my focus on the estate planning and estate administration area of law, I had the fortunate opportunity to join the Thomas Walters, PLLC firm. I, along with all of the lawyers, focus on estate planning and estate administration. We are a firm that connects with our clients through a caring and compassion based philosophy of practicing. We truly enjoy helping families learn and plan for the unexpected future, and I am excited to be part of a great team helping to create that perfect plan for our clients.
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Chapel Hill
1777 Fordham Blvd.
Suite 101
Chapel Hill, NC 27514
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Charlotte- North
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ExecuBusiness Center
10130 Mallard Creek Rd.
Ste. 300
Charlotte, NC 28262
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Charlotte- South
Ballantyne Business Center
13850 Ballantyne Corporate Pl. Suite 500
Charlotte, NC 28277
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Greensboro
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Byron Offices Suites
7-B Corporate Center Dr.
Greensboro, NC 27408
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Raleigh- Main
Access Office Business Center
8801 Fast Park Dr.
Ste. 301
Raleigh, NC 27617
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S. Raleigh Cary
4904 Waters Edge Dr.
Ste. 260
Raleigh, NC 27606
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The Pinehurst/West End
5228 NC-211 D
West End, NC 27376
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