Estate Tax Planning Services

While we understand it’s difficult to think about the future after you’re passing, estate planning is a necessity to protect your loved ones. Our CPA firm in Chapel Hill can help you create an estate plan that will protect your loved ones and ensure your financial wishes are carried out. We can also assist you with planning and implementing trusts and tax preparation related to estate planning and trusts.

What is an Estate Plan?

An estate plan is an in-depth series of documents that outline your wishes should you become incapacitated or pass on. While a will designates who gets your assets and belongings, this is only one part of the estate plan. It will also include a living will, designate a power of attorney, and provide information related to beneficiary accounts including your 401k and life insurance. Due to the complexity of these issues, it’s important to have an accountant or attorney create these documents and walk you through your wishes.

Estate Tax Planning

As of 2019, estates valued below $11.14 million are not taxed before they are bequeathed to your heirs. Also, neither the state nor federal governments impose taxes on inheritance or inherited funds. This reduces the burden on your loved ones after your passing. However, your loved ones may have to pay taxes on certain assets you leave them. Any income generated by an inheritance, such as a rental property or business, is taxable, as are capital gains from selling property, investments, or other items.

Establishing a Trust

A trust is an agreement that designates a third party (called a trustee) to hold funds or assets on behalf of your beneficiaries. Not only is this a tax-advantageous strategy, it also details how and when heirs receive assets. For example, if you have beneficiaries who are minors, you may create a trust and allow a trustee to provide them an allowance from those funds until they reach a certain age. Attorneys often establish trusts, but an experienced accountant can provide financial guidance to assist with this matter.

Why Choose Our CPA Firm?

Steward Ingram & Cooper PLLC offers over 20 years of experience and knowledge related to estate taxes and estate planning. We understand the unique needs of our clients and strive to help them navigate the challenges of estate planning to ensure their heirs are well provided for and free of avoidable tax burdens. We’re on your side to prepare for the future and are committed to helping you meet your financial goals.