Estate Tax Planning Services

Steward Ingram & Cooper, PLLC provides trust and estate tax planning in Chapel Hill so families and business owners can protect assets and reduce the tax burden on heirs. Since 2000, our CPAs have worked alongside estate attorneys throughout the area, often for business owners and professionals planning both succession and personal legacy. If you’re in need of outsourced tax planning for an estate, reach out to our CPAs today. We work with families and business owners in the greater Chapel Hill area with complex estate and trust tax planning matters.

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.

Local Estate Tax Planning to Reduce Financial Burdens

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. With CPA dedicated to your estate tax planning in Chapel Hill, we prioritize your financial obligations, ensuring the burden is as minimal as possible.

Reasons to Establish a Trust with a CPA

When you set up a trust, you are naming a trustee, a person or institution who holds and manages assets on behalf of the people you choose as beneficiaries. Chapel Hill families use trusts for a range of reasons:

  • Spells out precisely how and when heirs receive their inheritance
  • Moves assets to beneficiaries faster than the probate process allows
  • Can reduce the taxes your heirs owe
  • Keeps the details of your estate out of the public record
  • Gives you control over the timing of distributions, which matters if a beneficiary is a minor or better served by receiving funds gradually rather than all at once
  • Provides ongoing support for a beneficiary with special needs
  • Puts a plan in place for managing your assets if you are ever unable to do so yourself

An estate attorney handles the legal drafting, but an accountant should be part of that conversation from the start, since the tax choices built into a trust are just as permanent as the trust itself.

Why Choose Our CPA Firm?

Our CPAs have more than 20 years of combined experience in estate tax and estate planning, working alongside your attorney to make sure the tax side of your plan holds up. 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. Our CPA firm serving Chapel Hill is on your side to prepare for the future and are committed to helping you meet your financial goals.