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In addition, a person may currently pass up to $675,000 to anyone other than his surviving spouse without paying any federal transfer taxesI often speak with couples whose individual estates are well below the $675,000 threshold who have concluded that since their estates will not owe any federal tax, they do not need an estate plan. tax refund calculator Nj tax forms. However, if you have a small estate, consider the following recommendations before making the same conclusion:Preparing a WillIf you die intestate (without a Will), state law will determine who receives your assets and how much each person receives. Even if you do not have significant assets, state law can cause results that you probably would not have intended. For example, under the North Carolina Intestate Succession Act, if you have a wife and a child and die intestate, not everything will pass to your surviving spouse. tax refund calculator Federal tax table 2002. Depending on how the assets are titled between you and your wife, your child will also be entitled to a share of your real estate and personal property, a result which is probably contrary to what you would have desired. If the child surviving you is a minor (under the age of 18 in North Carolina), the result can be even more complicated because a guardian will have to be appointed by the court to manage the assets received by the child. Appointing a GuardianMost couples with young children are extremely concerned about what will happen to their minor children in the event both parents die or become disabled. tax refund calculator Tax table. A Will is one of the best ways for protecting your children because it allows you to appoint during life who you want to take care of your children upon your death. Under North Carolina law, there are basically two types of guardians -- a guardian of the person and a guardian of the estate. The guardian of your child. s person would be responsible for deciding where your child would live, where the child would go to school, the child. s religious upbringing, and other personal matters. The guardian of your child. s estate would be responsible for managing any assets that have been passed on to the child. You should be aware that although using your Will to appoint a guardian of the person for your minor children is absolutely essential, there are disadvantages to using a guardianship of the estate with regard to any property passing to your minor children. Under North Carolina law, the guardian of a child. s estate must file burdensome accountings with the local court. In addition, when a child reaches the age of 18, the guardianship terminates and the child receives his or her property outright. In other words, a guardianship does not prevent your children from wasting their inheritance away instead of using it for their educational needs. Creating a TrustAn effective way to provide for your children and avoid the burdens of a guardianship is to create a trust within your Will that can hold any assets passing to your children until they reach a certain age. Your Will would direct your Executor to distribute any assets passing to a child under the age of 25 (or any age you choose) to a Trustee to be held pursuant to the terms of the trust. A trust is an extremely flexible and effective way of providing for a child. s most important needs like education and health care. You may wonder whether a trust is necessary if you do not have significant assets to put into the trust.
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