News + Insights

Death and Taxes for North Carolina Business Owners

Written By Jennifer V. Boyer and Matthew W. Thompson

Changing tax laws, political uncertainty, and the whole family at Thanksgiving can take us on a roller coaster ride of ups and downs.  But savvy business owners (and their estate planning counsel) know that – in…

Weathering the Storm: How to Get Your Affairs in Order

Written By Eldridge D. Dodson

In the aftermath of Hurricane Florence in 2018, I wrote this article to help individuals and families navigate the legal and financial issues that often follow a devastating storm. I remember the incredible outpouring of …

Marriage, Divorce & the Family Business: Protecting the Family Business from Divorce

Written By William S. Durr and Melody J. King

One's ownership in a closely held business (often a family business) may be affected by a separation or divorce. In many situations, the business will be joined as a party in an equitable distribution lawsuit. "Equitable …

The Toils of Heirs Property and Agriculture in North Carolina

Written By Jane Francis Nowell and Peter B. von Stein

The farmland of North Carolina cradles not only agricultural abundance but also a significant legal challenge: heirs property (also commonly known as "heirs' property" or "heir property"). This designation arises when lan…

Easing the Burden: The Gift of Planning for Incapacity

Written By Virginia S. Carter and Eldridge D. Dodson

Normal aging can be challenging, but caring for an aging family member with dementia is particularly difficult.  Over the years, we have often seen caregivers suffer from exhaustion, compromising their mental and phys…

Can You Feel the Love Tonight? Estate Planning for Couples

Written By Jennifer V. Boyer

Let's be honest.  Legal documents are not written in anyone's love language.  On Valentines Day, we undoubtedly would prefer to exchange thoughtful presents, enjoy an intimate meal with our significant other, or …

Ensuring a Furry Future: Estate Planning for the Pets We Love

Written By Jennifer V. Boyer and Sydney C. Smith

Pets are not just animals, they are cherished members of our families, providing unconditional love and companionship. That is why, as responsible pet owners, it is our duty to ensure that our beloved furry friends are ca…

Who Will Take Care of My Horse When I Die?

Written By Kristin D. Mitcham

"Want a stable relationship? Get a horse."  "Horses lend us the wings we lack."  "There is no better place to heal a broken heart than on the back of a horse."  "…for there is no other feeling in the…

Top 10 Articles for Businesses in 2023

Written By Merrill G. Jones, II

As we eagerly anticipate the New Year, it's time to reflect on the most impactful articles that captured the attention of businesses in 2023. This year, Ward and Smith attorneys provided invaluable insights into a wide ra…

Ward and Smith: Our Highlights of 2023

Written By Laura V. Hudson

As we reflect on the past year, it's evident that 2023 has been remarkable for Ward and Smith. We've welcomed new team members, launched new practice groups, and been recognized in some pretty rare air, if we do say so ou…

Senior Savvy: Wise Owls Navigating Cyber Scams

Written By Angela P. Doughty, CIPP/US, AIGP and Sydney C. Smith

As the relentless march of technology continues, scams have evolved into cunning traps, presenting a challenge to individuals of all ages. Among the great tapestry of age groups, despite the wealth of experience and wisdo…

Gimme Shelter: General Trust Planning for Future Generations

Written By Jennifer V. Boyer

Some are quick to dismiss asset protection trust planning as too complex or unnecessary.  For those not in a "certain tax bracket," this type of planning may seem like an over-reach by an estate planning attorney.&nbs…

Is Your Estate Plan Past Due for a Check-Up?

Written By Jennifer V. Boyer and Eldridge D. Dodson

Estate planning professionals help clients look ahead and anticipate future contingencies.  By necessity, however, estate plans are crafted based on laws and circumstances existing at the time they are put in place.&n…

Basic Estate Tax Planning For Married Couples: Opportunities For Use Of Estate Tax Exemptions

Written By Peter B. von Stein

A primary goal of most married couples when contemplating basic estate planning documents is to ensure that the surviving spouse, and commonly, the couple's children and grandchildren, are supported financially. Permissib…

Estate Planning With Limited Liability Companies: Transfers of Business Interests as a Planning Opportunity

Written By Matthew W. Thompson and Peter B. von Stein

Limited liability companies ("LLCs") are used regularly in estate planning to achieve estate tax savings and to consolidate asset management.  The first of these objectives can be realized when a business entity is u…

Has Your Business Attorney Met Your Estate Planning Attorney?

Written By Richard J. Crow and Zachary F. Lamb

Every business should have documentation that confirms its ownership, management, and governance structures. If the business has more than one owner, the documentation should address transfers of ownership interests and c…

"It Ain't Over 'Til It's Over" - Use Of A Funded Revocable Trust In Estate Planning

Written By Jennifer V. Boyer and John R. Sloan

Revocable trusts can simplify asset management during life and facilitate and make private asset transfers at death.  You may think that your estate planning work is done when you sign your revocable trust agreement, …

Take a Bite Out of the Estate Tax: Estate Planning with Life Insurance

Written By Jennifer V. Boyer

In the movie The Pink Panther Strikes Again, Inspector Clouseau asks a hotel clerk standing near a dog whether his dog bites.  The clerk says no.  Clouseau reaches down to pet the dog.  The dog bites his han…

Whose Business is it Anyway? A Business Succession Case Study

Written By Jane Francis Nowell

Three Ward and Smith attorneys provided an overview of succession planning, estate planning, divorce, and the separation of assets. The seminar — A Business Succession Case Study — used an interactive presenta…

Are Your Retirement Accounts SECURED? Action Steps for Plan Participants and IRA Owners

Written By Zachary F. Lamb

Passed by Congress in late 2019, the SECURE Act contained the most significant changes to qualified retirement plans (QRPs) and IRAs since the Pension Protection Act of 2006. Notably, the SECURE Act eliminated the ability…

How an Estate Plan Can Protect Against Financial Exploitation

Written By Eldridge D. Dodson

I suspect that many of you, like me, have deleted an email from a friend that says he is away on a trip and needs you to wire him money.  According to experts, despite increased phishing emails and robocalls, it is f…

Estate Planning Considerations That Apply to Nearly Everyone

Written By Peter B. von Stein

Our attorneys field questions every day about the nuanced estate planning issues that arise due to a client's unique circumstances, but there also are many fundamental estate planning considerations that apply "across the …

Be Mindful of Income Tax in Estate Planning, Particularly Basis

Written By Virginia S. Carter and Zachary F. Lamb

Avoidance of estate taxes is one consideration in estate planning.  Under current law, however, estate tax issues generally affect only the wealthiest 1% of the population, but everyone should be mindful of income ta…

"Generation-Sharing" - Tax Planning That Benefits the Entire Family

Written By Jennifer V. Boyer and John R. Sloan

Historically, only the very wealthy engaged in generation-skipping estate planning. Families and individuals who do not think of themselves as "very wealthy," however, also can reap significant benefits from this type of p…

Joint Trusts: A Useful Tool for Some Married Couples

Written By Zachary F. Lamb

Though not a silver bullet for every situation, in appropriate circumstances, a Joint Revocable Living Trust ("Joint Trust") can provide a married couple with significant benefits and simplify the administration of assets …

Making a Difference: Charitable Trust Planning

Written By Jennifer V. Boyer

The past few years have exposed a lot of needs in our communities, and many of us feel even more compelled to give back what we can. It seems more important now than ever to support worthy charitable organizations that ar…

Mamas: Are Your Ducks in a Row?

Written By Jennifer V. Boyer

To all my fellow Moms, Mommies, and Mamas:  Hopefully, you were able to rack up some quality To-Do-List-Free time in honor of Mother's Day.  It is well deserved!  (Don't worry Dads: you will get your day soo…

Make Estate Planning a Point of Focus in 2022

Written By Peter B. von Stein

Spring is nearly here, and for most people, this new season brings a sense of revival and motivation.  Even if your 2022 New Year's resolutions have long since gone by the wayside, as most have, now can and should be…

Preventing Trust and Estate Disputes

Written By Jenna Fruechtenicht Butler

The death of a loved one should be a time for a family to come together.  As a trust and estate litigator, unfortunately, I often see families fall apart.  Every family's situation is different, but certain issu…

Yours, Mine, and Ours: Estate Planning for Blended Families

Written By Virginia S. Carter and Eldridge D. Dodson

According to recent statistics, four out of every ten families are blended families.  As you might expect, estate planning for blended families is often complicated.  Proper planning requires not only careful fi…

A Farewell to the Current Gift and Estate Tax Exemption?

Written By John R. Sloan

We recently wrote about a window of opportunity to take advantage of the rising estate and gift tax exemption before it sets. It is becoming clearer that the window may be shutting fast.  The opportunity to take…

The Exemption Also Rises (But Could Set Soon)

Written By John R. Sloan

The amount that you can give to your children during life or leave to them after death estate tax-free currently is at a historically high level.  As of January 1, 2021, an individual can give or leave $11.7 million …

Flexibility in the Face of COVID-19: When Culture and Technology Align

Written By Angela P. Doughty, CIPP/US, AIGP

We didn't know what we would be asked to do during the pandemic, or how flexible we would all need to become to continue work during this unusual year. Here are just a few examples of how Ward and Smith has aligned our te…

Estate Planning Resolutions for 2021

Written By Peter B. von Stein

The holiday season soon will have come and gone, and many of us will be glad to begin turning the page on the unprecedented year that was 2020.  In retrospect, it is easy to focus on the negative aspects of a year th…

How to Contest a Will: The Basics

Written By E. Bradley Evans

We all know that a person can control who will own his or her property after death by signing a will.  But when questions arise as to the circumstances surrounding the signing of the will, what can be done to challeng…

Happy 18th Birthday! Your College-Aged Child is an Adult. Now What?

Written By Virginia S. Carter

Believe it or not, as of your child's 18th birthday, your child is an "adult" in the eyes of the law.  Turning 18 years old, however, has important legal implications that most people do not realize: your ability to …

Temporary Relief for NC Taxpayers Under New COVID-19 Legislation

Written By Lee C. Hodge and Peter B. von Stein

Members of the North Carolina General Assembly made good use of their time leading up to the short session that began on April 28, with each chamber filing a COVID-19 relief bill within twenty-four hours of reconvening. Se…

New NC Law Relaxes Requirements for Execution of Estate Planning Documents

Written By Zachary F. Lamb

Unusual times call for unusual measures.  On May 4, 2020, the North Carolina General Assembly passed Session Law 2020-3 to relax the legal requirements associated with the execution of estate planning and other legal…

Turning Low Value Lemons Into Estate Planning Lemonade – Part I Gifting Opportunities

Written By Jennifer V. Boyer

The novel coronavirus pandemic has had a dramatic impact on the U.S. economy.  Investors have experienced record-setting fluctuations in marketable security values on U.S. exchanges, and global markets are bracing fo…

Update: Tax Filing Deadlines Moved to July 15 Amidst COVID-19 Pandemic

Written By Peter B. von Stein

The IRS announced on Saturday, March 21, that it would move the U.S. income tax filing deadline for all taxpayers and businesses from April 15th to July 15, 2020.  More expansive than prior relief measures, the feder…

Essential Documents: Preparing for COVID-19

Written By Eldridge D. Dodson

In this unprecedented and uncertain time, health experts are providing us with the facts about COVID-19.  Being well-informed enables us to know what measures to take in avoiding exposure to COVID-19 – starting…

Estate Planning Resolutions for 2020

Written By Peter B. von Stein

The holiday season has come and gone, and it's hard to believe that we are on the brink of a new year and decade.  For many of us, the start of a new year can be a time of empty commitment to self-betterment.  …

Lifetime Transfers of Family Business Interests: An Estate Tax Planning Opportunity in Uncertain Political Times

Written By Peter B. von Stein

When a family business owner's goal is to ultimately pass ownership of the business on to the next generation, business succession planning and the owner's estate planning are inextricably linked.  The most difficult…

Is it Time to Review Your Succession Plan Documentation?

Written By Merrill G. Jones, II and Zachary F. Lamb

Business succession and estate plans are made based on circumstances existing at the time they are put in place.  Though skillful attorneys strive to prepare comprehensive documents that take into account all reasona…

Top 10 Estate Planning Mistakes & How to Avoid Making Them

Written By Virginia S. Carter and Eldridge D. Dodson

As estate planners, we have seen it all over the years.  What we have learned is that people make some common mistakes.  Whether due to procrastination, lack of follow through, or ignoring their own mortality!&n…

Estate Planning Resolutions for 2019

Written By Peter B. von Stein

The holiday season soon will have come and gone.  For many of us, the start of a new year can be a time of empty commitment to self-improvement.  Meaningful resolutions are often made but are rarely kept.  …

What Could Go Wrong? The Importance of Business Succession Planning

Written By Merrill G. Jones, II and Zachary F. Lamb

Most business owners expect that their company will continue to operate after they stop working. However, successfully transitioning control of a business rarely occurs without thoughtful planning.  Consideration mus…

Tax Reform – What Does it Mean for You and Your Business?

Written By Lee C. Hodge and Steven B. Long

Let's face it—the Internal Revenue code (the "Code") and the reams of regulations that implement the Code can be very complex. However, most individuals and business owners want to take advantage of every tax maneuve…

Do I Need An Estate Plan?

Written By Zachary F. Lamb

Do you care who will receive your assets upon your death? Do you have a minor child or children and want to have a say in who takes care of them if something happens to you? Do you care who will take care of you if you…

Asset Protection Planning: Steps You Should Consider Now

Written By Virginia S. Carter

Is the federal estate tax law going to change or be abolished under the Trump administration?  Time will tell.  One thing is certain: tax laws may change but the litigious nature of our society is not going away.…

Succession Planning—Bet the Farm on It

Written By E. Bradley Evans, Matthew W. Thompson, and Peter B. von Stein

Despite recent trends toward consolidation in the agricultural industry, farming generally remains a family affair.  According to the United States Department of Agriculture, 98% of all farms in the United States are …

Estate Tax Reform Predicted for 2017

Written By Eldridge D. Dodson

A key goal for those of us who practice with Ward and Smith is to inform our clients and future clients of potential developments that may impact them.  With respect to Trust and Estate Law, the potential for repeal o…

How Non-Probate Assets Can Affect Your Estate Plan: A Few Cautionary Tales

Written By Virginia S. Carter and Peter B. von Stein

When you think about the control of your possessions and assets after your death, you probably think of a Will and probate.  A Will is a written, legally enforceable declaration that states how you wish your assets to…

Choosing Wisely - Selecting a Trustee

Written By Virginia S. Carter

Many people use a revocable trust as part of their estate plan because of its probate avoidance and privacy benefits after death.  In addition, many people, whether using a will or a revocable trust, want their benefi…

The Aftermath of Obergefell: Unsettled Times for Tenancy by the Entirety

Regardless of your politics, your religious beliefs, which side of the social divide you're on, or how you feel about it, one thing is now certain:  same-sex marriages are now legal in this and every other state. …

The IRA Trust: The Reese's Cup® of IRA Beneficiary Planning

Written By John R. Sloan

Two primary goals for designating a beneficiary of an Individual Retirement Account Trust ("IRA Trust") are (a) minimizing income tax and (b) preventing creditors from reaching the IRA Trust assets.  Accomplishing eit…

Dust Off Your Existing Trusts

Written By Gregory T. Peacock

Rising federal estate tax exemptions are providing you an opportunity to reconsider your existing trusts to determine whether a trust termination may provide an income tax benefit to your trusts' ultimate beneficiaries.&nb…

Gamechanger - Your Spouse's Entitlement to Your Estate

Written By Gregory T. Peacock

The Marital Elective Share When a married person dies, North Carolina and many other states provide the surviving spouse with an elective share of the deceased spouse's estate if the share actually left to the spouse is l…