Estate Administration in North & South Carolina
Navigating the complexities of estate administration in North and South Carolina can be overwhelming. At Collins Family & Elder Law Group, our trust and estate attorneys are here to provide expert guidance and support as you work through this experience. Whether you’re an executor going through probate, a beneficiary looking to understand inheritance tax in NC and SC, or simply trying to plan for the future, we’re here to guide you through every step of estate administration.
The estate administration process in North and South Carolina can be expensive, frustrating, and time-consuming, and it’s the last thing you need to be concerned with while you are grieving the loss of a loved one. An estate administration may involve:
- Filing a petition with the probate court;
- Sending a notice to heirs named in the Will or, if there is no Will, to statutory heirs;
- Collecting all of the estate’s assets;
- Petitioning the Court to appoint a Personal Representative;
- Filing an Inventory and Appraisement of all estate assets;
- Publishing a Notice to Creditors, and waiting the requisite eight-month period for the statutory notice period to expire;
- Paying estate debts to creditors;
- Selling certain estate assets;
- Paying taxes owed by the estate;
- Submitting a proposal for distribution of estate assets;
- Executing and filing deeds of distribution to estate heirs; and
- Making a final distribution of assets to heirs
If you are tasked with administering a loved one’s estate, we can help. Our estate attorneys in North and South Carolina can gently guide you through the process and ensure that the estate is handled efficiently and according to North and South Carolina laws. Let us do the work for you so that you can focus on your family during this difficult time. Contact us today to set up an appointment.
Before your estate can be administered, you must complete estate planning. This entails working with an estate attorney in North or South Carolina to plan how your finances, property, and other assets will be divided amongst your heirs. At Collins Family & Elder Law Group, our trust and estate lawyers have over 196 years of combined experience in all aspects of family and elder law and are proud to guide you through all aspects of estate planning and administration.
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At Collins Family & Elder Law Group, we take great pride in providing exceptional services that put you and your family first. You can read through some of our reviews from satisfied clients to see why they chose us as their estate attorney in North and South Carolina.
Frequently Asked Questions About Estate Administration
How does inheritance tax work in North Carolina and South Carolina?
Currently, there is no inheritance tax in North or South Carolina. This means that if you leave your heirs a specified amount, they won’t need to pay any taxes on it.
How long until my heirs receive their inheritance?
Several factors could influence when your heirs receive their inheritance. However, most instances take between six months and a year for disbursement, though some could take longer if there are disputes regarding your will.
What if my spouse or child will need an allowance?
In North Carolina, your spouse can apply through the court for an allowance from your estate for themselves and/or your child. If the allowance is granted, it will not be subject to any liens, judgments, or debt claims against your estate.
What is the Annual Gift Tax Exclusion?
There are no separate gift taxes in North or South Carolina. In North Carolina, the gift exclusion amount as of 2023 is $17,000, and it is $16,000 in South Carolina. While neither of these states taxes gifts up to these amounts, you or the giftee still may be subject to federal taxes on the money.
What are estate taxes (death taxes) in North Carolina and South Carolina?
Both North and South Carolina have repealed their estate taxes, meaning they are no longer a concern in these states. However, as with the gift tax above, the estate could still be required to pay federal estate taxes.
What is individual income tax?
Your estate must pay these personal state and federal taxes in the year following your passing.
What is estate income tax?
This is typically a tax levied against your right to transfer property upon your passing. However, there are no estate income taxes in North or South Carolina.
What is trust income tax?
This is a tax paid on the income generated by assets held in a trust. This tax will not be charged to an estate in North Carolina if the trust beneficiary lives within the state. This tax is charged at the same rate as individual filings in South Carolina and can vary depending on the year.
What are trusts?
A trust is a legal arrangement to allow a trustee to hold and manage assets on behalf of an estate’s beneficiaries. Trusts are typically used for estate planning, asset protection, and managing wealth for future generations. A trust can also help a trustee pay taxes for the estate or prevent heirs from being taxed at all.
Contact Collins Family & Elder Law Group
If you want to work with an experienced and compassionate estate attorney in North or South Carolina, Collins Family & Elder Law Group is here to help. Fill out our contact form below to request a consultation.