North Carolina Estate Tax News

If you plan on dropping dead, you might want to do it before 2013…that is, if you want your family to inherit anything.  Otherwise Uncle Sam has a get rich quick scheme he’s fix’n to drop on your loved ones.  Did you work hard for your house…your farm…your family????  TOO BAD, IT BELONGS TO THE GOVERNMENT upon your death in 2013 because they are going to have to SELL IT to pay the taxes.  Let us hope the NC Legislature gets their act together this May.  Meanwhile, teach your children to work hard so they can leave it all to the Wealth Re-Distributors who have taken over our U.S. Federal Government.

 From Civitas (Excerpt):

Members of North Carolina’s Revenue Laws Committee are considering drafted legislation to repeal the state’s death tax. North Carolina’s death tax is tied to the federal estate tax. Thus, as of Jan. 1, 2013, both the federal and the state tax will be applied to estates with assets of $1 million or more (the previous exemption was $5 million). The lower exemption means that more and more small businesses and family farms will be subjected to the tax, jeopardizing the rights of the owners to pass down their property to their heirs.  More

Current news on possible upcoming legislation here.

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