Estate Planning

Easley Wins - Gift Tax Here Until at least 2010

By Gregory Herman-Giddens

Yesterday the North Carolina General Assembly reached an agreement on the budget, but it did not include a repeal of the gift tax in 2009.  Instead, the repeal was put off until 2010.  However, given the state of the economy and continuing budget woes, I for one won't count on repeal until it actually takes place.

Most North Carolina residents and even many attorneys aren't even aware of the NC gift tax.  In my practice I have learned of many, many gifts that have been made over the years and not reported as required.

If the General Assembly ultimately decides to keep the gift tax, I believe they should provide funds to the Department of Revenue to hire me as a consultant!  I have a few ideas that would result in a marked increase in tax collected.

Full post as published by North Carolina Estate Planning Blog on July 04, 2008 (boomark / email).