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Schell Bray’s Amy Kincaid Named NCBA Estate Planning and Fiduciary Law Section Vice Chair

Attorney Amy H. Kincaid has been appointed Vice Chair of the North Carolina Bar Association’s Estate Planning and Fiduciary Law Section for 2014-2015. She served as the Section’s Treasurer for 2013-2014.

The Estate Planning and Fiduciary Law Section has more than 1,200 members, sponsors CLE programs and services and provides members with a substantive newsletter. Ms. Kincaid regularly counsels clients on a wide variety of income tax, estate planning, estate administration, and charitable giving issues. She is a Board Certified Specialist in Estate Planning and Probate Law by the North Carolina State Bar Board of Legal Specialization.

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Schell Bray’s Dori Wiggen Named NCBA Elder and Special Needs Law Section Vice Chair

Attorney Dori J. Wiggen has been appointed Vice Chair of the North Carolina Bar Association’s Elder & Special Needs Law Section for 2014-2015. In addition, Ms. Wiggen is scheduled to serve as Elder and Special Needs Law Section Chair in 2015-16. She served as the Section’s CLE Chair for 2013-14.

The Elder & Special Needs Law Section focuses on issues related to the elderly population of North Carolina i.e., Medicare and Medicaid. The section, currently with 550 members, sponsors CLE programs and services; provides members with a substantive newsletter, Gray Matters; and helps mold the association's legislative agenda for presentation to the N.C. General Assembly. Ms. Wiggen’s practice concentrates on elder law, special needs, and trusts and estates. She counsels clients on issues including special needs planning, guardianships, Medicaid, veterans benefits, wills, trusts, estate administration, probate, powers of attorney, healthcare powers of attorney, and living wills. 

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Amy H. Kincaid panelist at the NC Bar Association Program

Amy H. Kincaid, a member of the Schell Bray Trusts and Estates Practice Group, was a panelist at the NC Bar Association’s 35th Annual Estate Planning & Fiduciary Law Program in Kiawah Island, SC on July 19, 2014. Ms. Kincaid’s topic was “Practical Portability Panel – Ins and Outs and Advising When a Client Dies”.

Amy Kincaid regularly counsels clients on a wide variety of estate planning and tax issues. Ms. Kincaid is a Board Certified Specialist in Estate Planning and Probate Law by the North Carolina State Bar Board of Legal Specialization. She received her J.D. degree with high honors and Order of the Coif from the University of North Carolina at Chapel Hill School of Law in 1998.

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What Does Portability of the Estate and Gift Tax Exemption Mean for You?

June 2014

By Amy Kincaid

What is the estate and gift tax exemption?

The estate tax is a tax on the transfer of your property at death.  The gift tax is a tax on the transfer of property during your lifetime.  The estate and gift tax exemption is the amount you can transfer to individuals other than your spouse free of estate and gift taxes during your lifetime or at your death (Generally speaking, you can transfer as much as you want to your spouse without incurring estate and gift taxes).  The estate and gift tax exemption was $1 million in 2002-2003, $1.5 million in 2004-2005, $2 million in 2006-2008, $3.5 million in 2009,$5 million or more in 2010 and 2011 (note: there were special rules for decedents dying in 2010); $5.12 million in 2012, $5.25 million in 2013 and $5.34 million in 2014.

What is portability? 

Portability is the name for a concept that allows the surviving spouse of a decedent to inherit his or her estate and gift tax exemption.  It means that a couple can pass, in 2014, up to $10.68 million in assets to their intended beneficiaries without having to set up a trust. 

Is there a cost to elect portability? 

Yes.  A Federal estate tax return (Form 706) must be filed at the death of the first spouse to die, and the IRS has the ability to review that return until the inherited estate and gift tax exemption is used by the surviving spouse.  It can be costly and time consuming to file Form 706.

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What We Practice
Business Real Estate Trusts and Estates

Our business lawyers serve as regular outside counsel to public and privately held businesses with diverse interests in local, national  and international markets.  » more

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At Schell Bray, our Elder Law and Special Needs Law practice encompasses many different fields of law providing for the unique legal and financial demands of senior citizens and people with disabilities. Our attorneys assist clients and their families with a variety of legal issues, from estate planning to long term care issues, with a primary emphasis on promoting quality of life for the client. Schell Bray takes a holistic approach to planning to ensure that each client’s plan addresses the legal, medical, financial, and social needs of the client.
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At Schell Bray, our Elder Law and Special Needs Law practice encompasses many different fields of law providing for the unique legal and financial demands of senior citizens and people with disabilities. Our attorneys assist clients and their families with a variety of legal issues, from estate planning to long term care issues, with a primary emphasis on promoting quality of life for the client. Schell Bray takes a holistic approach to planning to ensure that each client’s plan addresses the legal, medical, financial, and social needs of the client.
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The lawyers in our Commercial Real Estate practice group have a broad range of experience and expertise. We offer sophisticated legal services often associated with large law firms combined with small-firm efficiencies, which we believe provide our clients with the best of both worlds. » more

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Schell Bray’s tax-exempt organizations practice has the breadth of experience and depth of knowledge to help our charitable and nonprofit clients innovate and achieve their missions while keeping compliant with applicable laws. Our attorneys provide high level, practical legal counsel that comes from decades of experience in - and a deep commitment to - the nonprofit sector and its component organizations. » more

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At Schell Bray, our Trusts and Estates practice group is involved in all aspects of estate and trust planning and administration, from preparing basic estate planning documents to planning and implementing the most cutting-edge planning techniques to transfer wealth and preserve assets. We provide a full range of estate and trust planning and administration services. We advise beneficiaries and fiduciaries of estates and trusts on their rights and duties, and we form and advise tax-exempt entities. » more

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Meet Our People
Edward T. Chaney
Edward T. Chaney

Ed Chaney focuses his practice on advising tax-exempt organizations on a broad range of tax and corporate matters, including organization formation, structure, and governance, obtaining tax exemption, ongoing tax and regulatory compliance, unrelated business income taxation, charitable giving, investment management…» more

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