SimplyTrust Knowledge Base

A: For decades, Alabama followed the "pick-up tax" system. Under this system, the state estate tax was directly tied to the federal estate tax credit for state taxes paid. Essentially, the state piggybacked on federal rules—when someone paid a federal estate tax, part of it redirected to the state.

A: The underlying goal—smoother, more private transfers—is the same. And the core benefits are similar in both states. Streamlining administration after you're gone. Helping avoid or minimize probate for assets titled in the trust. Keeping the details of your plan more private than a will alone.

A: Colorado didn't always skip estate taxes. In 1927, the state created an inheritance tax, paid by people receiving property. In 1980, lawmakers swapped that for an estate tax, paid by the estate itself before assets passed to heirs.

A: A revocable trust—also called a living trust—is a flexible estate planning tool that allows you to manage your assets during your lifetime and determine how to distribute them later. You can update, amend, or cancel the trust at any time while you're alive and mentally competent.

A: Have you ever wondered how long your last will and testament remains valid in North Carolina? Many people assume it’s a simple lifetime document, but the truth is a bit more nuanced. In North Carolina, a will can remain valid until it is revoked, but certain circumstances can affect its enforceability.