Legal Glossary

Estate Planning

Federal Estate Tax Exemption

The total value of assets you can transfer at death without federal estate tax. As of 2026, the exemption is $15 million per individual.

Intestate Succession (NCGS Chapter 29)

How North Carolina distributes your assets if you die without a valid will. The state decides who inherits and in what order.

Probate (North Carolina)

The court-supervised process of validating a will, settling debts, and distributing assets after death. Governed by NCGS Chapter 28A.

Revocable vs. Irrevocable Trust

A revocable trust can be changed or cancelled during your lifetime. An irrevocable trust generally cannot. Both are governed by NCGS Chapter 36C.

Business Succession Planning

Cross Purchase Agreement

A cross-purchase agreement is a type of buy-sell agreement in which each co-owner of a business agrees to purchase the ownership interest of a departing, deceased, or disabled co-owner directly from that owner or their estate, rather than having the business entity itself make the purchase.

Intestacy

Intestacy is the legal condition of dying without a valid will, which causes a person's estate, including any business interests, to be distributed according to the state's default inheritance rules rather than the decedent's wishes.

Charging Order

A charging order is a court-issued remedy that allows a creditor of an individual LLC member to intercept distributions the LLC makes to that member, without giving the creditor direct ownership of the membership interest or the right to participate in management.