By Attorney Kelly Jesson

When Dolly Parton passed away last month, along with all of the tributes pouring in from every corner of the world, came a question estate planning attorneys hear all the time: who gets everything? Weeks later, we still don't have a clear answer. And according to the lawyers speaking to the press, we may never get one.

Parton's fortune has been estimated at $450 million, built from decades of songwriting royalties, Dollywood, and a sprawling collection of businesses and intellectual property. Her husband predeceased her last year, and the couple never had children. By the usual math, that should mean a very public, very complicated probate proceeding, with a courthouse full of records for every reporter and curious fan to comb through.

Instead, nothing has been filed: no will identifying beneficiaries. No probate inventory listing assets. Estate lawyers quoted in the days after her death gave a simple explanation: much of what she owned was very likely never in her name to begin with. It was already sitting inside one or more trusts.

That's not a loophole. It's one of the main points of having a trust. A properly funded trust never goes through that process at all. The trustee simply carries out the instructions the trust already contains, privately, without a filing, a docket number, or a stranger's ability to read who got what.

None of this happened by accident. In interviews going back to at least 2020, Parton spoke about deliberately getting her affairs in order with an estate attorney, citing the very public, very messy situations left behind by other entertainers who died without a plan. She wanted to spare her family exactly the kind of scramble and exposure that a will-only plan invites.

This is exactly what we help our clients build. You don't need a music catalog or a theme park to benefit from the same structure. Every trust-based plan we put in place for a client accomplishes the same three things Parton's apparently did: keep the details of what someone owned and who received it out of the public record, avoid a court process that can take months (or years) to resolve, and let a trustee step in and carry out clear instructions immediately, without waiting on a judge's calendar. Contact Jesson & Rains if you want to protect your legacy for your family outside of the public view.

​By Attorney Edward Jesson

For landowners who are concerned about taxes and/or their property being developed after they pass away, whether it be farmland, timberland, or mountain land, a conservation easement can be a valuable tool in estate planning. When properly utilized, conservation easements can protect land from future development, generate meaningful tax benefits at both the state and federal level, and help ease the transfer of property to the next generation.

Conservation easements are voluntary legal agreements between the landowner and a qualifying land trust or government entity that permanently limits certain uses of the land to protect its conservation value as undeveloped land. The landowner still owns the land, and can sell it, lease it, or pass it on to their heirs, but the easement runs with the land, meaning that the specific conservation restrictions bind all future owners, not just the person who granted it. Common restrictions may include limits on subdivision, commercial development, and mineral extraction, while still allowing things like agricultural use, timber management, and various recreational uses.

There can be several tax benefits to using conversation easements in your estate plan.  In North Carolina specifically, a conservation easement can provide a significant reduction in property taxes.  Someone who makes a qualified donation of a real property in North Carolina for an approved public benefit may be eligible for an income tax credit up to 25% of the fair market value of the land.

For high-net-worth individuals concerned about estate tax exposure, conservation easements can reduce a property’s fair market value due to the development restrictions, thus lowering their total net worth. Moreover, when land is donated to an eligible organization, it is usually treated as a charitable donation leading to significant tax benefits.

There are, of course, tradeoffs. Once recorded, a conservation easement cannot be undone by the current or future owner who has a change of heart about the best use of the land.  The specific terms of the easement are negotiated between the landowner and the holding organization, and the drafting stage is critical: a well-drafted easement, properly integrated into the broader estate plan, can protect both the land and the family for generations. On the other hand, a poorly drafted one can create restrictions no one intended and cause disputes among heirs who never agreed to them in the first place.

Anyone considering a conservation easement as part of their estate plan should work with an attorney early in the process, well in advance of signing anything restrictive, to make sure the easement's terms actually reflect the family's long-term goals and that the certification and credit application deadlines aren't missed. The attorneys at Jesson & Rains are ready to assist you in creating a conservation easement and all of your other estate planning needs. 

​By Associate Attorney Nicole M. Perozzi

If you’ve recently inherited a tax-deferred retirement account, such as a traditional IRA, you’ve also inherited a deadline.  The rules for liquidating an inherited IRA have significantly changed since 2020 with the enactment of the SECURE Act.

Prior to 2020, a beneficiary could “stretch” withdrawals from an inherited IRA over their entire lifetime, allowing tax-deferred assets to potentially grow for decades.  The SECURE Act ended that option for most beneficiaries.  If you do not meet one of the exceptions (such as being a surviving spouse), you likely will need to liquidate the entire IRA within 10 years of the deceased owner’s death.  The IRS further clarified in 2024 that if the deceased owner had already started taking their own required minimum distributions (“RMDs”) before death, the beneficiary must also take annual withdrawals in years one through nine of that 10-year period. Missing one of those withdrawals can trigger a steep penalty.

The rules that apply also depend on who it is that inherits the account-- whether you are the named beneficiary, the deceased owner’s Estate is the beneficiary, or deceased owner’s Trust is the beneficiary.

If you are directly named as the beneficiary, the standard “10-Year Rule” usually applies. However, if you are a surviving spouse, a minor child, or a disabled or chronically ill beneficiary, you may be able to stretch withdrawals over a longer period of time.

If the deceased owner’s Estate is the beneficiary, the Estate is not treated the same as an individual, and the same 10-Year Rule does not apply.  The rules are stricter, and how strict depends on whether the owner had already begun their own RMDs before death.  If not, the IRA typically must be liquidated within five years.  Plus, higher tax rates on withdrawals could apply.

If the deceased owner’s Trust (or subtrust) is the beneficiary, the Trust may be able to qualify for the 10-Year Rule, but this requires very careful drafting.  A Trust prepared before the SECURE Act may not work as intended.  If the Trust fails to qualify, it will be treated like an Estate and lose the more favorable rules.

Naming the wrong beneficiary on your IRA can carry significant tax consequences upon your death.  If you've recently inherited an IRA, or you're unsure how to name the beneficiaries on your own personal IRA, contact us today at Jesson & Rains to discuss your options!

By Associate Attorney Ashley N. Bonomini

Marriage is one of life's most important commitments, but it is also a legal and financial partnership. When most people think of prenuptial agreements, they think of divorce planning, but it is so much more than that.  A prenuptial agreement can be a foundational component of a sound estate and business plan.

While discussing a prenuptial agreement may not seem romantic, it provides couples with an opportunity to establish clear expectations regarding financial matters and protect their interests before entering into marriage. One of the primary benefits of a prenuptial agreement is the protection of premarital assets. Individuals entering a marriage often have property they wish to keep separate, such as real estate, investment accounts, retirement savings, family inheritances, or ownership interests in a business.

Many people are shocked to learn that, immediately upon marriage, your spouse has automatic rights as it relates to inheritance!  You cannot legally disinherit your spouse in North Carolina or leave them less than the statutory “elective share,” which is a percentage of your estate based on the number of years you are married, unless you have a prenuptial agreement.

Therefore, individuals who expect to receive an inheritance or who wish to preserve family assets for children from a prior relationship often use prenuptial agreements as part of their estate planning strategy.  A prenup can help ensure that inherited assets remain separate property and can clarify how assets will be distributed in conjunction with a comprehensive estate plan. This is significant for individuals entering a second (or third) marriage or those with children from prior relationships who want to preserve assets intended for their children or other beneficiaries while balancing the financial needs of a new spouse.

Likewise, prenuptial agreements are particularly valuable for business owners. A business may represent years of hard work and substantial financial investment. Without a prenup, questions may arise regarding the appreciation in value of the business during the marriage or whether marital efforts contributed to its growth. A carefully drafted agreement can help protect the business and minimize the risk of costly litigation. This is vital for business owners looking to protect their business and livelihood from distribution to a spouse as part of a divorce or at death.

To be enforceable in North Carolina, a prenuptial agreement must be in writing and signed by both parties before the marriage. The agreement should be entered into voluntarily, and both parties should have adequate time to review the terms and seek independent legal counsel. Waiting until just days before a wedding can create unnecessary pressure and may increase the likelihood of future challenges to the validity of the agreement.

Ultimately, a prenuptial agreement is not just about planning for divorce. Instead, it is a proactive planning tool that allows couples to make informed decisions about their financial future.

Jesson & Rains, PLLC, has recently added the preparation of prenuptial agreements to our service offerings.  We understand that discussing a prenuptial agreement can be a sensitive topic. Our attorneys work closely with clients to create customized agreements that protect their interests while promoting fairness, transparency, and peace of mind. Whether you are entering your first marriage, a second marriage, own a business, have significant assets, or simply want to establish clear financial expectations, our team can guide you through the process with professionalism and care.

By Associate Attorney Nicole M. Perozzi
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High school graduation season is here! If your child is heading off to college this fall, you’ve probably got a million things to do.  From making tuition deposits, to picking meal plan selections, to buying dorm supplies—the checklist of things to do over the next few months feels never-ending.  However, there’s one important item that most parents do not even realize is missing from their checklists.

Now that your child is 18 years old, you no longer have the legal right to make financial or medical decisions for them.  Colleges won’t discuss academic or financial records with you, even if you are the one paying the tuition. Doctors and hospitals won’t share any information with you about your child’s health, even in an emergency. You may be thinking, “But they’re still on my health insurance!” Unfortunately, it doesn’t matter.

The good news is there are three simple documents that can fix this: a Financial Power of Attorney, a Health Care Power of Attorney, and a HIPAA Authorization.  A Financial Power of Attorney allows your child to appoint a trusted individual to help manage their financial affairs now or if they are unable to do so in the future.  A Health Care Power of Attorney allows your child to appoint a health care agent to make medical decisions for them in the event of incapacity or unconsciousness.  A HIPAA Authorization allows your child to designate individuals to receive health care information about them, regardless of incapacity. Together, these documents ensure that you can still be there for your child when it matters the most.

Getting a Financial Power of Attorney, a Health Care Power of Attorney, and HIPAA Authorization signed before move-in day is easier than you think.  Having a conversation with our team here at Jesson & Rains means one less thing on your checklist this summer.  Plus, you can use this as an opportunity to talk with your child about what to do in an emergency and how you can still be a resource to them, even as they start this new chapter all on their own.  Give us a call!