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Steps You Can Take To Protect Your Assets After Your Death

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Many individuals worry about what will become of their property at their death, and the good news is that you can, by and large, control what becomes of it through estate planning. You don’t have to wait until later in life until perhaps you’ve amassed significant wealth to document your wishes for the disposition of your assets in a will or to fund trusts, for example. You can put in place an estate plan right now so that you can rest comfortably knowing everything is clearly documented or set up in alignment with your preferences. 

Below are some of the steps you can take to protect your assets after your death and make sure they go where you intend.

Draft a Will 

The 2023 Wills and Estate Planning Study by Caring.com shows that only 34% of Americans have taken the time to create an estate plan. While it’s most likely that those who have created at least a will, that statistic lets us know that at least 66% of Americans likely don’t have one, which is certainly concerning. Why? 

A will, among other things, allows you to document what you’d like to happen with your property upon your demise, whether that’s your sentimental heirlooms that have been passed down through the generations, your car, social media accounts, cash on hand, etc. Thus, as you can likely read between the lines, having a will in place can protect your assets from ending up in someone else’s hands other than who you intended. 

Fund a Trust

Some of the reasons individuals fund trusts as part of the estate planning process are minimizing their state or federal tax burden, preserving a person’s access to government benefits, protecting their assets from creditors, and exerting more customizable control over the distribution of them. There are many different types of trusts to choose from, including revocable and irrevocable ones, each with its own purposes, pros and cons, which you’ll want to discuss with a Raleigh estate planning attorney like ours at Wilson Ratledge, PLLC, to ensure they protect your assets as you intend.

Engage in Business Succession Planning

Your company’s organizational structure may play a role in dictating what happens with your business after your death and also impact taxation. As for the former, a limited liability company (LLC) or a partnership should have an operating or another type of agreement in place spelling out plans for the company after your death and to have a contingency plan in place if you become incapacitated. Engaging in business succession planning, which includes identifying and grooming a future leader for success and documenting your plans for your family to continue to benefit from this valuable asset, is a critical component of estate planning. 

Consider Gifting Assets While Alive

Per the Internal Revenue Service, an individual can transfer most gifts up to $18,000 for 2024 to someone else without any taxes being incurred. This provides an opportunity for you to pass assets that your loved ones can continue to benefit from after you’re deceased while you’re still alive.

Life Insurance

Life insurance can be a great way to mitigate the effect of income or estate taxes, or unequal distribution of assets at your death (for example, if not all of your children will participate in a family business or if certain assets will benefit only some of your beneficiaries).  Our estate planning attorneys can help you use an irrevocable trust to keep life insurance proceeds from adding to your taxable estate.

Appoint a Beneficiary of Bank Accounts and Other Assets

In some cases, it may be beneficial to name someone as the person who will receive certain assets directly by beneficiary designation at your death. This option is available for many assets, like bank accounts and real estate, not just life insurance and retirement accounts.  Our estate planning attorneys will help you not only draft your estate planning documents appropriately, but will also review your assets and how they are titled, and discuss opportunities outside of the documents to achieve your objectives.

How an Estate Planning Attorney Can Help You Preserve Your Assets for the Future

The fact that you’re thinking ahead about how estate planning and other proactive measures can protect your assets from taxation and creditors and avoid the often-complex and time-consuming probate process, ensures your loved ones will inherit as much of what you plan to leave them as possible themselves. This will allow them to grieve your loss and restore some semblance of normalcy to their lives without having to deal with the added burdens that often come with a close family member not having a well-thought-out estate plan in place. 

Don’t delay creating an estate plan or revisiting your existing one to ensure it adequately protects your assets. Contact our Raleigh law firm, Wilson Ratledge, PLLC, for personalized guidance as to steps you can take to protect your assets after your death. Our estate planning attorneys are eager to help.

2024 Super Lawyers

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Wilson Ratledge is proud to announce that two attorneys have been selected to the 2024 North Carolina Super Lawyers®.

Daniel C. Pope, Jr. – Workers’ Compensation

Reginald B. Gillespie, Jr. – Business Litigation

Super Lawyers is an exclusive list, recognizing the top five percent of attorneys in North Carolina.  Part of Thomson Reuters, Super Lawyers is a rating service of outstanding lawyers from more than 70 practice areas who have attained a high degree of peer recognition and professional achievement.  Click here to learn more about the patented multiphase selection process.

Congratulations, Dan and Reggie!

What You Need to Know About the Corporate Transparency Act and Beneficial Owner Information Reporting

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Y’ALL READY FOR THIS?

If you own or manage a small business, unless you have been living under a rock the past year or so, you have almost certainly heard about the Corporate Transparency Act (“CTA”) and the new requirements for “beneficial owner information” (“BOI”) reporting.  First, I have included some TL; DR takeaways, and below that, more detailed discussion of the new law.  Each takeaway is linked to the relevant discussion below.  Be advised that this article is for general informational purposes and does not constitute, or provide suitable substitute for, legal advice.  This is information is current as of January 1, 2024.

For the most recent update as of April 10, 2025, click here. For the update from February 20, 2025, click here. For the update from February 7, 2024, click here. For the update from December 3, 2024, click here.

TL;DR

  1. DOES THIS APPLY TO MY COMPANY? Unless your company qualifies for one of the 23 specific exemptions, this new law is something you must contend with.  Most businesses will be affected.
  2. WHAT DO I HAVE TO DO?  You must file a report with FinCEN identifying information (name, date of birth, address, unique identification number, and copy of documentation of identification number) for your company’s “beneficial owners” (as defined by the law).  You should be reviewing and implementing protocols to ensure the accuracy of identifying information provided to you for purposes of the CTA.  These protocols should include measures to maintain the confidentiality of this information, just as owner information reported for tax and record-keeping purposes should remain private. See also the discussion below concerning the recently promulgated rules concerning access to information received and stored by FinCEN.1
  3. WHEN DO I HAVE TO DO IT?  If your company was created before 1/1/2024, you have until January 1, 2025 to file your initial report.  If your company was created on or after January 1, 2024, you have 90 days from the company’s creation to file the initial report, which must include the same information for the “company applicant(s)” (as defined by the law) as required for beneficial owners.  Companies created after January 1, 2025 will have 30 days from the company’s creation to file the initial report.  
  4. DO I HAVE TO DO THIS EVERY YEAR OR EVER AGAIN?  Reporting is not an annual requirement; however, new reports must be filed within 30 days if there is a change in any information previously reported.  Errors must be corrected within 90 days of the filing of the inaccurate information or, if later, 30 days after you become aware of the inaccuracy. See section (a)(3) of 31 CFR 1010.380.
  5. WHAT HAPPENS IF I DON’T FILE?  The law provides for various penalties.  Your company may be subject to penalties of $500 per day for failing to file the report.  Individuals by be fined up to $10,000 or imprisoned for up to two years upon conviction for willfully failing to file or willfully filing inaccurate information.  These penalties increase to up to $500,000 and ten years of imprisonment if noncompliance is part of additional illegal activity. See section (h)(3)(B)(ii)(II) of 31 U.S.C 5336.

DISCUSSION

Introduction

The new law was enacted in 2021 and is the result of years of legislative efforts going back to 2008 to give law enforcement agencies (primarily) information to combat financial crimes.  Accordingly, the new law is enforced by the Federal Financial Crimes Enforcement Network (“FinCEN”).  The background of this new law is beyond the scope of this article; however, the American Bar Association has an excellent discussion of this at the link provided in the notes below.2

The CTA is enshrined into law in Section 5336 of Chapter 31 of the United States Code.3  The core of the law is this statement: “In accordance with regulations prescribed by the Secretary of the Treasury, each reporting company shall submit to FinCEN a report that contains the information described in paragraph (2) [of 31 U.S.C. 5336(b)]”.  Paragraph (2) provides that this report will “identify each beneficial owner of the applicable reporting company and each applicant with respect to that reporting company by (i) full legal name; (ii) date of birth; (iii) current, as of the date on which the report is delivered, residential or business street address; and (iv)(I) unique identifying number from an acceptable identification document; or (II) FinCEN identifier in accordance with [certain] requirements….” (Emphasis added).  The rules implementing the CTA further require that the report include an image of the document from which the unique identifying number is obtained, which must be a current U.S. passport, State or Indian tribe issued identification, State issued driver’s license, or current non-U.S. passport if the individual does not have any of the other listed documents.

As you can imagine, there is a lot to unpack in this deceptively short core provision of the law.  There are numerous definitions, exceptions, and exemptions in the statute and in the accompanying rules/regulations.  The rules and regulations are found in 31 CFR (Code of Federal Regulations) 1010.380.4 Thankfully, FinCEN has published helpful guidance in the form of the Small Entity Compliance Guide5 and has compiled a health list of frequently asked questions (and answers).6  

The CTA defines “reporting company” as “a corporation, limited liability company, or other similar entity that is (i) created by the filing of a document with a secretary of state or a similar office under the law of a State or Indian Tribe; or (ii) formed under the law of a foreign country and registered to do business in the United States by the filing of a document with a secretary of state or a similar office under the laws of a State or Indian Tribe.”  This definition encompasses essentially every form of entity that can lawfully do business in the U.S., including but not limited to corporations, professional associations, limited liability companies, professional limited liability companies, limited partnerships, non-profit corporations, and business trusts.

There are 23 exemptions; however, these will not apply to many small businesses.  Generally speaking, these exemptions include publicly traded companies, governmental bodies, banks, credit unions, brokerages, investment companies, insurance companies, public accounting firms, public utilities, tax exempt entities (not all non-profits-for example, most home owner associations will be subject to reporting requirements unless the law is changed7), inactive companies, and large operating companies.  Generally speaking (again), a “large operating company” will employ more than 20 full-time employees (under applicable laws), will have an operating presence at a physical office within the United States, and will have reported more than $5,000,000 in gross receipts or sales (net of returns or allowances) on its prior year’s Federal income tax return.  

Reporting Obligations

As noted above, the CTA requires any reporting company to submit to FinCEN a report that identifies the reporting company’s beneficial owners and company applicant(s) by (i) full legal name; (ii) date of birth; (iii) current, as of the date on which the report is delivered, residential or business street address; and (iv)(I) unique identifying number from an acceptable identification document; or (II) FinCEN identifier in accordance with [certain] requirements….”  The report must also include an image of the document from which the unique identifying number is obtained, which must be a current U.S. passport, State or Indian tribe issued identification, State issued driver’s license, or current non-U.S. passport if the individual does not have any of the other listed documents.

The term “beneficial owner” of an entity means “an individual who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise (i) exercises substantial control over the entity; or (ii) owns or controls not less than 25 percent of the ownership interests of the entity; and does not include (i) a minor child, as defined in the State in which the entity is formed, if the information of the parent or guardian of the minor child is reported in accordance with this section; (ii) an individual acting as a nominee, intermediary, custodian, or agent on behalf of another individual; (iii) an individual acting solely as an employee of a corporation, limited liability company, or other similar entity and whose control over or economic benefits from such entity is derived solely from the employment status of the person; (iv) an individual whose only interest in a corporation, limited liability company, or other similar entity is through a right of inheritance; or (v) a creditor of a corporation, limited liability company, or other similar entity [unless the creditor is also a beneficial owner of the company through an ownership interest that is separate from its interest as a creditor].” (Emphasis added).

“Substantial Control” is not defined in the statute.  FinCEN provided in its Final Rule on beneficial ownership reporting that an individual exercises “substantial control” over a reporting company if the individual (1) serves as a senior officer of the reporting company, (2) has authority over the appointment or removal of any senior officer or a majority of the board of directors (or similar body), (3) directs, determines, or has substantial influence over important decisions made by the reporting company, or (4) has “any other form of substantial control over the reporting company.”  

It may not always be clear who does and does not have “substantial control.”  Also, for many companies, calculating 25% ownership may be a simple matter. This can be more difficult, however, for a corporation with outstanding options, or for an LLC with an operating agreement that calls for a distribution waterfall.  Other scenarios in which it may be difficult to determine whether a person or entity must be included in the report include reporting companies involving trusts, convertible debt, directors that are not also owners, and other arrangements where substantial control may exist purely by contract, among others, as evidenced by the lengthy FinCEN FAQ page mentioned above and linked in the notes below.

The final rule allows an individual (beneficial owner or the applicant(s)) to provide a FinCEN identifier in lieu of the other personally identifying information required. 

“FinCEN identifier” means the unique identifying number assigned by FinCEN to an individual or reporting company under the CTA.  An individual must apply to FinCEN for this identifier and in doing so, must provide the same information that it would otherwise provide to the reporting company.  If an individual has concerns about providing this information to the reporting company, then such individual can provide the FinCEN identifier instead.  This does not, however, allow a beneficial owner to withhold information that a reporting company may need for other purposes, such as for banking purposes, or preparation of tax returns.  Information reported to FinCEN will not be public, and will be available to Federal, State, local, or Tribal law agencies in accordance with rules promulgated by FinCEN.  The final rule was promulgated December 22, 20238.

“Company applicant” means the individual who directly files the document that creates the reporting company or first registers a foreign reporting company AND the individual who is primarily responsible for directing or controlling such filing if more than one individual is involved in the filing of the document.  

Filing the Report

FinCEN is responsible for providing the format and platform for filing the report, which must be done electronically.  In the final rules and regulations, FinCEN has provided that the initial report of a reporting company shall include (and presumably subsequent reports will have the same requirements) the reporting company’s full legal name; any trade name or “doing business as” name; a complete current address consisting of the street address of the principal place of business or the primary location in the United States where a foreign reporting company conducts business in the United States; the State, Tribal, or foreign jurisdiction of formation of the reporting company and, for a foreign reporting company, the State or Tribal jurisdiction in the U.S. where such company first registers; and the Internal Revenue Service (IRS) Taxpayer Identification Number (TIN) (including an Employer Identification Number (EIN)) of the reporting company, or where a foreign reporting company has not been issued a TIN, a tax identification number issued by a foreign jurisdiction and the name of such jurisdiction.  The link to the FinCEN page where the report can be initiated is provided in the notes below.9

Important Deadlines

Reporting companies in existence prior to the effective date of FinCEN’s implementing regulations have one year (until January 1, 2025) to file their first beneficial ownership report, which, notably, does not have to include information for the company applicant if that person is not also a beneficial owner.  Reporting companies formed on or after January 1, 2024 (or registered to do business in the U.S. on or after that date) must provide the required report for each beneficial owner, and for the company applicant.  For 2024, these reports must be filed within 90 calendar days after the reporting company is created or registered to do business in the U.S.  Reporting companies formed or registered on or after January 1, 2025, under the current rules, must file the report within 30 calendar days after the reporting company is created or registered to do business in the U.S.  

Updates to information reported must be filed within 30 calendar days of any change.  It is worth noting here that if a reporting company files a report and subsequently meets the criteria for one of the exemptions, the reporting company will be required to file an updated report.  Conversely, if an exempt company that has never filed a report no longer meets the criteria for any of the exemptions, the reporting company must file its initial report within 30 calendar days thereafter.  Other update triggers include interests passing through inheritance, and a minor child reaching the age of majority if prior reporting included the information of a parent or guardian in lieu of the minor child’s information.

In addition, corrections to inaccuracies must be reported before the later of 90 calendar days of the date the inaccurate report was filed, or 30 calendar days after the date on which the reporting company becomes aware of or has reason to know of the inaccuracy.  

Penalties for Non-Compliance

There are multiple penalties for non-compliance with the CTA, and they are significant.  The reporting company will be subject to a fine of $500 per day for failing to file a BOI report. Individuals may also be fined up to $10,000 or imprisoned for up to 2 years upon conviction for willfully failing to file or willfully filing inaccurate information.  When a failure to file is combined with other illegal activity, or is “part of a pattern of any illegal activity involving more than $100,000 in a 12-month period,” criminal penalties can be increased up to $500,000 and imprisonment for up to 10 years.

CONCLUSION

Reporting companies will need to devote the necessary resources, attention, and senior personnel to ensure timely and accurate reporting to FinCEN, similar to but perhaps more stringent than requirements surrounding tax reporting.  Competent legal advice will be critical, especially in the early stages of the implementation of this new law.  I expect the upcoming year to be eventful as small businesses work to understand and comply with the CTA, and as questions inevitably and continually arise.  Hopefully, FinCEN will continue to put out guidance as the practical implications bear out.  You can sign up to receive FinCEN updates here.  Stay tuned…

HELPFUL LINKS:

ENDNOTES:

1. See note 8 and related discussion.

2. https://www.americanbar.org/groups/business_law/resources/business-law-today/2021-may/the-corporate-
transparency-
act/#:~:text=The%20Corporate%20Transparency%20Act%20requires,Treasury%20(%E2%80%9CTreasur
y%E2%80%9D).

3. https://www.govinfo.gov/content/pkg/USCODE-2022-title31/pdf/USCODE-2022-title31-subtitleIV-
chap53-subchapII-sec5336.pdf

4. See: https://www.federalregister.gov/documents/2022/09/30/2022-21020/beneficial-ownership-
information-reporting-requirements; https://www.federalregister.gov/documents/2023/11/08/2023-
24559/use-of-fincen-identifiers-for-reporting-beneficial-ownership-information-of-entities#citation-1-
p76995; and https://www.federalregister.gov/documents/2023/11/30/2023-26399/beneficial-ownership-
information-reporting-deadline-extension-for-reporting-companies-created-or#sectno-citation-1010.380

5. https://www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide.v1.1-FINAL.pdf

6. https://www.fincen.gov/boi-faqs

7. https://blog.lawfirmcarolinas.com/what-is-the-corporate-transparency-act-and-why-it-matters-to-your-
association-and-directors/

8. https://www.federalregister.gov/documents/2023/12/22/2023-27973/beneficial-ownership-information-
access-and-safeguards#sectno-citation-1010.955

9. https://www.fincen.gov/boi

Maximizing Wealth Transfer: Tax-Efficient Trust Strategies for Business Owners

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You worked hard to build your company from the ground up and have family members or close friends that you want to enjoy the fruits of your labor now or once you die. You may already know that trusts are the best option for maximizing wealth transfers to others. However, you may be unclear about tax-efficient trust strategies business owners like you can use to ensure your loved ones receive as much of the assets as possible. Continue reading where we’ll discuss tax-saving trust options our attorneys at WilsonRatledge help business owners like you fund.

Types of Trusts To Consider as the Owner of a Company in North Carolina 

A few different trust options worthy of consideration when transferring wealth, such as your business interests, to others include: 

  • Gifting to an irrevocable trust: Making gifts to or funding an irrevocable trust may be an effective strategy for you to consider if you, as a business owner, want to transfer wealth to a child or grandchild, yet you have concerns about their ability to be financially responsible if you were to make a direct gift instead. One downside to an irrevocable trust is that you cannot change it once you fund it. However, a carefully thought-out estate plan can help you avoid potential pitfalls and provide a steady flow of income from the trust and tax-saving benefits.  
  • Funding a generation-skipping trust (GST): By skipping your child’s generation and creating this trust in which you transfer assets to future generations, like your grandkids, it allows you to avoid having to pay any estate taxes you might otherwise owe.
  • Establishing an irrevocable life insurance trust (ILIT): This irrevocable trust owns life insurance and so the policy benefits continue to be held by it once the insured dies, which shields the proceeds from taxation.
  • Creating a grantor retained income trust (GRIT): This trust allows you to transfer assets to your heirs and receive an income stream for a limited time thereafter. Once that period ends, appreciation for those transferred assets beyond the annuity payment payouts can be received tax-free by your beneficiaries. 
  • Create a charitable remainder trust (CRT): Business owners can transfer interests in the company into a charitable remainder trust. The trust, in turn, makes yearly payments to a designated non-charitable beneficiary. That remainder, which must equate to 10% or more of the funding value, transfers to the selected charity at the conclusion of the trust term. Many business owners fund CRTs because they allow them to contribute to a charitable cause and because the charitable remainder creates an income tax deduction, reduces their obligation to pay capital gains taxes, and allows the non-charitable beneficiaries to receive significant annual payments, details regarding which are discussed in the North Carolina Charitable Remainder Trust Administration Act. 
  • Funding a non-grantor trust: These trusts can be appropriate for business owners seeking to reduce the tax burden associated with selling their business in a state with higher income rates compared to a state with lower or no state income tax state.

Why To Schedule a Consultation With Our North Carolina Tax and Trust Attorneys

The above is far from an exhaustive list of wealth transfer trust options that can reduce your tax burden so you can pass on more of what you’ve worked hard to build and earn to others. The trusts, estates and tax planning attorneys at Wilson Ratledge can be a great resource to you in deciding which wealth transfer options will benefit you, your business, and your loved ones. Contact our law office to schedule an initial consultation to discuss tax-efficient options for passing your assets to others now or in the future via trusts.

Understanding Commercial Leases in North Carolina: Key Terms, Clauses, and Negotiation Areas

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Commercial leasing is a critical aspect of establishing and maintaining a business presence. Even in this era of increased remote work, a physical presence for your business can help with growth. However, if you’ve ever been through the process, you know that navigating the complexities of a commercial lease can be daunting. 

Here, the team at Wilson Ratledge aims to shed light on some key terms, typical clauses, and negotiation strategies to empower you during this process.

What is a Commercial Lease?

A commercial lease is a legally binding contract that sets out the terms and conditions for renting commercial property, including office spaces, warehouses, retail shops, and more. Unlike residential leases, commercial agreements can be more complex and offer more room for negotiation.

How Our Attorneys Can Help

Engaging an attorney during the commercial leasing process can provide significant protection and strategic advantages for businesses. Our team plays a crucial role in reviewing and drafting lease agreements to ensure terms are favorable and comply with all local, state, and federal regulations. 

We can help you understand the impact of certain legal clauses, ensuring you fully grasp your rights and responsibilities in a commercial lease.

We can also help with negotiation to secure the best possible terms, anticipate potential areas of conflict, and ensure clear mechanisms for dispute resolution. In essence, while there’s an initial cost associated with hiring an attorney, the long-term benefits of avoiding disputes, unfavorable terms, and non-compliance penalties make it a wise investment in the commercial leasing arena.

Key Commercial Lease Terms and Clauses To Know

a. Rent and Rent Escalations:
The lease should specify the base rent and any potential increases, which may be fixed or based on factors like the Consumer Price Index.

b. Term and Renewal:
This stipulates the duration of the lease and any renewal options. Lease terms can vary from short-term (like a year) to long-term (such as ten years or more).

c. Use Clause:
This defines what the property can be used for (e.g., retail, office space, manufacturing). Restrictive use clauses can limit a tenant’s flexibility.

d. Taxes and Hazard Insurance:

The lease should specify whether the landlord or the tenant is responsible for property taxes and hazard insurance on the property.

e. Common Area Maintenance (CAM) Fees:
Many commercial leases include CAM fees for the upkeep of common areas. Understand what’s included and if there are caps on annual increases.

f. Repair and Maintenance:
The lease should clarify who (landlord or tenant) is responsible for repairs and maintenance of the property.

g. Assignment and Subletting:
This clause outlines the tenant’s rights to transfer their lease or sublet space to another entity.

h. Termination:
Details conditions under which the lease can be terminated, penalties for breaking the lease, and notice periods.

i. Liability and Liability Insurance:
Outlines the liability insurance responsibilities of both parties and what happens in the event of property damage or other liabilities.

Areas of Negotiation SFor A Commercial Lease

Negotiating a commercial lease requires preparation and strategy. It is important to conduct thorough research to understand the local market conditions, including the average rents and rates of comparable properties. This will give you a competitive edge during discussions. 

If you are unsure about the long-term prospects of your business location, consider asking for more flexible terms. This can include shorter lease durations with options to renew, offering adaptability. 

Landlords often request personal guarantees, especially from new businesses. While it is sometimes challenging to avoid these altogether, you can try to limit the scope or duration of such guarantees. 

Another aspect to consider is the potential need for significant upfront renovations or investments in the space. If this is the case, negotiate for periods of reduced or even free rent to offset these initial costs. 

If you’re concerned about unexpected expenditures, aim to set a cap or fixed rate of increase on Common Area Maintenance (CAM) fees. 

Consider negotiating an exclusive-meaning that the landlord will not lease in the same shopping center (or even within a certain distance if the landlord owns multiple properties) to a similar or competing business.  Keep in mind, however, that similar businesses within close proximity can generate traffic that may be beneficial to you.

Lastly, if you anticipate the potential need to expand your business premises, negotiate a ‘Right of First Refusal’. This gives you the chance to match any offer the landlord might get from another tenant for adjacent spaces, ensuring you have the first opportunity to grow within your existing location.

Contact The Commercial Real Estate Team At Wilson Ratledge Today

Commercial leases in North Carolina, like elsewhere, require careful navigation. Understanding common terms and employing effective negotiation strategies can make the process smoother. If you’re considering a new lease for your business, let the experienced team at Wilson Ratledge help with the process. Contact us today to request your consultation!

2024 Max Comp Rate

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The North Carolina Industrial Commission has established the maximum weekly benefit for 2024 pursuant to N.C. Gen. Stat. § 97-29.  Effective January 1, 2024, the maximum weekly benefit applicable to all injuries arising on and after January 1, 2024, shall be $1,330.00.

A copy of the Notice can be found here.

If you are interesting in receiving Wilson Ratledge’s 2024 Cheat Sheet, contact one of our workers’ compensation defense attorneys.