With his deep knowledge and breadth of experience in law and taxation, Mr. William R. Culp, Jr. helps clients structure their business affairs to maximize their wealth. Mr. Culp represents a wide variety of clients, from entrepreneurs and private investors to large corporate clients. Clients look to him for guidance in structuring complex business arrangements and transactions, and for solutions to the most challenging business problems.
Mr. Culp's practice includes real estate and partnership taxation, asset protection and preservation, business transactions, family business planning and wealth preservation as well as corporate and partnership business matters.
Mr. Culp has extensive experience in federal and state income, estate and gift taxation. He has been selected as one of Worth magazine's "Top 100 Attorneys" in the country. Worth magazine selects attorneys for this award based on their outstanding expertise, insight, trustworthiness and commitment to their client's needs.
Mr. Culp advises real estate developers and other closely held businesses how to grow and expand their businesses while minimizing federal, state and international taxes. His real estate related practice encompasses workouts involving complex asset structurings and repositionings, real estate acquisitions, exchanges, financings and refinancings.
Mr. Culp advises clients on multigenerational trust arrangements. He serves as trustee for a number of large trusts and as trustee is intimately involved in working with financial planners and portfolio managers to implement effective investment plans.
Mr. Culp serves on the Legislative Committee of the Estate Planning and Fiduciary Law Section of the North Carolina Bar Association. He has extensive experience in the drafting and enactment of trust legislation in North Carolina.
Mr. Culp has written numerous articles for national tax publications, including the Journal of Taxation, the Journal of Partnership Taxation, Estate Planning Magazine, the Journal of International Taxation and Taxation for Accounts.
He is author of the book Don't Be Caught Dead Paying A Voluntary Tax!, and is co-author of Valuation Practice in Estate Planning and Litigation, a book nationally published by Clark Boardman and Callaghan in 1994.
- "Decanting From Trusts With Perpetuities Savings Provisions," Estate Planning, October 2014.
- "Constitutionality of Rule Against Perpetuities Repeal Revisited," The Will & The Way, September 2013.
- "US Supreme Court Case Supports Constitutionality of Perpetuities Repeal," The Will & The Way, May 2011.
- "Use of Trust Decanting to Extend the Term of Irrevocable Trusts," Estate Planning, June 2010.
- "Trust Decanting: An Overview and Introduction to Creative Planning Opportunities,"Real Property, Trust and Estate Law Journal of the ABA,
Volume 45, Issue 1, Spring 2010.
- "The Case for Caution: Fraudulent Conveyance Risks in Estate Planning," Probate & Property, January/February, 2010.
- "Banking on Appreciation: The Application of Securities Laws to "Landbanking" Transactions," Probate & Property, May/June, 2009.
- "North Carolina Taxation of Irrevocable Trusts," The Will & The Way, December, 2006.
- "Can Completed Contract Accounting Method Be Used by Lot Developers Who Do Not Build Homes?" Journal of Taxation, December, 2006.
- "Lifetime Special Powers of Appointment Offer Unique Planning Opportunities," Estate Planning, October, 2006.
- "FLPs Are Still Viable To Save Transfer Taxes," Business North Carolina, June, 2006.
- "The Gift Tax in North Carolina: A Review of Recent Events," The Will & The Way, April, 2006.
- "Outbound L.L.C. Planning Includes Options for China Investment, Journal of International Taxation, July, 1995.
- "Ruling on Qualified Sub S Trust Raises Potential Phantom Gain and Installment Problems," Journal of Taxation, May, 1993.
- "Owning Assets in Trust Results in Tax and Nontax Benefits," Estate Planning, September/October, 1992.
- "Avoiding Cancellation of Debt Income where the Liability is Disputed," Journal of Taxation, May, 1991.
- "IRS Pronouncements Clarify Status As A Partnership vs. An Association," Journal of Taxation, Summer, 1989.
- "Federal Tax Litigation Involving Leveraged Buyouts," Prentice Hall Tax Ideas, 1987.
- "District Court in Fox Limits a Sole Proprietor's Fifth Amendment Privilege," Journal of Taxation, August, 1983.
- "When Will Contraction of Operation Accelerate Employees' Rights to Qualified Plan Benefits," Taxation for Accountants, June, 1983.
- "Liquidating Trustee Must File Returns and Pay Tax for Debtors, Supreme Court Says," Journal of Taxation, June, 1992.
- "Maximizing the Low-Income Housing Credit in Combination With Government Subsidies," Journal of Taxation, September, 1988.
- "Not All Reductions in Covered Employees Will Result in Partial Termination of a Plan," Journal of Taxation, November, 1985.
- Valuation Practice in Estate Planning and Litigation, Clark Boardman Callaghan, 1994
- Don't Be Caught Dead Paying A Voluntary Tax!, Self-Published, 1997
Trust Decanting BNA/Bloomberg Portfolio co-author — "Trust Decanting" published in BNA Tax Management Portfolio, 871 T.M.
Legislative Committee of the Estate Planning and Fiduciary Law Section — Serves on the Legislative Committee of the Estate Planning and Fiduciary Law Section of the North Carolina Bar Association. Mr. Culp works extensively in the drafting and enactment of trust legislation in North Carolina.