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Estate Planning

North Carolina Estate Planning Blog

Consumer-oriented blog on estate planning, probate, tax law, with a focus on North Carolina.
By Gregory Herman-Giddens

Post Frequency: 3.5/day

Last Entry: April 01, 2011 at 09:52:45

Retroactive Estate Tax Not Certain

Posted on January 15, 2010
The Dow Jones Newswire quotes Rep. Charles Rangel, Chair of the House Ways and Means Committee, as saying that he does not favor retroactive estate tax legislation (to January 1, 2010). The same article quotes Rangel's Senate counterpart, Sen. Max Baucus, Chairman of the Senate Finance Committee, as saying he wants retroactivity...

Run, Don't Walk to Your Estate Attorney!

Posted on January 13, 2010
From The New York Times to my bully pulpit: This article helps explain why revising old estate plans is more important than ever, given this bizarre (tax-wise) year of 2010. And for heaven's sake, if you don't have an estate plan, what are you waiting for? Today is the first day of the rest of your life, but tomorrow may be the last day of the life you had...

Want to be an organ donor?

Posted on January 11, 2010
Carolina Donor Service will answer all your questions about organ donation in North Carolina. Also, don't forget that in a Health Care Power of Attorney you can give your agent the power to donate your organs.

The Time for FLPs or FLLCs is Now!

Posted on January 09, 2010
This is from Steve Akers' recent presentation, Estate Planning in Light of One-Year 'Repeal' of Estate and GST Tax in 2010: "the Administration proposes to dramatically change the rules regarding valuation discounts (emphasis added). If there is an estate and gift tax reform package adopted next year, it could include that provision...

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NC Incompentency and Guardianship Proceedings

Posted on January 08, 2010
This is a basic outline of initial procedures and considerations in an incompetency and guardianship proceeding in North Carolina. Such proceedings are necessary when an adult can no longer care for or make decisions for himself or herself and there are no feasible alternatives in place...

Estate Planning Alert

Posted on January 08, 2010
I just put this Estate Planning Alert on my firm's website homepage, but thought it would also be appropriate for this blog: As of January 1, 2010, there is no more federal estate tax. The estate tax has been replaced with a complex modified carryover basis regime...

Does Your Will Waive Bond for the Executor?

Posted on January 05, 2010
The following is a guest post by Chris Birk of SuretyBonds.com, which also publishes the Surety Bond Insider: If your list of New Year's resolutions seems thin, look no further than your estate plan — and make sure you've included a waiver of bond for the executor...

The Estate Tax is Gone (for Now) - Estate Plan Updates are Imperative

Posted on January 04, 2010
2010 As of January 1st, the federal estate tax is no more and it may mean that you should revise your estate plan and related documents. Anyone with total assets over $1 million (including face value of life insurance, retirement, home equity, etc...

Planning After "Repeal" of the Federal Estate Tax

Posted on January 04, 2010
From its inception, the 2001 tax act was scheduled to repeal the federal estate tax and generation skipping transfer tax (GSTT) for one year beginning January 1, 2010. This should come as no surprise. What is surprising, however, is the fact that the 2001 tax act has now played out and repeal, at least temporarily - and unless reinstated retroactively - is upon us...

Don't Die Today - Tomorrow There Will be No Estate Tax

Posted on December 31, 2009
We only have a few hours left before the much reviled "death" tax disappears, to be replaced by a complicated and confusing carryover basis regime. So, if your estate is over $3.5 million, the tax impact may be less if you die tomorrow rather than today...

NC residents will see a couple of new taxes next year

Posted on December 31, 2009
Starting tomorrow, North Carolina residents will pay sales taxes on certain digital downloads from the internet, and standard gasoline tax on ethanol. The Triangle Business Journal has a brief article.

Roth Conversions - Just Because You Can Doesn't Mean You Should

Posted on December 29, 2009
Some financial advisors are warning against a Rush to Roth. The key to is to approach the idea cautiously and do a comprehensive analysis. Whether a Roth conversion makes sense is a highly individual decision, to be made in consultation with your advisors...

The Estate Tax Will Die Soon

Posted on December 21, 2009
Just a few days left until the estate tax expires (although for one year only), and retroactive action in 2010 is likely. True death tax haters can track the countdown here.

No Movement on the Estate Tax

Posted on December 16, 2009
Here's a recent article on the estate tax from the WSJ.com. Not exactly objective reporting, more like an opinion piece against the "death" tax. The articles states that "the best strategic outcome now is to let the death tax expire in January as scheduled under current law, and return to this debate next year when the tax rate is zero...

8 Reasons to Convert to a Roth IRA

Posted on December 11, 2009
As most people know by now, the $100,000 income limit on the ability to convert a traditional IRA to a tax-free Roth IRA will disappear next year. In addition, a taxpayer who does a conversion in 2010 can pay the tax due from the conversion in 2011 and 2011...

When Should You Start on Social Security?

Posted on December 09, 2009
If you're close to age 62, it's probably weighing heavily on your mind. Make sure you carefully consider your options. Here's a guide from the Center for Retirement Research at Boston College that will help.

50 Resources for Starting a Charity

Posted on December 09, 2009
This posting on executivembaprograms.org has 50 links to other sites that provide information related to establishing and running a non-profit organization. However, don't forget that a knowledge attorney and CPA can be the most valuable resources of all.

When Choosing an Estate Planner

Posted on December 08, 2009
In looking for estate planning assistance, you should consider the following: 1. Do they concentrate their practice solely in estate planning? It's difficult enough for a specialist to keep up with current law and best practices, let alone an attorney who also handles other areas of the law (such as real estate closings, family law, etc...

IRS Offers Tips for Year End Donations

Posted on December 08, 2009
From IR-2009-114 Watch Video: Year-End Tax Tips: English | Spanish | ASL Watch Video: Record Keeping: English | ASL WASHINGTON — Individuals and businesses making contributions to charity should keep in mind several important tax law provisions that have taken effect in recent years...

Immediate Senate Action on Estate Tax Unlikely

Posted on December 07, 2009
Other than perhaps a one year extension of current law, we are unlikely to see any movement on the estate tax in 2009. CCH Tax Newsletter.

House Passes Estate Tax Bill

Posted on December 03, 2009
As expected the House voted today to extend the current $3.5 million exemption and 45% rate. The final vote was 225-200. We can also expect the Senate to pass Senate Bill 2784 soon. The Senate bill would provide for "permanent reform" and includes portability of the Unified Credit Equivalent Amount between spouses...

IRS Announces 2010 Mileage Rates

Posted on December 03, 2009
Today the IRS issued the 2010 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Effective January 1, 2010, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 50 cents per mile for business miles driven 16...

Deeds - more information required in 2010

Posted on December 03, 2009
Effective January 1, 2010, all new North Carolina deeds must contain the address of both the grantor and grantee as well as a statement indicating whether the property contains the primary residence of the the grantor. The person who presents the deed for recording at the register of deeds is responsible for reporting the correct amount of documentary stamp tax due (currently $2...

House to Vote on Estate Tax Today

Posted on December 03, 2009
The U.S. House of Representatives is scheduled to vote on the estate tax today, but even if legislation passes, Senate approval is necessary. Lots of politics involved for a tax that affects so few people. See what the Washington Post has to say.

The Truth about Frivolous Tax Arguments

Posted on December 02, 2009
Have you ever heard a friend, neighbor, or colleague state that they had found a way to get around paying income taxes, or that certain taxes weren't really legal? Don't believe them - many people, including several wealthy actors, have gotten into trouble with the IRS that way...

US House to Vote on Estate Tax Bill Next Week

Posted on November 30, 2009
This legislation would continue the current $3.5 million exemption and 45% rate, but does not include the spousal "portability." While the bill may very well pass in the House, Senate action is uncertain. More...

MLPs Provide Income and Tax Benefits

Posted on November 30, 2009
This from Howard Hinds of the Curbstone Group in Boston: Master Limited Partnerships (MLPs) are excellent tools for estate planning: 1. MLP distributions (around 8% yield right now) are considered return of capital, meaning that distributions reduce your basis in the MLP, while allocated net income increases your basis...

Senate Bill Introduced to Hold Estate Tax at 2009 Levels

Posted on November 30, 2009
On November 17, 2009, Senators Tom Carper (D-DE) and George V. Voinovich (R-OH) reintroduced bipartisan legislation that would freeze the estate tax at its current 2009 level (a $3.5 million exemption and 45% rate) and allow a surviving spouse to elect to use the exemption of the his or her predeceased spouse...

Family of NC Man Wrongly Declared Dead Sues Medical Examiner

Posted on November 24, 2009
Sounds like a nightmare, but it's true. After an auto accident, Larry Green was put into a body bag and refrigerated. The medical examiner dismissed paramedics' claims of signs of life from Green's "body." He was later determined to be alive, but now is in a nursing home and has limited brain function...

AMT Patch for 2010? Forget about it!

Posted on November 23, 2009
And don't even think about estate tax repeal. From Brian Dooley CPA, MBT's newsletter: Update: The AMT patch is gone as seventy-three tax breaks will get a twelve month life. House Ways and Means Committee Chairman Charles Rangel, D-N.Y...

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