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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

Bank of America Liable for Failure to Honor Power of Attorney

Posted on November 23, 2009
In a recent Florida case, Bank of America was held liable for refusing to honor a power of attorney: Copyright 2009 Stuart News Company All Rights Reserved The Stuart News/Port St. Lucie News (Stuart, Florida) November 15, 2009 Sunday Martin County Edition SECTION: LOCAL; Pg...

Is Your Will a "Turkey"? 6 Ways to Tell

Posted on November 21, 2009
Thanksgiving is less than a week away, but many people currently have turkeys of a different kind - poorly drafted Wills. If your Will is missing one or more of these features, it's time for an update: Waiver of bond for the executor At least one successor executor (in case the first named executor can't serve) Trust provisions for minor beneficiaries Comprehensive powers for the executor and/or incorporation of statutory powers Contingent beneficiaries (in case the primary beneficiaries are deceased) Self-proving affidavit (witnessed and notarized) Having these provisions can save a lot of time, money and aggravation in the administration of your estate...

One Year Estate Plan "Patch" Likely

Posted on November 19, 2009
Another article from CQ Politics about the Democrats' plan for the estate tax in 2010.

Year End Gift Checks - make sure you do it right

Posted on November 19, 2009
Many people are aware that they can give any number of other people up to $13,000 per year under the federal gift tax annual exclusion (IRC Section 2503(b)). Staying under this number means that no gift tax return has to be filed and that there will be no reduction in the amount that can be passed free of estate taxes at the donor's death...

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The IRS Loves Retirement Accounts

Posted on November 18, 2009
Planning for tax-qualified plans, which includes IRAs, 401(k)s and qualified retirement plans, requires a careful examination of the potential taxes that impact these assets. Unlike most other assets that receive a 'basis step up' to current fair market value upon the owner's death, IRAs, 401(k)s and other qualified retirement plans do not step-up to the date-of-death value...

Further Delay on Estate Tax "Reform"

Posted on November 17, 2009
Coming as no surprise to me, anyway, an article on the website CQ Polictics, House LIkely to Delay Estate Tax Consideration, states that the House will likely postpone any movement on estate tax legislation until after Thanksgiving. I'm still of the opinion that a one year "patch" continuing the current $3...

Tax Court: Gifts to your own Private Foundation are Deductible

Posted on November 17, 2009
This courtesy of Professor Chris Hoyt of the University of Missouri (Kansas City) School of Law: The Tax Court rejected an argument made by the IRS that a donor should not be able to claim a charitable income tax deduction for a contribution to a private foundation because the donor effectively controlled the private foundation...

No Relief for the Wealthy - Tax Predictions for the Next Decade

Posted on November 16, 2009
From the GiftLaw eNewsletter article New Decade Predictions: "The clear intention of Congress is to start addressing the deficit in 2011 by increasing taxes on upper-income taxpayers. The top brackets are proposed to be returned to 36% and 39.6% in 2011...

Online Wills - You Get What You Pay For

Posted on November 16, 2009
Last Thursday's Wall Street Journal's website featured an article on online estate planning programs: Before It's Too Late: A Test of Online Wills. As you might imagine, I'm not a big fan of do-it-yourself estate planning, particularly for those who have substantial assets...

NC Revises Spousal Elective Share Law

Posted on November 13, 2009
The Elective Share is the value of property a surviving spouse is entitled to get from a deceased spouse. In the absence of a valid prenuptial or postnuptial agreement waiving such rights, when the deceased spouse leaves less than the elective share amount to the survivor, he or she can enforce the elective share...

FLP gets 47.5% Estate Tax Discount

Posted on September 30, 2009
In addition to providing ease of management and significant asset protection, FLPs and (FLLCs) are still a excellent planning tool for obtaining gift and estate tax discounts (for minority interests and lack of marketability) - provided that the implementation and valuation are done correctly...

When to Review Your Estate Plan

Posted on September 29, 2009
The following is a list of some of the events that should trigger a review of your estate plan: (1) Marriage, divorce, death of spouse. (2) Birth of a child. (3) Children become financially independent...

Estate Planning Lessons from the Waltons

Posted on September 28, 2009
What Can We Learn from Sam and Helen Walton? by: Larry W. Gibbs Contemporary estate planning causes a division of an estate and results in an ultimate dissipation of the resource base over a period of years. Is it possible to keep the resource base together to serve the family for many family generations? The Sam and Helen Walton story tells us how we can do so...

IRS Provides Guidance on 2009 RMD Waivers

Posted on September 25, 2009
From IR 2009-85: WASHINGTON ? The Internal Revenue Service today provided guidance for retirement plan administrators, plan participants and retirees regarding recent legislation affecting required minimum distributions. The Worker, Retiree, and Employer Recovery Act of 2008 waives required minimum distributions for 2009 from certain retirement plans...

A Picture is Worth a Thousand Words

Posted on September 24, 2009
Here's the money your family could have saved had you done proper estate planning: (with thanks and apologies to Geico)

Disclaimers can Protect Assets in Bankruptcy

Posted on September 24, 2009
In a case interpreting Arizona law, the Court of Appeals for the Ninth Circuit held in Gaughan v. Costas that a disclaimer filed prior to declaring bankruptcy was valid and effective since the disclaimer was permitted under state law. In re Costas, 555 F...

10 Foolish Estate Planning Myths

Posted on September 23, 2009
I saw this post by a fellow estate planning attorney on linkedin and thought it would be good to share with my readers: Ten Dangerous Estate-Planning Fantasies By FREYA ALLEN SHOFFNER - an attorney in Boston who focuses on estate planning. Estate Planning is great...

Estate Tax in 2010 and Beyond - Who Knows?

Posted on September 22, 2009
Jonathan Weisman of the Wall Street Journal reports that the Estate Tax Faces Its Own Life-and-Death Struggle. When and what will happen with regard to the federal estate tax is still very much up in the air. Here's what's happened this decade:

Inaction on the Federal Estate Tax to Continue in 2010?

Posted on September 21, 2009
Fellow Blawger Gideon Alper, who writes the Gay Couples Law Blog, has an interesting take on what will, or will not, happen with the federal estate tax over the next year or so: Estate Tax Repeal in 2010 Not a Big Deal Because Congress Can Pass a Retroactive Tax Amendment...

IRS Extends Deadline on Foreign Account Reporting

Posted on September 21, 2009
From IR-2009-84: WASHINGTON ? The Internal Revenue Service today announced a one-time extension of the deadline for special voluntary disclosures by taxpayers with unreported income from hidden offshore accounts. These taxpayers now have until Oct...

Duh! Prostitutes and Porn are Not Tax Deductible

Posted on September 18, 2009
A New York tax lawyer, of all people, was denied medical expense deductions for $100,000 or so in expenses for his prostitute and pornography habit. See the TaxProf's posting on the U.S. Tax Court case of Halby v. Commissioner, T.C. Memo 209-204...

More on the Future of the Federal Estate Tax

Posted on September 16, 2009
Hurry up and wait is basically the message of this article from TheHill.com TheHill.com is self-described as the publication 'for and about Congress, breaking stories from Capitol Hill, K Street and the White House. The Hill stands alone in delivering solid, nonpartisan reporting on the inner workings of Congress and the nexus of politics and business...

Prepare for Higher Income Taxes

Posted on September 14, 2009
From the Wall Street Journal: Higher Taxes Are Coming: Are You Prepared? Here in North Carolina, we've already been hit with higher taxes. Can't wait for the federal increases. :-(

Need a Real Life Example of Why to do Asset Protection Planning?

Posted on September 11, 2009
Rich Rodriguez, the football coach for the University of Michigan, has been sued for $3.9 million due to a loan default. Rodriguez and partners formed an limited liability company, The Legends of Blackburg LLC, to develop a condo community in Virginia...

NC Homestead Exemption to Increase

Posted on September 08, 2009
House Bill 1058 - Effective December 1, 2009, an individual resident of North Carolina who is a debtor can retain, free from the enforcement of the claims of creditors, the debtor's aggregate interest, not to exceed $35,000 in value, in real property or personal property that the debtor or a dependent of the debtor uses as a residence, in a cooperative that owns property that the debtor or a dependent of the debtor uses as a residence, or in a burial plot for the debtor or a dependent of the debtor...

Inherited IRAs are Not Creditor Protected - #2

Posted on September 04, 2009
I previously blogged about a Bankruptcy Court in Texas holding that an inherited IRA was not exempt from claims of the new owner's creditors. In re Jarboe, 2007 WL 987314 (Bkrtcy S.D. Tex. 2007). A new ruling out of Florida reaches the same conclusion, stating: "[t]he purpose of the ...

The BBB on Estate Planning - a solid C

Posted on September 03, 2009
This morning I came across this article on estate planning advice by the Better Business Bureau. I certainly endorse the idea of urging people to do proper planning, but articles like this can sometimes do more harm than good. I give a grade of C (mediocre)...

Dont' Leave a Mess for your Loved Ones

Posted on September 01, 2009
Most people fail to do any estate planning at all, and many more have outdated or inadequate plans. A recent article, A slacker's guide to death, discusses this issue. One word of caution - the article, while generally applicable to North Carolina, has one suggestion that is not always a good idea in North Carolina, and that's for married couples to own assets jointly...

NC Probate Fees Go Up Again

Posted on September 01, 2009
Effective today, along with 1% increase the sales tax, the filing fee for probate cases has increased to $88 (from $61). The .40/100 fee applied to estate assets (maximum of $6,000) does not increase this year - but watch for future increases as the state continues to struggle to increase revenues...

US Budget Deficit Sure to Drive Tax Increases

Posted on August 31, 2009
The White House Office of Management and Budget announced last week in its Mid-Sesion Review that the cumulative budget deficits for the upcoming 10 years are projected to be $9.1 trillion. The smallest single-year deficit during that time will be $739 billion (the largest actual shortfall was last year's $455 billion deficit)...

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