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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

Expanded Tax Break Available for 2009 First Time Home Buyers

Posted on February 25, 2009
From today's IRS Newswire: WASHINGTON — The Internal Revenue Service announced today that taxpayers who qualify for the first-time homebuyer credit and purchase a home this year before Dec. 1 have a special option available for claiming the tax credit either on their 2008 tax returns due April 15 or on their 2009 tax returns next year...

Top 10 Facts About Taking Early Retirement Plan Distributions

Posted on February 24, 2009
From the IRS: If you took an early distribution from your retirement plan, here are some things you need to know: 1. Payments you receive from your Individual Retirement Arrangement before you reach age 59 ½ are generally considered early or premature distributions...

Revised Medico-Legal Guidelines Published

Posted on February 24, 2009
From the North Carolina Bar Association website: The North Carolina Bar Association and the North Carolina Medical Society are pleased to announce the publication of their revised Medico-Legal Guidelines. CLICK HERE TO ACCESS REVISED MEDICO- LEGAL GUIDELINES The guidelines represent decades of cooperation between physicians and lawyers aimed at improving their inter-professional interactions in medical litigation...

Brief Summary of Certain Stimulus Act Provisions

Posted on February 20, 2009
On February 17, 2009, President Obama signed into law the $787 billion American Recovery and Reinvestment Act of 2009 (the 2009 "Stimulus Act"). The Act includes several provisions designed to offer a degree of financial assistance to individuals in the short and intermediate term, including a one-time $250 Economic Recovery Payment to individuals receiving Social Security benefits, Railroad Retirement benefits, Veteran's benefits, or Supplemental Security Income (SSI) benefits...

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Federal Estate Tax Return Audit Rate Increasing

Posted on February 19, 2009
While only about .05% of estates will be subject to federal estate tax with the current $3.5 million exemption, this article, which originally ran in Trusts and Estates magazine, says to expect an audit in virtually all taxable estates.

Title Insurance for Real Estate in Living Trusts

Posted on February 19, 2009
My standard advice for clients who are transferring real property to their revocable living trusts is to check with their title insurance company to make sure they will still be covered. For those insured by Chapel Hill's own Investors Title Insurance Company, all that is required is to notify Investors, who will then issue a simple amendment, at no charge, to show the trust as the insured...

US Supreme Court Awards Retirement Plan to Ex-Spouse

Posted on February 17, 2009
If you divorce, make sure that you change your retirement account beneficiaries! As obvious as that advice sounds, it is not uncommon, particularly when there is no remarriage, for one to forget to designate a new beneficiary. Even a waiver signed by your former spouse may not be effective to prevent him or her from getting the benefits upon your death...

Small Non-Profits Beware - File Your Forms 990-N!

Posted on February 16, 2009
This report on msnbc.msn.com discusses GuideStar's statement that 500,000 non-profit organizations could lose their tax-exempt status in May 2010. Non-profits with annual receipts of no more than $25,000 need file only a short informational return with the IRS - Form 990...

SECU has Ridiculous Policy on Living Trusts

Posted on February 15, 2009
I have long known that the North Carolina State Employees Credit Union (SECU) refuses to refinance any residence owned by a revocable living trust. Their explanation is that they do not have the legal expertise to determine whether the trust affects the borrower's legal title and powers to the property...

Summary of the American Recovery and Reinvestment Act of 2009

Posted on February 13, 2009
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NC Had 7th Highest Unemployment in U.S. in December

Posted on February 12, 2009
I had no idea North Carolina was so bad off until I saw the statistics put out by the Bureau of Labor Standards. Our unemployment rate in December 2008 was 8.7%, which puts us on top of all states but Michigan (the highest at 10.6%), Rhode Island, California, Nevada, Oregon, and Washington D...

The American Recovery and Reinvestment Act of 2009

Posted on February 11, 2009
Click "Continue Reading" to view a chart that provides a side-by-side comparison of the tax provisions in the House and Senate versions of “The American Recovery and Reinvestment Act of 2009.” The House version is H.R. 1, as passed on January 28, 2009, with a 244 to 188 vote margin...

UNC Law School to Host Clinic for Same-Sex Couples

Posted on February 09, 2009
On Thursday, February 12, 2009, the Lambda Law Students Organization of the UNC Law School will hold an event for same-sex couples to fill out and have notarized general and health care powers of attorney. As important as powers of attorney are, one should not forget that they do not form a complete estate plan...

Tax Discounts Alive and Well - For Now

Posted on February 05, 2009
The U.S. Tax Court issued an opinion on January 29, 2009 in the Estate of Marjorie deGreeff Litchfield v. Commissioner (T.C. Memo. 2009-21). The case involved the determination of appropriate (estate tax) discounts for built-in capital gains tax liabilities, and lack of control and lack of marketability for minority interests in two closely held family corporations, including one that had recently converted to a subchapter S corporation...

Third Time is Not a Charm for Obama's Cabinet

Posted on February 03, 2009
Facing negative publicity over unpaid taxes, Tom Daschle withdrew his name from consideration as Secretary of Health and Human Services. Nancy Killefer, Obama's pick for Chief Performance Officer, also withdrew her nomination, citing her unpaid payroll taxes for a household employee...

Estate Still Over $3.5 Million? Now is the Time to Plan

Posted on January 31, 2009
The estate tax exemption is up (to $3.5 million) and portfolios are down. However, for those whose estates are still above $3,500,000, now is the perfect time to transfer wealth to younger generations. Interest rates are low, and the tax laws may never be more favorable...

Obama Picks Second Tax Cheat for Cabinet

Posted on January 31, 2009
First it was Timothy Geithner for Secretary of the Treasury, and now it turns out Tom Daschle, nominated for Secretary of the Department of Health and Human, also failed to report income and pay taxes. Then there's Charles Rangel. What's up with these people? Mistake, error, omission - I call it tax fraud...

IRS Form 1099-B Deadline Now February 15

Posted on January 30, 2009
Don't worry if you don't get your Forms 1099-B by tomorrow - the deadline this year is not until February 17. From the IRS: WASHINGTON ? Many investors will receive their year-end tax statements later than in past years, but these forms are likely to be more accurate, according to the Internal Revenue Service...

Attorney Sam Cooper Appointed as Chatham County Clerk

Posted on January 29, 2009
Janice Oldham, who has served as Chatham County's Clerk of Superior Court for more than 30 years, is retiring at the end of this month. Senior Resident Superior Court Judge Carl Fox has appointed Chatham native Sam Cooper to serve the remainder of Oldham's term, which expires on December 31, 2010...

NC in Middle of Pack When it Comes to Foreclosures

Posted on January 27, 2009
In 2008, 0.84% of housing units in North Carolina went into foreclosure, placing us at number 27 among the 50 states and Washington D.C.. The actual number of houses going into foreclosure was 33,819. The state with the largest number of foreclosures was Nevada, at 7...

MOST and DNR Forms - the other side of Advance Directives

Posted on January 25, 2009
Lawyers routinely prepare advance directives for their clients - in North Carolina the statutory form was previously called a "Declaration of a Desire for a Natural Death, "and is now just known as an "Advance Directive (Living Will)." Also used, to a lesser extent, is the "Advance Instruction for Mental Health Treatment...

Forbes Says Don't Die in NC

Posted on January 23, 2009
Where Not To Die 01.19.09, 06:00 PM EST Sixteen states and the District of Columbia (shaded in red) impose their own estate taxes. The dollar amount exempted from tax (in black) and the top tax rate (in yellow) vary by state. Eight states (shaded in orange) levy an inheritance tax, meaning the tax rate (in black) depends on who gets the money...

Looks Like Estate Tax Here to Stay - Don't Delay Planning

Posted on January 23, 2009
There's a couple of good recent articles on forbes.com - Dems Dedicated to Death Tax and Why You Need a Will. For this year, anyway, the $3.5 million exemption means that many of us don't need planning for estate tax purposes, but we need planning nonetheless...

More on Insuring Homes in Living Trusts

Posted on January 21, 2009
A colleague of mine, Dennis Toman of Greensboro, contacted the North Carolina Deparment of Insurance about the issue of insuring homes owned by living trusts. Bernard Cox, assistant to the Deputy Commissioner, stated that: We tend to agree with your insurance company that the manual eligibility rule for HO policies would allow this arrangement [keeping the homeowners policy in the name of the individual owner and naming the trust as an addtional insured]...

North Carolina Estate Procedure Pamphlet

Posted on January 21, 2009
I recently had someone email me and ask if the North Carolina Estate Procedure Pamphlet, published by the North Carolina Administrative Office of the Courts, is accurate. It is generally correct, and provides a good, basic overview of estate administration requirements and procedures in North Carolina...

Have an Interesting Story Involving a Will and Want to Share it?

Posted on January 21, 2009
I recently received the following email, and then had a phone conversation with its author. This is a legitimate documentary, with filming to take place in Montreal over the course of the year. All expenses for the trip to Montreal will be paid...

NC Estate Planning Blog to be Syndicated

Posted on January 21, 2009
I am pleased to announce that the North Carolina Estate Planning Blog will be nationally syndicated by Newstex, a blog aggregation company. The Blog is also recognized by the American Bar Journal, Trusts and Estates magazine and USlaw.com, as well as by other nationally known bloggers.

Four Pending Federal Estate Tax Bills

Posted on January 16, 2009
1. H.R.96 : To amend the Internal Revenue Code of 1986 to increase the maximum reduction in estate tax value for farmland and other special use property, to restore and increase the estate tax deduction for family-owned business interests, and for other purposes...

Prepaid Funeral Plans can be a R.I.P. Off

Posted on January 15, 2009
See this article from the AARP website. I have had clients who have lost money when their prepaid plans were not honored. The longer ago the plan was purchased, the more likely it is that there will be a problem Ownership changes, business termination, and theft or fraud can all affect plans...

Estate Tax Bill Submitted to House Ways and Means Committee

Posted on January 14, 2009
A bill entitled the Certain Estate Tax Relief Act of 2009 was recently introduced in the U.S. House of Representatives. The bill retains the current $3.5 million federal estate tax exemption, freezes the estate tax rate at 45%, and repeals the carryover basis rules which would otherwise be in place next year...

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