North Carolina Estate Planning Blog: Estate Planning

Home -> Law Blog Directory -> Estate Planning Blogs

OR PHONE (866) 635-1838 for Bankruptcy Help, (866) 635-6190 for Divorce,
(866) 635-2689 for Personal Injury or (866) 635-9402 for Criminal Defense

Find a Local Lawyer

Bankruptcy (866) 635-1838
Divorce (866) 635-6190
Personal Injury (866) 635-2689
Criminal Defense (866) 635-9402

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

Stimulus Bill - Here Come the Tax Rebates

Posted on February 11, 2008
Click "Continue Reading" for a concise summary of, and some commentary on, the Stimulus Bill signed into law last week by President Bush, courtesy of the GiftLaw eNewsletter.On February 7, 2008 the House and Senate both passed H.R. 5140...

Family FLP/FLLC Checklist - Make Sure You do it Right

Posted on February 09, 2008
Family Limited Partnerships, or more commonly now, Family Limited Liability Companies, are great vehicles for management and protection of family businesses, real estate, and investments. They also can be used to facilitate gifting, since interests in the entity given to junior family members typically qualify for minority interest and lack of marketability discounts...

The Problem with Joint Property

Posted on February 07, 2008
Could joint tenancy, one of the most common forms of holding title to assets, lead to an estate planning disaster for your heirs? Joint tenancy, often called “joint tenants with right of survivorship,” is a form of holding equal interests in an asset by two or more persons...

Protect Your Ancestors' Legacy with an Inheritor's Trust

Posted on February 06, 2008
If you’re like many of folks, you may be deeply concerned about how litigious our society has become and fear that your assets may one day be taken by creditors. If you share these concerns, I want you to be aware of an important new technique that can asset protect any inheritance you may receive and provide an important piece of your estate plan...

To access this complete feed in the blog feed reader login or register for free.

Questions for the Family Business Owner

Posted on February 01, 2008
Owners of family businesses face unique estate planning challenges. Far too often, owners fail to plan properly, or at all, which can ultimately lead to higher estate taxes, conflicts among family members, and even failure of the business. If you own a business - take a look at this entry and seriously ponder these 32 questions...

IRS Warns of New Email and Phone Scams

Posted on January 30, 2008
The IRS issued a warning today about new telephone and email scams. Click "Continue Reading" to view the official notice. In my inbox the phony IRS emails are almost as common as the emails from people in Nigeria or London or Hong Kong who want to share their found millions with me...

For Baby Boomers Only

Posted on January 24, 2008
This is a big departure from my normally somewhat "dry" postings, but as a baby boomer myself, I found this animated short quite funny and wanted to share it. Enjoy!However, there is also a serious message there - despite our attempts to stay young, we are all growing older, and it is necessary to plan for incapacity and death in order to protect ourselves and our families...

IRA Beneficiary Rules - What You Don't Know Can Hurt Your Kids

Posted on January 23, 2008
Click here for a good, concise article on one of the most important but frequently overlooked aspects of estate planning, particularly the interplay of IRAs and trusts. While the articles discusses the impact of estate taxes on IRAs, it does not mention that the current federal estate tax exemption is $2 million, so most IRA owners, even of relatively large accounts, need not worry about estate taxes...

IRS Lists 4 New Frivolous Positions to Avoid

Posted on January 17, 2008
The IRS recently published a notice naming four new frivolous income tax claims: Misinterpretation of the 9th Amendment to the U.S. Constitution regarding objections to military spending. Erroneous claims that taxes are owed only by persons with a fiduciary relationship to the United States or the IRS...

Estate Planning Don'ts

Posted on January 16, 2008
Take a look at this article 8 Ways to Leave a Mess for your Heirs for a somewhat tongue-in-cheek but oh so true discussion about how NOT to approach estate planning.

Thoughts on the Future of the Federal Estate Tax

Posted on January 15, 2008
This week I'm in Orlando at the University of Miami School of Law's Heckerling Estate Planning Institute. Yesterday there was a discussion of what may be coming down the pike as to the federal estate tax (death tax):Date of New Legislation: It's unlikely there will be any action until after the November 2008 election...

North Carolina's Wealthiest ZIP Codes

Posted on January 13, 2008
According to ESRI, most of North Carolina's wealthy live in the Charlotte area, but the Triangle boasts eight of the top 25 wealthiest ZIP codes in NC. Most of the eight are in Wake County (27518 Cary, 27614 Raleigh, 27519 Cary, 27615 Raleigh, 27617 Raleigh, and 27539 Apex)...

Congress Fails to Make Post-Death Non-Spousal IRA Rollovers Mandatory

Posted on January 08, 2008
I previously blogged that employers would be required to allow post-death non-spousal rollovers of their retirement plans to IRAs starting in 2008. However, that did not come to pass:This information is courtesy of attorney Phil Kavesh in California:The IRS had previously announced that it would accept as part of the Technical Correction Bill to the Pension Protection Act of 2006 a provision that would require all corporate retirement plans to offer non-spouse beneficiaries a trustee to trustee lump sum rollover to an Inherited IRA, thereby allowing non-spouse beneficiaries to take advantage of RMD stretchout and avoid the one-year and five-year rules under most corporate retirement plans...

Federal Tax Law Changes for 2007 Returns

Posted on January 06, 2008
This in information is courtesy of the NC State Giftlaw Newsletter. Of broadest interest in probably the increase in the AMT exemption and the delay it will cause for early filers who expect refunds.In letter FS-2008-1 on Jan. 2, 2008, the IRS explained a number of changes that affect 2007 tax returns...

Estate Plan Effectiveness and Maintenance Information

Posted on January 02, 2008
Even the best estate planning documents will not be effective if they are lost or inaccessible. To help ensure that the documents are available when needed, we offer the following suggestions to our clients: Storage of Original Documents We recommend that original Wills be kept in your safe deposit box...

New North Carolina Trust Laws

Posted on December 27, 2007
In addition to the repeal of the rule against perpetuities, which is effective January 1, 2008 (perpetual trusts will be allowed in North Carolina provided certain requirements are met), there are a few other changes to North Carolina trust law, which were effective October 1, 2007: Section 39-6...

Avoid Probate of Equity Refunds from Continuing Care Communities

Posted on December 16, 2007
The Problem: Continuing care retirement communities have been growing in popularity with seniors for years. Such communities usually require a "buy-in" upon admittance and many provide for a refund of a portion of the fee upon death. The contracts (often called Residence and Care Agreements or the like) generally provide that the refund will be paid to the estate of the resident...

Worst Nursing Homes in U.S. - One is in NC

Posted on December 10, 2007
The U.S. government's Center for Medicare and Medicaid Services has released a report listing the poorest quality nursing homes in the country. One is in North Carolina - Sunbridge Care and Rehab of the Triad in High Point, which has been poorly performing for 34 months!

History of the Estate Tax

Posted on December 02, 2007
This article discusses in brief the history of the federal estate tax and its effect on the U.S. budget. Also examined are the ways in which the economic behavior of the population affected by the estate tax has changed over time due to market, technological, and political stimuli...

IRS Sets 2008 Mileage Rates

Posted on November 27, 2007
Beginning Jan. 1, 2008, the standard mileage rates for the use of a car (including vans, pickups or panel trucks) will be: 50.5 cents per mile for business miles driven; 19 cents per mile driven for medical or moving purposes; and 14 cents per mile driven in service of charitable organizations...

Titling a Car in Your Living Trust

Posted on November 26, 2007
I often prepare Living Trusts for clients, who like the idea of avoiding the cost, time, and hassle of probate. However, probate can only be avoided completely if there are no probate assets. One type of asset that is often overlooked is vehicles...

NC Income Tax Deduction for Contribution to 529 Plan

Posted on November 20, 2007
I previously blogged about the 2007 income tax deduction available to North Carolina residents to contribute to a North Carolina 529 College Savings Plan account. A deduction of up to $2,500 is available for single taxpayers and up to $5,000 for married couples filing jointly...

Top 10 Life Insurance Mistakes

Posted on November 15, 2007
This posting is compliments of my colleague Karen Brady in Colorado. Important reading for anyone who has anything to do with life insurance, including owning it. With life insurance, knowing and following the rules can save hundred of thousands, if not millions, of dollars versus remaining ignorant! THE TOP TEN MISTAKES IN LIFE INSURANCE AND ILITS By Karen L...

President Bush Threatens to Veto AMT Patch and Charitable Rollover Extension

Posted on November 09, 2007
A veto would also kill the extension of the $100,000 IRA Charitable Rollover, which is scheduled to expire at the end of this year. Tax expert Professor Christopher Hoyt of the University of Missouri (Kansas City) Law School is betting there will be no veto...

Increased Court Fees for Testamentary Trusts

Posted on November 03, 2007
Another increase in North Carolina court fees: As of August 1, 2007, testamentary trusts (those contained in a Will) which account to the clerk are subject a fee of 40 cents per $100 of receipts. That fee is entirely separate from the probate fee paid by the estate...

IRS to Offer Workshop for 501(c)(3) Exempt Organizations

Posted on October 29, 2007
The IRS will be offering a number of workshops for small to medium sized 501(c)(3) organizations on tax compliance issues. The cost is a bargan - only $45!The closest one to North Carolina will be in Columbia, South Carolina on December 4,5 and 6...

Repeal of Alternative Minimum Tax (AMT) Proposed

Posted on October 28, 2007
The following is from the North Carolina State University GiftLaw newsletter: House Ways and Means Chairman Charles Rangel (D-NY) introduced this week the Tax Reduction and Reform Act of 2007 (TRRA 2007). The primary goal of TRRA 2007 is repeal of the AMT...

IRS to Require Retirement Plans to Offer Non-Spousal Rollovers to IRAs

Posted on October 27, 2007
Beginning in 2008, retirement plans (such as 401(ks) must allow non-spouse beneficiaries to roll over to an IRA. The following is from Ed Slott, CPA:The Pension Protection Act of 2006 included a provision that would permit non-spouse plan beneficiaries to do direct transfers from the plan to a properly titled inherited IRA and take stretch distributions over their lifetimes instead of being subject to the harsh payout rules of most company plans...

2007 North Carolina Tax Law Changes

Posted on October 24, 2007
Here's an update from the North Carolina Department of Revenue. There are no significant changes to the estate and gift tax rules, but clarification was made about penalties for those taxpayers who fail to report any changes in the federal estate and gift tax returns to the NC Department of Revenue.

New Medicaid Rules to Start November 1, 2007

Posted on October 23, 2007
I previously blogged about the changes in the federal Medicaid laws that took place last year. The implementation in North Carolina has been delayed several times, but the rules are expected to be effective November 1, 2007.In brief, the lookback period for disqualifying gifts will increase from 3 years to 5 years, and the penalty period for gifts within the 5 years will start on the date the Medicaid applicant would otherwise become eligible for Medicaid, instead of the date of the gift...

Previous | Next

Related Law Bulletins

Real Estate Agents, Lenders, Appraisers & Home Inspectors: ARE BUYERS WASTING TOO MUCH OF YOUR TIME?
PREQUALIFY, PREQUALIFY, PREQUALIFY. It cannot be said enough times...

What Should Sellers Look for in Hiring a Real Estate Agent?
MARKETING SKILLS, MARKETING "SUPPORT" AND EXPERIENCE. There are nu...

Should Sellers Hire a Real Estate Agent?
We often say YES! There are simply far too many unscrupulous buyer...

Real Estate Tax Appeals: Who Has the Burden of Proof
Recently, many municipalities have performed revaluations in order...