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

NC Supreme Court Decision Kinlaw V. Harris IRA Exemption Case

Posted on April 01, 2011
I previously blogged about the ruling by the North Carolina Court of Appeals that in addition to IRA accounts being exempt from creditors, distributions from IRAs were also exempt. On appeal, the North Carolina Supreme Court held that 'there may be some circumstances under which withdrawn funds are no longer exempt from execution...

Texas Court Rules Inherited IRA Protected in Bankruptcy

Posted on April 01, 2011
In a ruling entered on March 16, 2011, the U.S. District Court for the Eastern District of Texas, in Chilton v. Moser (2011, DC TX) 2011 WL 938310, reversed the bankruptcy court and held that a debtor's inherited IRA met the requirements for a bankruptcy exemption under Bankruptcy Code §522(d)(12)...

Long-Term Care Planning: Myths vs. Realties

Posted on March 31, 2011
The following is a guest post by Robbi Weinman, CLTC: Long-term care planning should play a key role in your overall financial, estate, and retirement planning strategy. Unfortunately, there are many myths associated with long-term care insurance. The goal of this article is to provide you with the facts you need to make an informed decision on the need for long-term care planning for yourself and your family...

Health Care Reform - How it Will Affect Our Taxes

Posted on March 30, 2011
Health care reform doesn't come cheap. How do we pay for it? More and increased taxes, of course, both this year and in future years, along with certain credits for health insurance premium costs. This is an outline of the many tax law changes as a result of the new health care laws, organized by affected parties and implementation date: Individuals: ...

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

Planning Tips for Clients with Chronic Illness

Posted on March 29, 2011
Yesterday I attended a presentation by attorney Martin Shenkman, whose wife has multiple sclerosis - he regularly speaks on planning for those with chronic illness. He offered the use of his materials to the attendees, and this is one of his memos: 1...

Missed Your IRA Rollver Deadline? All May Not be Lost

Posted on March 27, 2011
The IRS is often accused of being heartless, but it does show some compassion to taxpayers who cannot complete an IRA rollover within the deadline because of extenuating circumstances. The General Rules Normally, you can roll over funds from one IRA to another tax-free as long as you complete the rollover within 60 days...

Decision Time is Here if You Did a Roth IRA COnversion in 2010

Posted on March 22, 2011
The rule that made higher-income folks ineligible for Roth IRA conversions expired at the end of 2009. That made 2010 a big year for conversions, because even billionaires could make the transactions. If you are among the many who took advantage last year, that's great, but there's more to the story...

10 Estate Planning DONT's

Posted on March 14, 2011
From a presentation I gave last week for Duke University's OLLI program's course on retirement and wealth management, here are 10 things NOT to do in terms of estate planning: Jointly own large bank or brokerage accounts. Leave assets directly to a minor child or incapacitated person...

Long-Term Care Planning for Your Senior Life

Posted on March 09, 2011
From guest author Raymond Lavine: Many senior citizens freely admit that they fear growing older more than they fear death. The prospect of becoming increasingly frail and dependent in a society which worships strength and self-reliance, and of losing family and lifetime friends can understandably make the specter of old age a frightening one...

NC Estate Planning Blog Nominated as Top 25 Estate Blog

Posted on March 07, 2011
The North Carolina Estate Planning Blog has been nominated as a 2011 Top 25 Estate , Probate and Elder Law Blog by LexisNexis. If you are a reader, please vote for our blog. Registration is required, but it's free and easy. From the LexisNexis Estate Practice & Elder Law Community: To "talk up" or nominate your favorite Estate, Probate, and Elder Law Blog, you'll need to be a registered Community member and be logged in...

IRS Says Beware of Frivolous Tax Arguments

Posted on March 04, 2011
From IR-2011-23 WASHINGTON — The Internal Revenue Service today released the 2011 version of its discussion and rebuttal of many of the more common frivolous arguments made by individuals and groups that oppose compliance with federal tax laws...

Veterans Victory in the Supreme Court

Posted on March 04, 2011
David Henderson was a Korean War veteran. He was discharged from active duty in 1952 due to paranoid schizophrenia. In 1992, the VA gave him a 100% disability rating, and in 2001 (while living in North Carolina) he filed a claim for supplemental benefits to help with the cost of in-home care related to his severe mental illness...

Powers of Attorney "Die" Along With the Principal

Posted on March 03, 2011
General ("financial") Durable Powers of Attorney (DPOAs) are very useful documents that every competent adult should have. DPOAs can be used to manage one's property and affairs in the event of incompetency, avoiding the need for a court proceeding to determine incompetency and appoint a guardian...

Reverse Mortgages - the Impact on Older Homeowners

Posted on March 01, 2011
From a recent AARP report: reverse mortgages offer older homeowners a way to tap home equity to meet financial needs in retirement. However, the collapse of the mortgage market in 2008–2009 has led to major changes that impact consumer choices. While consumers have more product choices, reverse mortgages are generally more expensive and more complicated—leading to more scrutiny from Congress and regulatory agencies charged with protecting consumers.

Durable Powers of Attorney Don't Allow You to Control Trusts

Posted on February 28, 2011
A Durable Power of Attorney (DPOA) is a part of virtually every estate plan. The DPOA allows the person who signed the document, the principal, to designate an agent, or attorney-in-fact, who will act in his or her stead. The idea is to try to avoid the time, trouble and expense involved in an incompetency and guardianship proceeding...

Estate Taxes: The Worst States in Which to Die

Posted on February 22, 2011
Here's a recent marketwatch.com article on State Estate and Inheritance Taxes, and the various exemption amounts for each state. A majority of states, including Florida, have no state estate or inheritance taxes, and a couple of others effectively have the same $5 million exemption as the federal estate tax...

Tax Law Changes in Obama's Proposed 2012 Budget

Posted on February 17, 2011
Thanks to Keebler and Associates, LLP, CPAs for this summary: Limit the tax rate that certain individuals will get a benefit for their itemized deductions - For investors filing joint returns and having income over $250,000 itemized deductions would only reduce the investor's tax liability by a maximum of 28%...

Best Nursing Homes in North Carolina

Posted on February 15, 2011
The U.S. News and World Report has issued a report on the best nursing homes in America. From the website: "All of the homes shown received 5 stars, the highest overall rating, from the federal government's Centers for Medicare and Medicaid Services...

Depictions of "Reading of the Will" are an Anachronism

Posted on February 12, 2011
Modern day movies and television commercials (including a recent one by DirecTV) sometimes feature a lawyer reading the will of a deceased testator to his family. Occasionally I even get questions about the ceremony. However, it is the product of a bygone era, and as far as I am aware, never happens anymore...

Life Insurance to Pay a Future Bill

Posted on February 10, 2011
Second-to-die insurance is traditionally purchased by affluent married couples. How it works: The insurance proceeds are paid out upon the death of the second spouse when the funds are often needed to pay taxes. Just As the Name Implies Second-to-die life insurance doesn't pay off until the death of the second policyholder...

Am I Ready to Die?

Posted on February 09, 2011
I'm at home today, sick with the flu. Last night was rough, fever, chills, cough, and inability to sleep, but I feel a bit better right now. However, during the worst of the night, a thought came to mind that it might actually be a relief if my mortal existence ended...

IRS Offers 2nd Voluntary Disclosure Initiative for Offshore Assets

Posted on February 08, 2011
Today the IRS announced a new special voluntary disclosure initiative designed to bring offshore money back into the U.S. tax system and help people with undisclosed income from hidden offshore accounts get current with their taxes. The initiative is available through Aug...

Estate Tax Claw Back - Don't Worry About It, Says AALU

Posted on February 04, 2011
Since the enactment of TRA 2010 in December of last year, tax practitioners have been concerned that gifts made during 2011 and 2012 may, partially because of the way in which the current Federal Estate and Generation-Skipping Transfer Tax Return (Form 706) is worded, be subject to an estate tax for decedents dying in years after 2012 if the federal estate tax exemption is reduced at that time...

North Carolina Senior Helpline

Posted on February 03, 2011
Legal Aid of North Carolina has a Senior Legal Helpline for citizens age 60 and older. The toll-free number is 1-877-579-7562. Intake hours for new callers are 9:00-11:00 a.m. and 1:00-3:00 p.m. Monday through Friday. Matters covered include Housing Law, Consumer Law, Employment Law, Pubic Benefits, Alternatives to Guardianship and Wills...

Keeping Your Personal Financial Information Safe Online

Posted on February 03, 2011
From guest author Aaron Huber: Whether you're keep your money in a conventional financial institution or in an internet based bank without a physical location, it's a good idea to ensure that you're doing business with a reputable organization and that your money deposited is federally insured...

NC 2011 Tax Return Due Date April 18

Posted on February 02, 2011
From the North Carolina Department of Revenue: Taxpayers across the nation will have until April 18, 2011, to file 2010 federal returns, extensions, and payments that ordinarily would be due April 15, 2011. The extra time is provided because April 15 falls on Emancipation day, a legal holiday in the District of Columbia...

Five Bills to Kill the Estate Tax Introduced in January

Posted on February 01, 2011
Not satisfied with a $5 million estate tax exemption (until January 1, 2014 anyway) and spousal portability of the exemption, on January 5th Republicans introduced five bills to repeal the estate tax. For details, see Hani Sarji's Estate of Confusion blog posts of January 12 and January 13, 2011...

10 Tips from a Tax Lawyer for 2010 and 2011

Posted on January 31, 2011
Last week I was interviewed regarding income and estate taxes in 2010 and 2011 offering tips and insights based on what I see in my practice. Click here for the text and the podcast.

You Need a Power of Attorney

Posted on January 27, 2011
Giving someone your power of attorney (POA) has been likened to giving a trusted person a spare set of keys to your house or car. If a problem arises -- for example, you lose your keys -- your interests are protected. Otherwise, you're still in control...

More on Estate Tax - for 2010, 2011and 2011

Posted on January 26, 2011
"Nothing is certain but death and taxes," Benjamin Franklin famously said. In the last decade, another occurrence has been certain: The federal estate tax keeps changing. The tax cut legislation passed recently establishes new estate and gift tax rules for this year, next year and last year...

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...