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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

Inheriting an IRA from a spouse? Make sure you know the rules.

Posted on June 23, 2010
When it comes to inheriting an IRA, spouses have more flexibility than other heirs. Here are the basic rules: The surviving spouse may treat the inherited IRA as his or her own, roll it over into an existing IRA, or remain the beneficiary on the account...

Better GRAT While You Still Can

Posted on June 23, 2010
On June 15, 2010, the House of Representatives passed The Small Business Jobs Tax Relief Act of 2010 (the "Act") which, if passed by the Senate and signed by the President, will significantly limit the utility of Grantor Retained Annuity Trusts (GRATs)...

New Taxes on Investment Income will affect Estates and Trusts

Posted on June 22, 2010
According to a recent article on WSJ.com, the additional 3.8% tax that starts in 2013 will also apply to undistributed income in estates and trusts, starting at about the $12,000 mark (making the top rate 44.4%). This will make planning for distributions to beneficiaries that much more important, as most beneficiaries will be in lower tax brackets.

Think $4 billion would help our government?

Posted on June 09, 2010
Here's an article about Houston's Dan Duncan's death this year and his $9 billion estate, which will completely escape estate taxes (although his heirs may be liable for capital gains taxes upon the sale of some of his assets). Had an estate tax been in place this year, the IRS would have received about $4 billion from Duncan's estate...

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Estate Tax "Tremedous Upheaval" Predicted

Posted on June 05, 2010
On June 2, 2010, Senator Charles Grassley (R-IA) offered reporters his view on the uncertain future of the estate tax. Grassley is the ranking Republican on the Senate Finance Committee. From today's GiftLaw eNewsletter: In December of 2009, the House passed the Permanent Estate Tax Relief for Families, Farmers and Small Businesses Act of 2009...

Estate Tax "Tremendous Upheaval" Predicted

Some NC IRS Offices to be Open Saturday June 5

Posted on June 03, 2010
From IR-2010-071: The IRS offices listed below will be open June 5 from 9 a...

How about an estate tax-free IRA?

Posted on June 03, 2010
With the federal estate tax returning next year at a rate of 55%, with only a $1 million exemption, planning to reduce estate tax should be on the forefront of the minds of those fortunate enough to have assets in excess of that amount. One technique that was shared with me recently by Chad Virgil, CFP, works as follows (example scenario): 75 year old man in standard health $500,000 IRA Taxable estate The IRA is converted into a $500,000 single-life qualified annuity, which generates $48,145 annually for life, with no residual estate tax value...

Cost of Care in North Carolina - 2010

Posted on May 27, 2010
Genworth recently conducted a survey of the Cost of Care in North Carolina (Home Care, Adult Day Care, Assisted Living and Nursing Homes). There are comparisons of the U.S. and NC as a whole, along with the largest metro areas in the state.

Committee Chairs Reach Agreement on IRA Charitable Rollver and Tax Extenders

Posted on May 22, 2010
Senate Finance Committee Chair Max Baucus (D-MT) and House Ways and Means Committee Chair Sander Levin (D-MI) announced that they have reached an agreement on continuing the IRA Charitable Rollover and many other tax saving extensions. Both the House and Senate previously passed bills to extend these provisions, but since there were different tax offsets in the House and Senate bills, prolonged discussions were necessary to come up with mutually acceptable tax increases...

Taxes on Investment Income will nearly Triple for Some

Posted on May 21, 2010
Currently the maximum federal tax rate for qualified dividends and long-term capital gains is 15%. This is great for people like Warren Buffett, who live off of investment income. However, these low tax rates for wealthier investors will soon be a thing of the past...

NC General Assembly Considering Bill to Address Issue of Outdated Wills and Trusts of Those Dying in 2010

Posted on May 20, 2010
With no estate tax in 2010, the prospects of reinstatement diminishing daily, and the ever more probable $1 million exemption in 2011, my staff has been working hard to notify our existing clients that they should come to have their wills or trusts updated...

Estate Tax Agreement Falls Apart

Posted on May 18, 2010
TheHill.com reported today that, according to Senate Minority Whip Jon Kyl (R-Ariz.), a deal in the works between Senate Democrats and Republicans on the estate tax has fallen apart. Senator Kyl said: "We no longer have an agreement because the Democratic side has decided that unless a matter has a guaranteed majority of Democratic votes going in, they're not going to allow it on the floor, at least not voluntarily," he said...

NC Medical Board Recommends Advance Directives

Posted on May 17, 2010
The website of the North Carolina Medical Board contains many Position Statements, including one on Advance Directives, a portion of which is quoted below: "It is the position of the North Carolina Medical Board that it is in the best interest of the patient and of the physician/patient relationship to encourage patients to complete or authorize documents that express their wishes for the kind of care they desire at the end of their lives...

Estate Tax Uncertainty - Forbes Says See a Lawyer

Posted on May 15, 2010
Thanks to a client for bringing this article to my attention: How To Protect Your Family From Estate Tax Uncertainty. It contains good advice, which I have highlighted in bold in the following text from the article: Make sure your estate plan accounts for a year with no estate tax, as well as a minimal $1 million exemption next year...

Progress on the Estate Tax?

Posted on May 12, 2010
More from theHill.com on the estate tax in Kyl: Deal on the estate tax in the offing: "Sources close to the matter told The Hill last week that lawmakers are looking to give taxpayers the option of prepaying their estate tax. The levy would be set at 35 percent for those worth more than $3...

Movement on the Estate Tax?

Posted on May 11, 2010
On May 4, Senate Finance Chairman Max Baucus (D-Mont.) stated that members of Congress will discuss the estate tax along with a small business tax bill this week. An aide reported that Committee and floor action on the small business bill might happen before the end of May...

LLCs Provide Favorable Tax Treatment and Liability Protection

Posted on May 11, 2010
From TrustCounsel's today's eNewsletter: There's no one legal structure that works best for all businesses. The most favorable choice depends on a number of factors, including the number of owners, your tax situation and whether or not you have employees...

NC law on CCRCs

Posted on May 06, 2010
I recently gave a presentation on the Legal and Contractual Aspects of Continuing Care Retirement Community (CCRC) Agreements. The talk was very popular - I planned for 40 attendees and over 140 came! I thought others might be interested in the topic - click here for the presentation handouts, which include a comparison of several local CCRCs in which I have clients.

Ways and Means Chair comments on future of estate tax

Posted on May 01, 2010
The new chair of the House Ways and Means Committee, Rep. Sander Levin (D-Mich.) was quoted in an April 19 article on DailyFinance.com: Levin indicated he wants to change the current estate tax law. In 2010, the estate tax expired, but under current law in 2011 it will revert to 2000 levels, when estates worth more than $1 million were liable for the federal tax...

NC Medicaid Beneficiary Liable for Overpayment

Posted on April 28, 2010
In this North Carolina Court of Appeals case a Medicaid beneficiary was held liable for overpayment of Medicaid benefits when a newly discovered asset caused her to assets to exceed the resource limit: Ella Mae Cloninger entered a nursing home on May 28, 2000 and her children applied for Medicaid on her behalf...

When can I get rid of old tax records?

Posted on April 20, 2010
From our eNewsletter: It Depends On the Statute of Limitations Perhaps it's a good thing that the April 15th tax deadline and the urge to spring clean coincide...

An Estate Tax Nightmare...

Posted on April 19, 2010
Forbes.com has been publishing a series on finance and taxes - here's one about an estate tax worst case scenario: Estate Tax Could Come Back with a Sharp Bite. Author Deborah Jacobs discusses the possibility that we could have a $1 million exemption, combined with the elimination of tax reducing strategies such as Grantor Retained Annuity Trusts (GRATs) and Family Limited Partnerships (FLPs).

Retroactive Estate Tax in 2010 Less Likely?

Posted on April 17, 2010
There has been talk in Washington about possibly reinstating the estate tax retroactively to January 1, 2010? If that's done, however, many have speculated that litigation challenging the constitutionality of doing so will follow. But from whom? Here's a possible candidate, according to Scott Martin of the The Trust Advisor Blog : "Houston gas pipeline mogul Dan Duncan was the 74th richest person in the world when he died on March 28...

Today is National Healthcare Decisions Day

Posted on April 16, 2010
2010 marks the 20th Anniversary of the enactment of the Patient Self-Determination Act, and April 16th, 2010 is the Third Annual National Healthcare Decisions Day. So, make sure that you, your family and friends all have up-to-date Health Care Powers of Attorney, Advance Directives (Living Wills) and Authorizations for Use and Disclosure of Protected Health Care Information (HIPAA Authorizations) It's also important to talk your doctor and family about your wishes...

10 Ways to Attract an IRS Audit

Posted on April 12, 2010
With accompanying pictures, this article on Forbes.com gives us 10 things NOT to do with regard to our tax returns.

AALU Report on Estate Tax Reform

Posted on April 06, 2010
A recent AALU report, Update on Estate Tax Reform: Developments and Dynamics, lists three factors that affect the ongoing environment for federal estate tax legislation: 1) a packed congressional schedule; 2) a focus on deficit reduction; and 3) the upcoming mid-term elections...

Estate Tax 'Choice" in 2010?

Posted on April 06, 2010
Support is growing in Congress for allowing estates of decedents dying in 2010 to choose between the $3.5 million estate tax exemption (per 2009 law) and the current modified carryover basis law. Ever a good source of tax news, thehill.com has a brief article on this topic...

It's Time to Review Your Will!

Posted on April 02, 2010
My law firm, TrustCounsel, is currently in the process of reviewing all of our clients' estate plans and notifying those that need to update their plans due changes in the law, and possibly changes in the client's situation. A recent New Times article, Assemble a Paper Trail, and Make Sure Your Heirs Can Follow It, suggests that this is a critically important process...

Top 10 Tips for Last Minute Filers

Posted on April 01, 2010
Don't be an April Fool, read these tax tips from the IRS (2010-62): 1. E-file your return Don't miss out on the benefits of e-file. Your tax return will get processed quickly if you use e-file. If there is an error on your return, it will typically be identified and can be corrected right away...

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