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

Estate Planning Humor is Rare - But Here Goes...

Posted on January 26, 2011
This is funny, but seriously, all too true in relation to setting up a estate plan. Most people just ignore planning, or keep putting it off for another day. Isn't your family more important than that?

Obsessed with Taxes - Get the IRS Smart Phone App!

Posted on January 25, 2011
IRS Launches the IRS2Go App for iPhone, Android; To Check Refunds, Get Tax Information Video: IRS2Go: English WASHINGTON — The Internal Revenue Service today unveiled IRS2Go, its first smartphone application that lets taxpayers check on their status of their tax refund and obtain helpful tax information...

IRA Charitable Rollover is Back

Posted on January 23, 2011
There's good news if you've reached age 70 1/2, and you have an IRA and philanthropic inclinations. Through 2011, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 resurrected the opportunity to make cash donations to IRS-approved charities directly out of your IRA...

Organ Donation in North Carolina

Posted on January 20, 2011
Do you want to be an organ donor? Do you know how to become one? There are three ways to become a donor: 1. Request that a heart be placed on your driver's license at the DMV. 2. Register online at www.donatelifenc.org. 3. Complete a paper enrollment form and mail it to Donate Life North Carolina...

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

No more "Do-Over" Strategy for Social Security Retirement Benefits

Posted on January 14, 2011
On December 8, 2010, the Social Security Administration published a new rule eliminating the 'do-over' strategy some retirees were using to boost their retirement benefits. The new rule went into effect immediately. The 'do-over' strategy worked like this: a senior retired early, before full retirement age; collected and invested the reduced benefits for several years; then withdrew the initial application, repaid the benefits (interest-free) and re-applied for the higher benefits awarded to those who wait a few more years to start claiming their benefits...

Don't Pay more than 24.5% Tax on Your Roth Conversion

Posted on January 13, 2011
Do you think you have to pay income tax on large ($500k++) Roth IRA conversions at the top marginal tax rates? Think again. I have recommend the following strategy to several of my clients. In most cases, you can stay with your current investment manager...

Domestic Asset Protection Trusts - What State is Best?

Posted on January 11, 2011
A dozen states now offer what are called Domestic Asset Protection Trusts (DAPTs), which allow a trust grantor to shelter trust assets from creditors while retaining the right to distributions from the trust. North Carolina statutes do not provide for the formation of DAPTs, but NC residents can avail themselves of the laws of the states that do...

$5 Million Estate Tax Exemption Here to Stay?

Posted on January 10, 2011
This week I'm attending the University of Miami School of Law Heckerling Institute on Estate Planning. Most of the speakers so far are of the opinion of that the current federal estate tax exemption will not be decreased in 2013 when TRA 2010 expires.

Some Taxpayers Must Wait to File 2010 Federal Returns

Posted on January 04, 2011
From today's IRS Newswire: For most taxpayers, the 2011 tax filing season starts on schedule. However, tax law changes enacted by Congress and signed by President Obama in December mean some people need to wait until mid- to late February to file their tax returns in order to give the IRS time to reprogram its processing systems...

Act Now to Save GST Tax - Expires 12/31/10

Posted on December 28, 2010
On December 17, 2010 the President signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the 2010 Tax Relief Act), extending the Bush-era tax cuts. This new law creates a once-in-a-lifetime planning opportunity that ends at midnight, December 31, 2010...

Operation of Law: Coordinate your Will and Property Ownership, etc.

Posted on December 28, 2010
You know the importance of having a will. If you die "intestate" (without a will in legal language), your state's laws will determine the disposition of your assets. Your actual wishes will be irrelevant, even though they may be well-known to your friends and relatives...

Duke's OLLI Program to Offer Retirement Course

Posted on December 27, 2010
Local Financial Planner Janet Ramsey, MBA, CFP will be offering a course entitled Wealth Planning in the New Normal, Navigating Retirement Decisions in Rough Waters as part of Duke University's OLLI program. The course will run from January 20 to March 31, 2011...

2010 Tax Relief Act Passes House

Posted on December 17, 2010
Last night the House passed HR 4853 by a vote of 277-148 approving the Tax Relief Act of 2010 as passed by the Senate Wednesday. The bill now goes to the President for signature.

Obama Signs 2010 Tax Relief Act

Posted on December 17, 2010
This afternoon, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. This legislation, negotiated by the White House and select members of the House and Senate, provides for a short-term extension of tax cuts made in 2001...

AICPA Announces Taxpayer Education Website

Posted on December 16, 2010
The new website, which has been developed over the past year, is launching just days after President Obama called for fundamental reform of the income tax system, touching off a new national conversation about the tax code. 'The AICPA developed 360Taxes...

2010 Tax Relief Act Passes Senate

Posted on December 15, 2010
The Senate has passed (by vote of 81-19) the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the 2010 Tax Relief Act), and the House is expected to take up the measure tomorrow. The Act includes bringing back the $100,000 IRA spousal rollover for 2010 and 2011...

12 Estate Planning Gifts to Your Family

Posted on December 13, 2010
Christmas is in 12 days, so I thought it appropriate to use the "12 Days of Christmas" theme to talk about the fact that estate planning is truly a gift to your family or other beneficiaries. While planning for one's incapacity and demise is not exactly a cheery topic, the holidays are about spending time with and enjoying family, and giving to others...

Summary of the Tax Relief Proposal

Posted on December 10, 2010
The Senate Finance Committee has produced a summary of the Reid Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, which extends the Bush tax cuts for two years. Here's what the proposal says regarding estate, gift and generation-skipping transfer taxes: Temporary estate, gift and generation skipping transfer tax relief...

House to Obama on Tax Agreement - No Go!

Posted on December 09, 2010
The House has decided not to vote on the tax cut agreement Obama reached with Republican leaders earlier this week. Particularly objectionable was the proposed $5 million estate tax exemption. From CNN.com: "According to several Democratic members and aides, much of the discussion focused on the addition of the estate tax provision to the package...

AICPA asks IRS for Guidance on Carryover Basis Rules

Posted on December 07, 2010
From today's press release from the American Institute of Certified Public Accountants: The American Institute of Certified Public Accountants has asked the Internal Revenue Service to issue guidance about how to apply carryover basis rules for the assets of taxpayers who died in 2010 in order to settle their estates...

Obama, Republicans Reach Deal on Tax Cuts

Posted on December 06, 2010
The agreement includes a two year extension on the Bush income tax cuts, and with regard to the estate tax (from the Washington Post): "The deal also would revive the estate tax, but it would exempt inheritances of up to $5 million for individuals and $10 million for couples...

More on the Middle Class Tax Cut Act of 2010

Posted on December 04, 2010
Senator Max Baucus, Chair of the Senate Finance Committee on Finance, introduced the "Middle Class Tax Cut Act of 2010" which would make the Bush income tax cuts permanent for those making under $250,000 per year. There may be a vote on the bill today, but it is unlikely to garner much Republican support and will probably fail...

Middle Class Tax Cut Act of 2010 - Proposed Bill

Posted on December 03, 2010
The legislative text and summary of the Middle Class Tax Cut Act of 2010, released yesterday by Senate Finance Committee Chairman Max Baucus (D-Mont.), is now available at the Finance Committee's website at http://finance.senate.gov/legislation/. A summary of some of the estate tax provisions is set out below...

2011 - The Federal Estate Tax Returns

Posted on December 01, 2010
For the past ten years, the federal estate tax rules have been changing and they will shift again on January 1, 2011. As of that date, the federal estate tax will return with a $1 million exemption and rate of 37-55%. Thus, virtually everyone with assets in excess of $1 million should have their estate plan reviewed...

7 Events That May Necessitate Will Revisions

Posted on November 17, 2010
Wills Must Keep Up With Life Changes A will is an essential part of planning for the future...

Health Care Reform and Long-Term Care

Posted on November 17, 2010
One of the shortfalls of Medicaid for long-term care is that it provides financial assistance primarily for nursing homes, and I don't need to tell you that most people prefer not to have to go into a nursing home. While Medicaid does cover some community-based in-home assistance, there are such long waiting lists that it is not a viable option for the older population...

The Rights of Nursing Home Residents

Posted on November 12, 2010
The stress of moving into a nursing home is great -- and it's compounded by the loss of freedom, dignity and privacy. Adding to the anxiety is the fact that people moving to an elder care facility often have no choice. They may no longer be able to care for themselves without risking injury...

Estate (Tax) of Uncertainty Continues

Posted on November 11, 2010
The results of the recent midterm elections may not bring about speedy estate tax repeal or reform. To see why, check out this Forbes.com article Results of Midterm Elections Do Not Bring Certainty to the Federal Estate Tax.

November 11th is Veterans Day - how are you going to honor our Veterans this year?

Posted on November 10, 2010
One way each of us can thank the veterans in our lives is to make sure they are aware of the benefits that they have earned as a result of their service to our country. Many, if not most, veterans do not know that they have earned a very important benefit that helps veterans and their spouses pay for in-home health care, assisted living care, or nursing home care...

IRS Announces 2011Retirement Plan Contribution Limits

Posted on November 03, 2010
Below is text of IR-2010-108 (emphasis added): IRS Announces Pension Plan Limitations for 2011 WASHINGTON — The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2011...

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...