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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

2010 Executors - Are You Ready to Allocate that Basis?

Posted on November 02, 2010
Today I was alerted to the existence of a draft of the IRS from that will be required to be filed for estates of decedents dying in 2010 with estates in excess of $1.3 million. IRS Form 8939 - Allocation of Increase in Basis for Property Received from a Decedent...

Elder Mediation Available in Orange County

Posted on November 02, 2010
The Orange County Dispute Settlement Center, located here in Chapel Hill, is now offering specialized mediation dealing with elder care matters. While the services of an elder law attorney and/or geriatric care manager are also advisable in most cases, mediation can help families deal with some of the disputes that may arise around elder care issues...

Are You Willing to Die to Save Estate Taxes?

Posted on November 01, 2010
On October 30, 2010, there was a brief piece in the Durham Herald-Sun reporting that U.S. Representative Cynthia Lummis (R-WY) said that some of her constituents are so worried about the reinstatement of the federal estate tax that they plan to discontinue dialysis and other life-extending medical treatments so they can die before the end of the year...

Is Your 403(b) Account Safe from Creditors?

Posted on October 29, 2010
403(b) plans are employee-funded retirement savings plans offered by educational institutions and 501(c)(3) charitable organization. While the plans of private schools are automatically covered by the Employer Retirement Income Security Act 0f 1974 (ERISA), public schools and universities are exempt...

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IRS Announces 2011 Cost-of-LIving Adjustments

Posted on October 28, 2010
In Revenue Procedure 2010-40, the IRS provides 2011 figures for many items in the tax code. Of particular note to my readers: The Annual Exclusion from the Gift Tax remains at $13,000. IRC Section 2503 The Annual Exclusion for gifts to a non-citizen spouse is $136,000...

Tax Breaks to Disappear in 2011?

Posted on October 26, 2010
Congress left Washington with a big pile of unfinished tax issues still on the table. Under tax laws enacted in the past decade, many popular tax provisions expired at the end of last year, or they expire at the end of 2010. What could happen to all these tax breaks? In some cases, Democrats and Republicans have stated they intend to extend them -- but they just haven't gotten around to it or they can't agree on the exact amounts...

AICPA: Change Due Dates for Certain Tax Returns

Posted on October 26, 2010
The American Institute of Certified Public Accountants has recommended to Congress that the due dates for tax returns filed by Partnerships, S Corporations, C Corporations, Trusts and Estates, and Pension Plans be changed. For the initial due date, the returns that would be affected are: Form 1120S (S Corp) - March 15 to March 31...

Helping Elderly Parents in Dealing with the IRS

Posted on October 20, 2010
Brian Dooley, CPA in his International Tax Counselor's Blog, recently authored a helpful post on the use of IRS Form 56, Notice Concerning Fiduciary Relationship, for helping aging parents and others manage any issues that arise with the IRS. Form 56 is traditionally used for fiduciaries such as executors and trustees, but it can also be used to name children who will be helping their parents in the future...

Little Thought-of Reasons to Complete an Estate Plan

Posted on October 20, 2010
So maybe the prospect of protecting your family, preserving your assets, and saving taxes doesn't motivate you to get your estate planning done. If so, here are some less-mentioned benefits of completing a plan with an estate planning attorney: You'll outdo the Joneses - most likely, you are better prepared than your colleagues, neighbors and friends...

Estate Tax Debate Continues

Posted on October 19, 2010
The federal estate tax is a big issue in many congressional races, with proponents of repeal arguing that it severely impacts family businesses and farms. See this article in the online version of the Wall Street Journal. What is rarely discussed is that with proper planning, including the use of life insurance, the heavy financial burden of the estate tax can be avoided or drastically reduced...

Estate Tax Action Still Uncertain

Posted on October 13, 2010
Here's the latest from theHill.com. Bottom line - nobody knows what's going to happen when Congress is back in session.

Medicare Part D - It's that time of year again to review your Prescription Drug Plan

Posted on October 11, 2010
The Center for Medicare Advocacy, Inc. reminds us that it's that time of year again to make choices and change your current prescription drug plan. Plans change every year; premiums and deductibles may change; drug coverage may change; and plan providers may leave your service area...

Run, Don't Walk to Your Estate Planning Attorney

Posted on October 08, 2010
Time is running out - we are in the last quarter of 2010, with a host of dramatic changes in the tax laws approaching: For the remainder of 2010 there is no federal or North Carolina estate tax. For 2010, the estate tax has been replaced with a complex modified carryover basis regime which requires careful planning for estates over $1...

What's Involved in Serving as Executor?

Posted on October 06, 2010
If you're asked to serve as the executor of an estate, think carefully about the decision before accepting the position. Acting as an executor or administrator of an estate can involve a great deal of work, depending on assets and the complexity of the estate...

Online Estate Planning? Think About It

Posted on September 30, 2010
Call me old-fashioned, but I think estate planning should involve a personalized and continuing relationship, not a transaction. While some may prefer to use low-cost websites or software because they are more concerned about price than value, think about what they won't be getting...

Keep Your Information Private

Posted on September 29, 2010
Watch out for telephone calls where the caller requests personal information: 'There are no situations in which it is reasonable to give out Social Security, Medicare/Medicaid, credit card, checking account or other personal information over the phone or in writing unless you have initiated a conversation with a qualified person or business,' according to Angel Dennison, director of the Chatham County Council on Aging...

AICPA issues Press Release Against Tax Strategy Patents

Posted on September 29, 2010
AICPA, U.S. PIRG Coalition Urges Congress to Ban Tax Strategy Patents Before Adjourning Inappropriate Patents Attempt Monopoly on U.S. Tax Code WASHINGTON (Sept. 29, 2010) – Tax strategy patents threaten American taxpayers and Congress should ban them before it adjourns for the year, a coalition of 18 national consumer and taxpayer organizations said in a letter to lawmakers...

LegalZoom Responds to My Post of 9-27-10

Posted on September 28, 2010
Boy, that was fast! I stand corrected by LegalZoom's Senior Counsel, Kenneth Friedman. The Attorney General of Washington State did not file suit against LegalZoom, but did institute an investigation of their business practices. The investigation resulted in LegalZoom agreeing, in a document filed in Thurston County Superior Court, that it would not engage in certain practices...

Is LegalZoom Selling Your Personal Information?

Posted on September 27, 2010
The Attorney General of Washington filed suit against LegalZoom for the unauthorized practice of law and the release of personal and financial information of customers to third parties, resulting in LegalZoom entering into this Assurance of Discontinuance...

Beware of "Medicaid Friendly" Annuities versus "Medicaid Compliant" Annuities

Posted on September 27, 2010
I have had a few clients who have been sold 'Medicaid Friendly' Annuities. In at least one case, the annuity salesman sold the client a 'Medicaid Friendly' annuity in the local senior center. I don't know who the salesman was, or the details of his sales pitch, but what he sold the client made an extreme mess of her Medicaid eligibility...

"Tax Hike Prevention" Act of 2010 introduced in Senate

Posted on September 20, 2010
The Tax Hike Prevention Act of 2010 was introduced in the Senate on September 13 as Senate Bill 3773 "to permanently extend the 2001 and 2003 tax relief provisions and to provide permanent AMT relief and estate tax relief, and for other purposes...

New Online Service Helps Executors Locate Financial Information

Posted on September 18, 2010
One of the most challenging things for many executors is trying to locate and organize the decedent's financial information, such as insurance policies, and bank and investment statements. Faced with that problem after their father died in a car accident, Jarred and Adam Mait created knowtification...

NC Court of Appeals Holds IRA Withdrawals Exempt from Creditors

Posted on September 16, 2010
The North Carolina Court of Appeals, in Kinlaw v. Johnson, confirmed statutory law protecting IRAs from creditors, and extended the protection to the account owner's legal use of IRA funds from collection on a creditor's judgment. The court stated: "We therefore hold, liberally construing the statute in favor of Defendant, Elmwood, 295 N...

Obama Still Wants $3.5 Million Estate Tax Exemption

Posted on September 14, 2010
This update is from Tax Analysts by way of Robert Keebler, CPA: Obama administration officials are considering a proposal to allow taxpayers to elect to apply 2009 rules to their 2010 estate tax bills, a Treasury Department official said in an interview that aired September 12...

Forgoing an ILIT- Estate Planning's Costliest Mistake

Posted on September 11, 2010
Most people know that the proceeds of a life insurance policy are generally free of income taxes. What many don't realize, however, is that the same proceeds are included in one's estate for estate tax purposes. The federal estate tax will be back next year with a rate of 55% for amounts over $1 million...

IRS Guidance for Executors of 2010 Estates

Posted on September 08, 2010
Given the new basis reporting requirement for the estate of decedents dying in 2010, these new FAQ from the IRS are welcome and contain very important details, including (emphasis added): Are there any filing requirements for a decedent who died in 2010? Yes...

Online Wills Are Risky

Posted on September 07, 2010
I came across this article by lawyer and journalist Deborah L .Jacobs, The Case Against Do-It-Yourself Wills, on Forbes.com today. While I think the article sends an important message, I take issue with some of what Jacobs, and even nationally known attorney Jonathan Blattmachr have to say: JACOBS' ARTICLE: Much as I dislike DIY wills because of all the problems they can cause, I think estate-planning lawyers are partly to blame for their proliferation...

Top 10 Estate Planning Considerations

Posted on September 07, 2010
Now that Labor Day has come and gone, with no more summer vacations and the kids back in school, it's time to get serious and give thought to creating or updating your estate plan. Here are some things that should be examined/implemented as part of every estate plan: 1...

U.S. Dept. of Health and Human Services Offers Insurance Info

Posted on September 03, 2010

Estate Planning - Value vs. Price

Posted on September 03, 2010
Recently I met with a couple who had an estate of over $2 million, and wanted to safeguard their daughter's inheritance. I advised them that it would be prudent to establish living trusts with credit-shelter trusts to avoid the cost and delay of probate and eliminate or reduce estate taxes at the death of the second spouse to die...

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