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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

Social Security Payback Option May be Eliminated

Posted on September 01, 2010
The Social Security Administration may do away with a rarely used option to pay back earlier social security payments received in order to get increased payments in the future. So, if you or someone you know thinks this technique might make sense, the time to act is now...

NC Law on Intrepretation of Estate Tax Clauses for 2010 Decedents

Posted on September 01, 2010
This year, of course, there is no federal estate tax. However, many Wills and Trusts drafted in the past contain formula clauses based on the existence of the federal estate and/or generation-skipping transfer tax. These convoluted clauses were generally designed to maximize tax savings...

Long-Term Care Planning: Is a Reverse Mortgage your best option?

Posted on August 31, 2010
Recently, I heard a story about a family who used a reverse mortgage. The mother has Alzheimer's but is in great physical health. The father was in good health and was caring for the mother. The son was recently out of work and decided it would be a good time to move back to help his father care for his mother...

NC Law Requiring Name of Drafting Attorney on Wills Clarified

Posted on August 27, 2010
As of January 1, 2010 North Carolina law requires (1) that a Will prepared by an attorney contain the name of the attorney as the drafter; and (2) that an attorney who drafts the will of relative with a bequest or devise to the attorney must attach an affidavit stating that he or she is in compliance with the law that prohibits drafting such wills unless the testator is a relative...

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On the ligher side - a funny video about growing older

Posted on August 26, 2010
Most of what I write about relates to death, disability and taxes, and planning for those things. Pretty heavy stuff. So I'm glad to share this video with you, which features a 72 year old woman giving a hilarious deadpan testimony to growing older...

On the lighter side - a funny video about growing older

Retirement Accounts and Estate Tax Planning

Posted on August 25, 2010
Successful estate planning generally involves passing on your assets to your heirs at a low tax cost. To help achieve that goal, there are a few things to keep in mind about retirement accounts. Required Minimum Distribution Facts Under tax law, you cannot keep money in a traditional IRA indefinitely...

Video Monitoring for Elders

Posted on August 24, 2010
This morning on the way to work I heard an interesting piece on National Public Radio about the use of remote video monitoring of elderly persons. There are also companies that provide less invasive methods of monitoring, such as motion detectors...

10 Things to Know Before You Retire

Posted on August 22, 2010
I created a few of the these "10 Things" lists myself, and this list provides some basic information on what to think about before entering retirement. However, in Number 8, the article states that "it is helpful to speak with a qualified attorney or estate planner to determine how best to handle your estate...

IRA Experts Keen On Roth Conversions

Posted on August 21, 2010
Three of four prominent IRA experts have either already utilized a Roth conversion or plan to do so, and the fourth says he plans to if the market gets even worse. Click here to see what Ed Slott, Robert Keebler, Seymour Goldberg and Natalie Choate have to say about their personal Roth conversion decisions...

Retroactive Estate Tax in 2010 Unlikely

Posted on August 17, 2010
While there is still debate over whether Congress will increase the scheduled $1 million exemption and decrease the 55% rate when the estate tax returns in 2011, as the days and weeks pass it seems much less likely that the estate tax will be implemented retroactively for 2010...

Medicare Claim Matter in Probate Estate Removed to Federal Court

Posted on August 13, 2010
Probate and Estate Administration Matters Are Generally Handled in the State Courts – But Not Always, As One NC Executor Recently Found Out Probate – the process of filing a deceased person's will and administering the estate – is generally considered a matter exclusively for state courts...

North Carolina Elder Law Resources

Posted on August 12, 2010
Wake Forest University's School of Law, known state-wide for its Elder Law Clinic program, offers valuable resources on its website, both North Carolina specific and otherwise.

U.S. Income Taxation of Aliens

Posted on August 11, 2010
No, not little green men, but non-citizens. This list, complete with links to the IRS website, is courtesy of Brian Dooley, CPA, MBT: 1.Tax Treaties The U.S. tax liability of aliens is determined primarily by the provisions of the U.S. Internal Revenue Code...

What is Medicaid Planning?

Posted on August 05, 2010
This post is by elder law attorney Kristin L. Burrows, who recently joined my firm. Look for more entries from her in the future, focusing on elder law. There are numerous rules governing who is eligible for Medicaid to help pay nursing home costs...

Roth IRAs offer Tax and Estate Planning Advantages

Posted on August 04, 2010
Roth IRAs are a great tax saving vehicle. The reason: Investments held in a Roth IRA are allowed to build up federal-income-tax-free. Later on, you can take federal-income-tax-free withdrawals. Obviously, a zero tax rate is the best rate going. In addition to being great tax saving tools for retirement, Roth IRAs also provide tremendous estate planning advantages - especially if you can get a large portion of your wealth into an account...

Action on Estate Not Likely Anytime Soon

Posted on August 03, 2010
With only a couple of days until Congress takes its summer recess, it's likely that that nothing will happen with estate tax reform until September at the earliest. Even though this article from Investment News states that "reversion to 55% rate and $1 million exemption [is] not seen as likely," many tax professionals feel differently...

What Will Happen to Your Retirement Accounts After You Are Gone?

Posted on August 02, 2010
When Trusts Meet Retirement Accounts, a recent article on WSJ.com, explains the benefits of using a trust to pass on IRAs and other retirement accounts to children. Properly drafted trusts can provide protection against losing or depleting the funds due to mismanagement, creditors, and divorce...

A "Will" for your Digital Assets

Posted on July 31, 2010
A new online service, entrustet, provides a free way to safeguard your digital assets, such as domain names, blogs, twitter accounts, online financial accounts, etc. Beneficiaries can also be designated. A great idea, but I have not yet tried it myself.

Most Tax Experts Believe in Estate Tax Worst Case Scenario for 2011

Posted on July 30, 2010
My former colleague and attorney Julie Garber recently sent the following email to over 50 attorneys, trust officers and accountants located throughout the U.S.: "Hi, I am conducting a straw poll on the estate tax for my blog. The question is what do you think Congress is going to do with the estate tax in 2010 and here are the choices for answers: A...

FDIC Insurance Permanently Increased to $250,000 per Depositor

Posted on July 23, 2010
Here's the text of the press release from the Federal Deposit Insurance Corporation: Note: for the rules that apply trust owned bank accounts (and other types of ownership, click here. On July 21, 2010, President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which, in part, permanently raises the current standard maximum deposit insurance amount to $250,000...

Statute of Limitations Does Not Apply to Medicaid Estate Recovery

Posted on July 15, 2010
The North Carolina Medicaid program paid a total of $52,575.14 in nursing home costs for Sallie Anthony. After Mrs. Anthony's death, Anna Thompkins, who would become the Executrix of Anthony's estate, contacted the State to inquire about its claim for the Medicaid expenditures...

Estate Tax "Rumors on the Street"

Posted on July 15, 2010
Yesterday I listened in on a conference call about planning to avoid the 3.8% Medicare Surtax that will come into effect in 2013. The speaker, CPA Robert Keebler, a nationally known tax expert, stated that it is likely that Congress will offer estates of those who die in 2010 the choice between the estate tax system, with a step-up in basis for appreciated property, and the modified carryover basis system currently in effect...

Too Rich to Live?

Posted on July 12, 2010
Watch out for your heirs, who might not want you to live to 2011 due to the heavy estate tax burden estates over $1 million will face next year. See this article from the Wall Street Journal.

New Rules Will Affect Certain Self-Settled and Pooled Special Needs Trusts

Posted on July 08, 2010
A New Social Security Program Operations Manual System ('POMS') Section Regarding Early Trust Termination Provisions for "Self-Settled" Special Needs and Pooled Trusts is set forth below. This will not affect SNTs established with the assets of a third party, such as a parent...

Take Advantage of Tax Deductions for CCRC Costs

Posted on July 06, 2010
You or someone you love may be ready for a retirement community living arrangement, which typically includes lifetime residential accommodations, meals, and some degree of medical services. These facilities can be quite expensive. The good news: Unexpected tax write-offs may help offset the cost...

NC Probate Filing Fees Increase

Posted on July 02, 2010
Effective July 1, 2010, the fee for opening a probate proceeding in North Carolina increased by $1.00 to $89.00. While one dollar is not much of an increase, it is representative of the trend over the last few years to raise court costs. It will only get worse, making living trusts to avoid probate that much more attractive.

Single Member LLC Outside Creditor Protection Eroding

Posted on June 28, 2010
In last week's Olmstead v. FTC decision, the Florida Supreme Court ruled that single member limited liability companies (LLCs ) do not provide protection from "outside" creditors. This has been a concern of mine since a similar bankruptcy court ruling in Colorado in 2003, and I have advised clients that North Carolina LLCs could face similar attack...

The Latest Estate Tax Proposal

Posted on June 27, 2010
Friday's Wall Street Journal had an article on the latest estate tax proposal, from independent Senator Bernie Sanders and Democratic Senators Tom Harkin of Iowa, Sheldon Whitehouse of Rhode Island and Sherrod Brown of Ohio. The proposal would retroactively reinstate a $3...

NC "Will to Live" Durable Power of Attorney

Posted on June 26, 2010
Most people who execute living wills, health care powers of attorney and other advance directives express their desire to not have their lives prolonged if terminally ill or in a persistent vegetative state. However, there are some who believe that all or many measures should be taken to prolong their lives...

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