Posted on October 31, 2014 by Gregory Herman-Giddens

Title Issues in North Carolina Estates: Joint Tenants

real estate titles

This post addresses the possible issues that may develop with one way of titling property: Joint Tenants with right of survivorship (JTWROS). JTWROS provides that the interest of a decedent in the titled property will pass directly to the surviving title holder. Unmarried couples, siblings and non-familial property owners alike may use this way of […]

Posted on October 29, 2014 by Gregory Herman-Giddens

NC Estate Planning for Singles

As the number of cohabiting unmarried couples rises, more families have multiple generations residing in a single household, and the law develops regarding the rights of married same-sex couples in North Carolina, a large demographic of our state’s residents is overlooked: Singles. Estate planning is not just for families and couples. Individuals not currently in […]

Posted on October 28, 2014 by Gregory Herman-Giddens

Trends in 529 College Savings Plans

As student loan debts are at historic highs, new families are responding by investing in the next generation’s college savings. Record high funding of 529 College Savings Plans was recently reported by financial asset management company Strategic Insight. Reports show that halfway through 2014 over $220 billion is currently held in college savings plans. Forecasts […]

Posted on October 27, 2014 by Gregory Herman-Giddens

Pending Court Case May Affect ‘Double Income Tax’

A couple’s case addressing the taxation of out-of-state income by their resident state is currently pending in the United States Supreme Court. Comptroller of the Treasury of Maryland v. Wynne questions the circumstances under which income earned out-of-state may be taxed, whether tax credits exist and what they provide, and if these procedures comply with […]

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Posted on October 25, 2014 by Gregory Herman-Giddens

Access to One’s Digital Estate

digital estate planning

More states are starting to address a growing area of an individual’s estate: Digital assets. Last year North Carolina amended the durable power of attorney and estate administration laws to include power to manage digital assets. This past summer the Uniform Fiduciary Access to Digital Assets Act (UFADAA) was released by the Uniform Law Commission […]

Posted on October 23, 2014 by Gregory Herman-Giddens

Protecting IRA Assets for Beneficiaries: IRA Beneficiary Trusts

Earlier this year the Supreme Court ruled in Clark v. Rameker that inherited retirement accounts are subject to bankruptcy claims. As a result of this ruling, Individual Retirement Account (IRA) owners are taking steps to ensure assets accumulated over a lifetime are protected for loved ones. One tool that offers protection is an IRA Beneficiary […]

Posted on October 20, 2014 by Gregory Herman-Giddens

Gifting Trends Among Wealthy

How and why individuals choose to donate to charities are influenced by several factors. Tax incentives for charitable giving are believed to be driving gifting trends, but there are also personal values and family legacies to consider. Wealthy taxpayers are motivated to give now and are planning donations for the future. Earlier this month Wealth-X […]

Posted on October 9, 2014 by Gregory Herman-Giddens

Same-Sex Marriage Update

same sex marriage

On Monday, during its first day in session, the Supreme Court declined to hear seven pending appeals from federal appellate courts regarding same-sex marriage. The denials, which came without comment, mean that there is still no declaration at the national level that denial of same-sex marriage is unconstitutional. However, by declining to hear the petitions, […]

Posted on September 10, 2014 by Gregory Herman-Giddens

Business Succession Options in North Carolina

Business succession plans address the future growth or disposition of the business upon a planned succession, or the death or incapacitation of the owner. Transitioning a business under these circumstances requires careful review and assessment. Poor business succession planning could translate to business failure or reduced longevity. What options do owners have? Merger. A plan […]

Posted on September 8, 2014 by Gregory Herman-Giddens

Protect Parents’ Assets

As parents age, the risk of health problems grows. The Sandwich Generation—those caring for both their children and their parents, may experience the stresses and expenses of elder care, and then more issues later with probate of a deceased parent’s estate if no advance plans are made. One of the assets that can cause problems […]

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