Posted on April 23, 2014 by Gregory Herman-Giddens

Retirement Plans in Same-Sex Marriage

Some retirement benefits only apply to spouses in a legal marriage. Since legal marriages are not recognized in every jurisdiction and the Windsor ruling granted federal recognition of same-sex marriages, how should retirement benefits be handled? The Internal Revenue Service released new guidelines in Notice 2014-19 for administrators of qualified retirement plans to clarify how […]

Posted on April 22, 2014 by Gregory Herman-Giddens

5 Proposed Rules for Retirement Accounts

Our tax attorneys covered several pending federal revisions in our Tax Changes for 2015, one of which affects retirement accounts. Retirement contributions and distributions may face new limits: Deduction and contribution caps. Under the proposed rules, percentage deduction an individual may take for contributions made to retirement accounts would be limited to 28%. This would […]

Posted on April 18, 2014 by Gregory Herman-Giddens

Non-Tax Benefits of Family Limited Liability Companies

family business meeting

Family Limited Liability Companies (FLLC) are one of several asset protection tools used to preserve assets of family businesses. These assets may include real estate and investments. Creating an FLLC involves legal fees, filing costs and ongoing maintenance expenses. These costs are usually reasonable when considering the tax benefits. However, as a result of changing […]

Posted on April 15, 2014 by Gregory Herman-Giddens

IRA Custodian Not Responsible for RMDs

Failing to take a Required Minimum Distribution (RMD) results in a penalty for the account owner. IRA account custodians are only responsible for notifying owners of their RMD; the owner must take the steps necessary to draw a distribution. In addition to the IRA custodian, a Certified Public Account, tax attorney, and other tax preparation […]

Posted on March 31, 2014 by Gregory Herman-Giddens

3 Requirements for NC Long-Term Care Insurance Policies

Time and research is required to understand elder care in North Carolina. Individuals starting to explore long-term care insurance may not realize that North Carolina imposes several requirements on insurance providers. These requirements protect the rights of consumers and, in some cases, provide more affordable coverage options. Long-term care insurance policies can help cover the […]

Posted on March 28, 2014 by Gregory Herman-Giddens

Last-Minute Tax Review for Same-Sex Couples

As Americans across the country prepare tax returns in the final days before April 15th, married same-sex couples face unique tax filing requirements. The Internal Revenue Service released a video for same-sex couples that outlines the federal changes since last year’s Supreme Court Windsor ruling, which provides that the marriages of same-sex couples will be […]

Posted on March 27, 2014 by Gregory Herman-Giddens

What to Leave in Your Will: Culture & Values

legacy planning

Estate plans can designate real property, personal items, and financial assets to named individuals, and can also impart how the estate plan creator wants to be remembered. People care about their personal values. What we value and how we spend our time defines our lives. Family or individual values can be viewed as a legacy […]

Posted on March 26, 2014 by Gregory Herman-Giddens

5 Last-Minute Tax Tips

tax deadlines

Taxpayers know the tax-filing deadline, but every year individuals around the nation wait until the final hours—and sometimes final minutes—to file. TrustCounsel’s tax lawyers reference a few tips below to help taxpayers manage tax filing under a time crunch. Whether you are filing your taxes yourself, hired a Certified Public Accountant, or retained a tax […]

Posted on March 21, 2014 by Gregory Herman-Giddens

Tax Scams to Avoid This Tax Season

Throughout the year our tax planning attorneys in Chapel Hill offer news about back tax scams, charity frauds, and elder financial abuse affecting North Carolina taxpayers. Even with the most careful planning, fraudulent companies or business practices can damage an innocent person’s credit, deplete investments, or cause other financial losses. Read about more tax scams […]

Posted on March 20, 2014 by Gregory Herman-Giddens

Tax Planning for 2015

tax planning

Retirement accounts, estate plans, and trusts may be impacted by possible federal tax law changes next year in 2015. While the current configuration of Congress makes these changes unlikely, reviewing possible future changes can help individuals make effective planning decisions now. After considerable 2013 tax reform in North Carolina, 2014 may prove to be the […]

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