Posted on August 10, 2016 by Gregory Herman-Giddens

3 Tax Benefits the 50+ Crowd Enjoys

Although many tax regulations fluctuate based on the taxpayer’s adjusted gross income, some tax provisions are instead based on the taxpayer’s age. Knowing when an individual will enjoy certain tax benefits can help to guide tax planning. North Carolina taxpayers aged 50 and older enjoy several tax advantages. […]

Posted on August 9, 2016 by Gregory Herman-Giddens

Creditor Notification Requirements for Executors in NC

Creditor notification is a mandatory part of probate in every state, but the process varies in each jurisdiction. In North Carolina, executors must follow several statutes in regards to the timing, distribution and placement, and transmission of notices to creditors. […]

Posted on July 22, 2016 by Gregory Herman-Giddens

Inherited IRA Ruling: Distinctions Between Federal and State Tax Law

Our attorneys strive to share notable rulings and case law to help clients and other advisers understand how a court or officials might respond to a particular set of circumstances. In early June 2016, Private Letter Ruling 201623001 rejected a woman’s request to rollover part of her son’s inherited IRAs. […]

Posted on July 21, 2016 by Gregory Herman-Giddens

Tax Issues for Art Collections

Artwork and collections left behind in one’s estate will be subject to probate unless the decedent prepared a trust or other planning tool to hold and manage the art during their lifetime. Regardless whether the art is considered a probate asset, in the case of an estate that is subject to federal or state estate tax, art is a unique asset that poses several potential tax problems. The IRS may carry out an art valuation audit under certain circumstances. […]

Posted on July 20, 2016 by Gregory Herman-Giddens

Problems With Digital Assets in NC Probate

Online accounts and digital assets are a growing concern in estate administration. Depending on the decedent’s personal or professional interests, they could have substantial assets left in a virtual limbo. In addition to financially valuable digital accounts (like frequent flyer miles, Google Wallet, and PayPal balances), the decedent might have maintained photo storage accounts with sentimental images of life events. […]

Posted on June 30, 2016 by Gregory Herman-Giddens

How to Fix an Irrevocable Trust That Doesn’t Stand the Test of Time

Trusts typically are structured to provide for the best interests of the beneficiaries. The settlor may have had the best intentions when establishing the trust, but a trust created by a great-grandparent more than seven decades ago for the benefit of their great-grandchild might include provisions that prove impractical or unviable when it comes time to administer the trust for the great-grandchild’s benefit. Is there a way to remedy an outdated irrevocable trust? Under certain circumstances, yes. […]
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Posted on June 24, 2016 by Gregory Herman-Giddens

Probate of Real Estate in North Carolina

Real property poses unique set of considerations in the context of estate or trust administration. To understand more about how a personal representative oversees the management and distribution of real property during estate and/or trust administration, take a closer look at some variables that affect property distribution. […]

Posted on June 13, 2016 by Gregory Herman-Giddens

Terminating a Trust in North Carolina

Revocable and irrevocable trusts follow unique termination procedures. Although their name implies they cannot be changed, irrevocable trusts may be modified in certain circumstances. The circumstances surrounding a trust termination, and the type of trust, help to determine how a trustee may handle termination. […]

Posted on June 10, 2016 by Gregory Herman-Giddens

Types of Trust Beneficiaries

Primary, contingent and remainder trust beneficiaries have different rights as beneficiaries. Who has the right to bring a claim against the trustee of a revocable living trust? […]

Posted on June 7, 2016 by Gregory Herman-Giddens

Rights of Trust Beneficiaries

Trust beneficiaries have legal rights detailed in the trust documents and governed by state and federal trust code. If problems have resulted from a negligent trustee, or the trustee fails to adequately address issues brought to his or her attention by the beneficiary, it might be time for the beneficiary to reach out to a trust attorney and, potentially, the courts for corrective action. […]


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