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 […]

Posted on March 17, 2014 by Gregory Herman-Giddens

Planning a Prenuptial Agreement in North Carolina

Prenuptial agreements are designed to protect the property of one or both spouses in the event of a divorce or death. With recent changes to spouses’ elective shares in North Carolina, engaged couples have more complex legislation to review now. Executing a prenuptial agreement helps ensure assets are protected and that spouses are provided for […]

Posted on March 11, 2014 by Gregory Herman-Giddens

North Carolina Elder Care: 2014 Nursing Home Rankings

elder care

The Centers for Medicare & Medicaid Services released ratings of North Carolina nursing homes, showing 29% of the Triangle’s nursing homes received 5 out of 5 stars. (Only 2.7% of the nursing homes across the state ranked this well.) The five-star rating indicates a nursing home exhibits “above average quality” in their services. These ratings […]

Posted on February 27, 2014 by Gregory Herman-Giddens

Protect Assets for the Elderly

In approximately forty years, 1 in 10 Americans will be 65 or older. Financial elder abuse rates are increasing proportionately with the aging population; these crimes will cause the loss of almost $3 billion this year alone. How can you protect the assets of elderly family members? Look for warning signs. If you notice that […]

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