Creditor Protection for Inherited IRAs

retirement savingsIn June 2013, North Carolina’s Governor signed Senate Bill 279 into law, which made changes to statutes related to estates, trusts, and guardianships. One change provides additional creditor protection on retirement accounts in North Carolina.

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BVI Accounts Under Scrutiny in 2014

bvi bank accountsA new law will reveal more details about United States taxpayers who maintain accounts in the British Virgin Islands. Starting in 2014, the BVI will need to provide account information about US taxpayers in order to comply with the new legislation.

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Swiss Accounts: New Tax Terms for Offshore Accounts

offshore accountsOffshore trusts offer many benefits, which our attorneys explain in this foreign trust protection post. Offshore trusts or accounts are not exempt from domestic taxes, however some taxpayers have illegally used offshore accounts as a means of tax evasion. For years Switzerland’s financial laws made it an attractive destination for these types of dealings. Recently, the United States government made an agreement with Swiss banks that delivers information about secret Swiss accounts held by US taxpayers.

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Lost Life Insurance Policies

lostWere you told by a loved one that you were a beneficiary of their life insurance policy? If they passed away and didn’t leave behind policy details, how do you find the policy number and value of the benefits?

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When Powers-of-Attorney are Not Accepted

While powers-of-attorney are important estate planning tools, they may not always be recognized by third parties. Why might this happen?

 

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North Carolina Back Tax Scam

tax telephone scamLast week the North Carolina Department of Revenue released a warning in response to reports of back income tax collection scams.

 

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No Health Insurance? You Still Have to Pay

health insurance exchangesIf you don’t pay for health insurance, then you have to pay a fee. This fee is called the Shared Responsibility Payment. Affected taxpayers are obligated by law to satisfy these payments.

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Same-Sex Marriages Recognized by Jurisdiction of Ceremony

same sex marriage tax lawLast week the Internal Revenue Service announced that valid same-sex marriages will be recognized for federal tax purposes based on the where the couple’s union took place.

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3 Tax Benefits of Education Trusts

college savingsTrustCounsel’s Gregory Herman-Giddens will present ‘Education Trusts and 529 Plans: Estate Planning Strategies for College Savings’ On September 5th in a 60-minute teleconference through the National Constitution Center. These estate planning tools often require specialized structures and advisors need to be able to recognize the right plan for an individual from the variety of options that exist. Continuing Legal Education Credit available. Register for the event here

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North Carolina Pet Trusts

pet trustsNot every state has laws addressing pet trusts. Fortunately, North Carolina pet trust laws allow residents to establish clear plans for the care of their companion animals.

 

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