Posted on November 22, 2014 by Gregory Herman-Giddens

Estate Planning for Healthcare Costs in Retirement

AARP has released a study that estimates caregiving costs for families in the United States will total more than $520 billion annually. This estimate reflects the time and resources devoted by families and not skilled workers; the skilled worker estimate runs over $640 billion. If not planned for properly, families who take on the burden […]

Posted on November 19, 2014 by Gregory Herman-Giddens

Estate Planning and Tax Refunds for Art

  Art collections require specialized estate and tax planning. Without proper planning, a collection acquired over a lifetime could translate into tax debt for surviving heirs or become lost to creditor claims. A recent court case addressed the impact of an individual’s fractional ownership of art holdings and how these are taxed. Estate of Elkins […]

Posted on November 17, 2014 by Gregory Herman-Giddens

Estate Planning for Collectibles: Wine, Art, Cars & More

wine collections

Estate plans are not only vehicles for passing cash, investments and real property along to named beneficiaries, these tools can also transfer more complex assets. How does one pass on a wine collection, valuable artwork, antique cars, or rare baseball cards that were accumulated over a lifetime? Our North Carolina asset protection attorneys addressed preserving […]

Posted on November 13, 2014 by Gregory Herman-Giddens

Same-Sex Marriages Legal in NC: Prenuptial Agreements & Estate Plans

Before October 10, 2014, same-sex marriages were not recognized in North Carolina. This posed complicated tax filing and estate planning challenges for North Carolina LGBT couples who legally married in an out-of-state jurisdiction. Federal U.S. District Court Judge Max O. Cogburn, Jr. overturned the state’s ban on same-sex marriages in a lawsuit filed by clergy […]

Posted on November 11, 2014 by Gregory Herman-Giddens

Real Estate in Your IRA

retirement real estate

Some Individual Retirement Account (IRA) owners may choose to buy real estate with their IRA. Perhaps the property is intended for a retirement home in the future, as an investment, or for other reasons. Using an IRA to purchase real estate requires advance planning. When done properly, penalties can be avoided. Using one’s IRA to […]

Posted on November 4, 2014 by Gregory Herman-Giddens

Top 5 States for Dynasty Trusts

  Dynasty trusts offer asset protection and estate and generation-tax skipping tax avoidance over many generations. Three years ago attorney Steve Oshins started a ranking system of dynasty trusts. Various tax issues and creditor protections are included and weighted to determine how each state performs in relation to another. A new addition to the chart […]

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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