Posted on March 5, 2015 by Gregory Herman-Giddens

Tax Issues to Consider When Settling an Estate

During the first quarter of the year, the only tax items most taxpayers are concerned with are their own personal and business returns. However, settling an estate involves tax matters that need to be resolved before the estate is closed. The executor or administrator of the decedent’s estate generally is responsible for handling tax matters. […]

Posted on March 2, 2015 by Gregory Herman-Giddens

Vulnerability for Domestic Asset Protection Trusts

DAPT court case

A recent court case involving a Domestic Asset Protection Trust (DAPT) revealed a possible threat to the protections provided by these powerful asset preservation tools. DAPTs generally are used when enhanced creditor protections are desired. Some jurisdictions also provide tax benefits for DAPTs. In January 2015, the Utah Supreme Court ruled in Dahl v. Dahl, […]

Posted on February 26, 2015 by Gregory Herman-Giddens

Creating a North Carolina Succession Plan

Failing to create a succession plan for a North Carolina business results in a few possible outcomes that might not match an owner’s wishes. Depending on how the company is structured, upon a business owner’s death, other partners may absorb business interests. A business owner could also leave shares in the business to surviving relatives […]

Posted on February 24, 2015 by Gregory Herman-Giddens

How to Plan for Growing LTC Insurance Costs

Annual inflation increases all citizens’ costs of living; however, long-term care (LTC) insurance costs rose considerably more than average in the past year. Premiums for LTC insurance in 2015 are 8.6% higher than rates in 2014, according to the Long-Term Care Insurance Price Index. Insurance conglomerate Genworth breaks down the median annual long-term care costs […]

Posted on February 18, 2015 by Gregory Herman-Giddens

When To Omit Beneficiaries From a Trust

removing beneficiaries

Depending on the goals of the individual, trusts might name family, friends, or charities as beneficiaries. However, certain types of trusts may be structured with no human or organizational beneficiaries at all. Why would someone structure a trust for no particular person’s benefit? Non-charitable purpose (NCP) trusts can be set up so that loved ones […]

Posted on February 6, 2015 by Gregory Herman-Giddens

Protect Yourself From Tax Preparer Fraud

Each year our tax attorneys in Chapel Hill review common tax scams. One particular scam the Internal Revenue Service is highlighting this tax season concerns tax preparer fraud. More than half of United States taxpayers use a tax preparer to file their returns. Several North Carolina tax preparer scams have made headlines the past few […]

Posted on January 30, 2015 by Gregory Herman-Giddens

5 Tips for Millennials’ Estate Plans


Every adult can benefit from an estate plan, regardless of marital status, age, income, or assets. Our Chapel Hill estate planning attorneys have even reviewed estate planning tips for college students. Although decisions about what happens to your personal possessions and finances when you pass away might not be a priority for a young person, […]

Posted on January 29, 2015 by Gregory Herman-Giddens

State Residency and Domicile in Estate Planning

domicile claims

Tax, probate, and asset protection laws in each state vary. Individuals might want to establish residency in a jurisdiction with attractive legislation for estate planning purposes, and they do not necessarily have to relocate in order to take advantage of the laws. Celebrity deaths often publicly reveal solid estate plans or, sometimes, estate planning mistakes. […]

Posted on January 26, 2015 by Gregory Herman-Giddens

Delay Filing: North Carolina Tax Changes Pending

The North Carolina General Assembly will review potential changes to North Carolina income tax laws on January 28, 2015. Filers should wait until after this date to submit their tax returns to prevent potentially refiling returns if tax changes are passed. The Tax Increase Prevention Act of 2014 was signed by President Obama on December […]

Posted on January 19, 2015 by Gregory Herman-Giddens

How Asset Protection is Different in 2015

Wealth preservation is an ongoing process. How, when, and where assets are transferred or acquired affect protections. As the New Year begins, individuals can take a step back and review legislation changes that affect our year ahead and those to come: Protecting Inherited IRAs. In 2014 the United States Supreme Court ruled that inherited Individual […]

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