Posted on October 20, 2014 by Gregory Herman-Giddens

Gifting Trends Among Wealthy

How and why individuals choose to donate to charities are influenced by several factors. Tax incentives for charitable giving are believed to be driving gifting trends, but there are also personal values and family legacies to consider. Wealthy taxpayers are motivated to give now and are planning donations for the future. Earlier this month Wealth-X […]

Posted on October 9, 2014 by Gregory Herman-Giddens

Same-Sex Marriage Update

same sex marriage

On Monday, during its first day in session, the Supreme Court declined to hear seven pending appeals from federal appellate courts regarding same-sex marriage. The denials, which came without comment, mean that there is still no declaration at the national level that denial of same-sex marriage is unconstitutional. However, by declining to hear the petitions, […]

Posted on September 10, 2014 by Gregory Herman-Giddens

Business Succession Options in North Carolina

Business succession plans address the future growth or disposition of the business upon a planned succession, or the death or incapacitation of the owner. Transitioning a business under these circumstances requires careful review and assessment. Poor business succession planning could translate to business failure or reduced longevity. What options do owners have? Merger. A plan […]

Posted on September 8, 2014 by Gregory Herman-Giddens

Protect Parents’ Assets

As parents age, the risk of health problems grows. The Sandwich Generation—those caring for both their children and their parents, may experience the stresses and expenses of elder care, and then more issues later with probate of a deceased parent’s estate if no advance plans are made. One of the assets that can cause problems […]

Posted on September 5, 2014 by Gregory Herman-Giddens

Asset Protection and Marriage

In the process of legally dissolving a marriage, the fate of assets may not match a spouse’s intentions. What should couples know about spousal claims and providing for children? Prenuptial and Postnuptial Agreements The terms of prenuptial and postnuptial agreements will limit adverse court judgments. If neither agreement exists, North Carolina’s equitable distribution laws apply. […]

Posted on September 2, 2014 by Gregory Herman-Giddens

3 Problems With Life Estate Title of Real Property

life estate problems

Real estate laws in North Carolina allow property owners to create and convey remainder interests in real property, while retaining lifetime rights to the property (a life estate). This is one way to transfer parents’ real property to children while allowing the parents the right to remain in and use the home. Life Estate Deeds […]

Posted on August 25, 2014 by Gregory Herman-Giddens

Asset Protection in Second Marriages

north carolina prenuptial agreements

What asset protection strategies should an individual consider after divorce if they play to re-marry? Whether a marriage is a first or fifth, some planning tools always offer a degree of protection. Every couple’s goals, life stage, and assets are unique. A review with an asset protection lawyer prior to marriage helps address risks and […]

Posted on August 22, 2014 by Gregory Herman-Giddens

Estate Plan Update: New Life Insurance Option

Life insurance can be a great estate planning tool. Payments generally do not go through probate, loved ones may not need to struggle financially after one’s death, and proceeds can be protected from creditors. A new option called a reversionary annuity may prompt individuals to update their estate plans. Life Insurance and Annuity Proceeds Reversionary […]

Posted on August 19, 2014 by Gregory Herman-Giddens

Increasing Trust Income Distributions

power to adjust

Many trusts provide for lifetime income, but no principal, to the first generation of beneficiaries. In these days of low interest rates, income payments have suffered. However, income distributions from trusts do not have to be permanently affected by low interest rates. Although the type and governing law of a trust may impose restrictions on […]

Posted on August 8, 2014 by Gregory Herman-Giddens

North Carolina Durable Powers of Attorney

durable power of attorney

A Durable Power of Attorney (“DPOA”) is an essential estate planning tool for most of our clients, allowing them to name an individual to handle their financial affairs in the event of incapacity. Typically, we draft DPOA’s so that the agent named in the document has authority to act on behalf of the principal immediately […]

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