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 […]

Posted on January 16, 2015 by Gregory Herman-Giddens

3 Things to Know About Perpetual Trusts

dynasty trust

Perpetual trusts, also known as dynasty trusts, protect assets for the benefit of future generations. Some perpetual trusts are common trusts that allow multiple generations to benefit at the same time. Others distribute income and principal only to the oldest beneficiaries, then upon their deaths to the next generation. Perpetual trusts are permitted in North […]

Posted on January 9, 2015 by Gregory Herman-Giddens

New Creditor Protections for NC Properties

Effective January 1, 2015, property owned by married couples in North Carolina will enjoy creditor protections afforded to tenancy by the entireties property even if the property is transferred to one or more trusts. Under North Carolina law, real property held by a husband and wife as a tenancy by the entireties is protected from […]

Posted on December 23, 2014 by Gregory Herman-Giddens

2014 Tax Extensions – Limited Time Remains

tax extensions

With less than two weeks remaining in the 2014 tax year, Congress passed several tax extensions. The tax provisions were included in H.R. 5771 Tax Increase Prevention Act of 2014. Our tax attorneys review several important tax extensions here, which include tax-free charitable contributions, tuition deductions, and more. One significant tax break is available to […]

Posted on December 20, 2014 by Gregory Herman-Giddens

Estate Planning Mistake: Forgetting to Fund

Many estate plans include a living trust, a tool that can be amended at any time during the trust creator’s life and becomes irrevocable upon their death. Even the most carefully planned and detailed estate plans could be at least partially ineffective if the trust creator fails to fund the trust. Funding a living trust […]

Posted on December 19, 2014 by Gregory Herman-Giddens

Estate Plan Controversies

Celebrities are not the only individuals whose estate plans experience controversy. The Will of any individual may be contested in court. Some estate plan provisions might cause conflicts. Controversy is particularly likely if an individual includes provisions for a spousal disinheritance or conditional inheritances based on marital status, religious beliefs, political affiliations or similar factors. […]

Posted on December 18, 2014 by Gregory Herman-Giddens

3 Signs You Should Update Your Retirement Plan

retirement planning

Reports continue to show Americans are not saving enough for retirement. Some retirement account owners may miss out on opportunities that could help grow their assets, even if they are not contributing suggested amounts. TrustCounsel’s tax attorneys created a short and simple checklist that might help you determine if your retirement plans need revising: Legislation […]

Posted on December 17, 2014 by Gregory Herman-Giddens

Successor Trustee Responsibilities

When a trustee passes away or becomes incapacitated, a successor trustee must step forward. In addition to the trustee’s duties, a successor trustee is responsible for presenting an affidavit or certificate of trust that provides proof of their legal power over the trust. The successor trustee must also keep records of income received, expenses paid, […]

Posted on December 15, 2014 by Gregory Herman-Giddens

Year-End Gifting to Charities

The spirit of the holiday season is a generous one. According to the National Center for Charitable Statistics, “The last few months of the year make up what is commonly called the Giving Season for the nonprofit community.” A 2012 report shows that non-profits receive most of their donations between October and December every year. […]

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