Posted on March 21, 2017 by Gregory Herman-Giddens

Inherited IRA Issues in North Carolina

Inherited IRAs face differing regulation based on whether the beneficiary is a spouse or a non-spouse. Marital status also influences how North Carolina’s intestate succession law applies to an estate, which may pertain to retirement accounts. FINRA released an Investor Alert early this year advising IRA beneficiaries to review inherited IRA tax implications. […]

Posted on February 10, 2017 by Gregory Herman-Giddens

North Carolina Places 15th Again for Trust Decanting in 2017

Once again, North Carolina holds steady at #15 out of twenty-five states with provisions for decanting. The collective includes two additional states that adopted legislation for decanting over the past year. The 2017 Trust Decanting State Rankings Chart shows South Dakota and Nevada remain top jurisdictions for decanting. […]

Posted on January 25, 2017 by Gregory Herman-Giddens

Why North Carolina Trustees Should Acquire Liability Insurance

Without liability insurance, trustees remain personally accountable for trust administration mistakes. Certain insurance policies help to manage trustee liability. These errors and omissions insurance policies for trustees provide coverage in the event that claims, lawsuits, or damages occur as a result of the trustee’s actions or inaction. […]

Posted on January 25, 2017 by Gregory Herman-Giddens

The Taboo Subject of Estate Planning and Firearms

A guest contributor on Southern Gun Law Group, Dennis Gayness is a Certified Firearms Appraiser with the Triangle Shooting Academy. In his guest post he delves into events throughout history that have influenced rare and collectible firearms passed down through generations. […]

Posted on January 24, 2017 by Gregory Herman-Giddens

Out-of-State Property in North Carolina Probate

The executor must inventory and evaluate all personal property, vehicles, and assets that pass through probate. However, if the decedent held property outside of North Carolina, those assets must follow the laws present in the alternate jurisdiction. […]

Posted on January 23, 2017 by Gregory Herman-Giddens

NCBA Symposium: Gun Trusts in Elder and Special Needs Law

TrustCounsel's principal attorney Gregory Herman-Giddens presents Gun Trusts in Elder and Special Needs Law at the North Carolina Bar Association Annual Symposium in Pinehurst this February. […]

Posted on January 6, 2017 by Gregory Herman-Giddens

How Proposed Changes to Family Businesses Could Raise Estate Tax Liability

Over the summer of 2016, the IRS released proposed changes to tax provisions (Section 2704) that apply to most business entities, including family businesses. These potential changes could have a major impact on tax planning, including estate tax implications. […]

Posted on December 12, 2016 by Gregory Herman-Giddens

Possible Tax Items to Expect With Trump Adminstration

Have you reviewed the proposed tax changes under the forthcoming Trump Administration? Read on to learn what is expected to change within the first 100 days following inauguration. […]

Posted on November 21, 2016 by Gregory Herman-Giddens

3 Errors North Carolina Executors Might Encounter Without Legal Counsel

When it comes to legal matters, it’s not in the executor’s best interest nor the best interest of the estate or its beneficiaries to rely on a DIY effort. The most important issue executors should understand is that executors are held personally responsible for probate errors and mistakes, regardless if the blunder was unintentional. […]

Posted on November 16, 2016 by Gregory Herman-Giddens

Penalties for Executors Due to Attorney Fault

A recent court ruling serves as a reminder of the personal financial liability executors may face even when they retain a probate attorney. Executors may be held legally responsible for errors in estate administration - even an attorney's errors. […]

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