Posted on November 14, 2016 by Gregory Herman-Giddens

Steps to Take After a Spouse’s Death in North Carolina

A surviving spouse is often required to provide immediate attention to matters related to probate (much of which might be unfamiliar to them) even as they process and adjust to their loss and grief. […]

Posted on September 30, 2016 by Gregory Herman-Giddens

NC Marriage Ruled Valid Despite Lack of Marriage License: How This Affects Estates

North Carolina courts denied a wife’s claim to her spousal share since no marriage license existed. However, the wife filed an appeal, and the appellate court judge ruled that the absence of a marriage license does not invalidate a marriage, thus allowing the wife to claim a spousal share. […]
Category: Probate Tags: Estates, Administration

Posted on September 29, 2016 by Gregory Herman-Giddens

Updating Revocable Trusts in North Carolina

Updates to one’s revocable trust may be made by an amendment or a complete restatement. An amendment updates a specific part of the trust, while a restatement updates the entire trust. […]

Posted on September 28, 2016 by Gregory Herman-Giddens

Caveat to IRA Contributions

Retirement account owners should be aware of a requirement that must be fulfilled in order to contribute to an individual retirement account: compensation income. Annual contribution limits for retirement accounts are common knowledge, but account owners don’t often consider that the ability to contribute is conditional. […]
Category: IRAs Tags:

Posted on September 23, 2016 by Gregory Herman-Giddens

Overview of North Carolina’s Digital Assets Act

North Carolina Governor Pat McCrory signed a bill into law over the summer of 2016 that allows digital account holders to provide a fiduciary with authority to manage their digital assets. The Act modifies various provisions of North Carolina statutes to conform to the new law, including the North Carolina power of attorney form. […]

Posted on September 22, 2016 by Gregory Herman-Giddens

What Executors Should Know About Digital Assets in North Carolina Probate

In late June 2016, the North Carolina governor signed Senate Bill 805, Revised Uniform Fiduciary Access to Digital Assets Act, into law. The Act provides that trustees, executors, agents under powers of attorney, and other fiduciary parties in North Carolina may be granted authorities over electronic records and communications of another user. […]

Posted on August 25, 2016 by Gregory Herman-Giddens

Asset Protection Risks From Prior Marriages

Remarriage after divorce or the death of a spouse poses unique issues that individuals entering a first marriage generally do not have to navigate. […]

Posted on August 10, 2016 by Gregory Herman-Giddens

3 Tax Benefits the 50+ Crowd Enjoys

Although many tax regulations fluctuate based on the taxpayer’s adjusted gross income, some tax provisions are instead based on the taxpayer’s age. Knowing when an individual will enjoy certain tax benefits can help to guide tax planning. North Carolina taxpayers aged 50 and older enjoy several tax advantages. […]

Posted on August 9, 2016 by Gregory Herman-Giddens

Creditor Notification Requirements for Executors in NC

Creditor notification is a mandatory part of probate in every state, but the process varies in each jurisdiction. In North Carolina, executors must follow several statutes in regards to the timing, distribution and placement, and transmission of notices to creditors. […]

Posted on July 22, 2016 by Gregory Herman-Giddens

Inherited IRA Ruling: Distinctions Between Federal and State Tax Law

Our attorneys strive to share notable rulings and case law to help clients and other advisers understand how a court or officials might respond to a particular set of circumstances. In early June 2016, Private Letter Ruling 201623001 rejected a woman’s request to rollover part of her son’s inherited IRAs. […]

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