More on the 2011 Federal Estate Tax Return
The IRS has released the final instructions for the 2011 United States Estate (and Generation-Skipping Transfer Tax Return (Form 706), and Guidance on Electing Portability of Deceased Spousal Exclusion Amount (Notice 2011-82)....
Health Care Legal Documents Vitally Important
To help increase awareness of the importance of having up to date health care legal documents (Health Care Power of Attorney, Living Will and HIPAA Authorization), TrustCounsel is offering all three documents for $50 today and tomorrow (September 29 and 30) to North Carolina residents through OurLocalDeal. ...
Parents – Important Tips to Legally Protect Your Kids
Parents – if something were to happen to you, have you done all that you can to ensure that your children are legally protected? Most parents of young children have not done anything at all, or if they have, the planning is often incomplete or outdated....
IRS Releases 2011 Estate Tax Return
The IRS has now issued the U.S. Estate and Generation-Skipping Transfer Tax Return (Form 706) and draft instructions for decedents dying in 2011....
Democratic Proposals for Revenue Raising
The proposal from the White House includes:
Income surcharge for high income earners – basically a 5% surtax on Adjusted Gross Income in excess of $500,000.
Repeal high-income tax cuts in 2012 as opposed to 2013....
IRS Offers Filing and Penalty Relief for 2010 Estates
IR-2011-91 (emphasis added):
WASHINGTON — The Internal Revenue Service announced today that large estates of people who died in 2010 will have until early next year to file various required returns and pay any estate taxes due. ...
Spousal Portability and the Estate Tax After 2010
The Tax Relief Act of 2010 included a spousal portability provision for the $5 million estate tax exemption. If a married person dies after December 31, 2010 and does not use all of his or her exemption, the unused portion can be transferred to the surviving spouse....
NC Homestead Exemption to Increase
House Bill 1058 – Effective December 1, 2009, an individual resident of North Carolina who is a debtor can retain, free from the enforcement of the claims of creditors, the debtor’s aggregate interest, not to exceed $35,000 in value, ...
Certain NC Coastal Counties Qualify for IRS Relief
The IRS has announced that residents of the following North Carolina counties qualify for filing and payment relief due to Hurricane Irene: Beaufort, Carteret, Craven, Dare, Hyde, Pamlico and Tyrell....