- Advance Directives
- Asset Protection
- Business Succession
- Charitable Gift Planning
- Elder Care
- Estate Planning
- Estate Tax
- Financial Planning
- Fraud & Financial Abuse
- Gift Tax
- Health Care
- Income Tax
- Life Insurance
- Living Trusts
- NC Income Tax
- North Carolina Department of Revenue
- Nursing Homes
- Pending Legislation
- Powers of Attorney
- Qualified Plans
- Real Property
- Social Security
- Special Needs Planning
- Tax Fraud
Probate of Real Estate in North Carolina
Posted on: June 24th, 2016
Real property poses unique set of considerations in the context of estate or trust administration. To understand more about how a personal representative oversees the management and distribution of real property during estate and/or trust administration, take a closer look at some variables that affect property distribution....
What To Do if You Inherit an Out-of-State Home
Posted on: April 27th, 2016
If a property owner has not proactively and wisely planned for multiple properties in their estate plan, or if they have no estate plan in place, properties could be at risk of creditor claims, which is one of the many challenges heirs face....
5 Concerns When Gifting a Down Payment on a Home
Posted on: January 5th, 2016
Family members might want to gift money to children to be used toward a down payment on a home. Cash down payment gifts, when not handled properly, could trigger tax consequences or create other complications....
3 Questions to Ask if You Own Real Property With Joint Title in NC
Posted on: September 23rd, 2015
There are several ways to hold joint title to real property in North Carolina. The method of titling can also leave the property at risk to certain claims while both owners are alive, a factor which might be considered when choosing how to hold title. ...
Tax Concerns for New Domicile
Posted on: May 23rd, 2015
Living in one state while claiming domicile in another could offer many benefits depending on the jurisdictions. Tax benefits are generally a prime factor when an individual considers claiming domicile outside their resident state....
Real Estate in Your IRA
Posted on: November 11th, 2014
Some Individual Retirement Account (IRA) owners may choose to buy real estate with their IRA. Perhaps the property is intended for a retirement home in the future, as an investment, or for other reasons. ...
Reverse Mortgages and Inheritances
Posted on: April 24th, 2014
Should beneficiaries of a potential inheritance be concerned if their elderly relative decides to get a reverse mortgage? Reverse mortgages are not the right choice for everyone. The New York Times recently reported how adult children are often against the idea of their parents using a reverse mortgage as this would deplete the asset the children would ultimately expect to inherit. ...
Life Estate Insurance Blunder
Posted on: November 11th, 2013
Forgetting to simply add one name to a homeowner’s insurance policy could compromise an heir’s property inheritance. For individuals who take advantage of the added protection, reduced taxes, and ability to avoid probate that a life estate offers when holding title to property, one mistake with insurance may create more problems than their careful planning had intended to prevent. ...
IRS Cracks Down on Gifts of Real Estate
Posted on: October 21st, 2012
The IRS has begun checking land records in certain states, including North Carolina, to compare uncompensated, mainly intra-family gifts of real property to filed gift tax returns. ...
Recording Document Fees
Posted on: August 22nd, 2011
Effective October 1, 2011, fees for recording documents in North Carolina’s 100 Registers of Deeds will increase: Deeds – $26.00 for up to 15 pages. $4.00 for each additional page....
Tax Implications of Sale of Residence Upon Divorce
Posted on: June 24th, 2011
For many people, the federal home sale gain exclusion is the single most valuable tax break available. But if you’re getting divorced and selling a home, you may need to plan ahead to take advantage of the tax break. We’ll explain why, but first, here’s a little background information....
Operation of Law: Coordinate your Will and Property Ownership, etc.
Posted on: December 28th, 2010
You know the importance of having a will. If you die "intestate" (without a will in legal language), your state’s laws will determine the disposition of your assets....
Deeds – more information required in 2010
Posted on: December 3rd, 2009
Effective January 1, 2010, all new North Carolina deeds must contain the address of both the grantor and grantee as well as a statement indicating whether the property contains the primary residence of the the grantor. ...
Reverse Mortgages can be Hazardous to your Equity
Posted on: October 24th, 2009
The National Consumer Law Center has come out with a report detailing the risks of reverse mortgages for senior homeowners. Because of high fees, interest rates and other issues, I generally do not recommend reverse mortgages, although for some they may be the only feasible way to access cash....
I Inherited Real Estate – Where’s My Deed?
Posted on: October 6th, 2009
I often have clients ask about "getting a deed" when they inherit real property. My response is usually "you don’t need one." In North Carolina, in most cases, no deed is necessary to transfer and evidence ownership of inherited real estate. ...
A Short Story on Asset Protection
Posted on: May 21st, 2009
I had a new client come in yesterday, and we were discussing including asset protection in his estate plan. He mentioned he had recently been sued for lead paint related issues by the tenant of an older rental home he owned in another state....
Tax Credit Options for First-Time Homebuyers
Posted on: March 18th, 2009
First-Time Homebuyers Have Several Options to Maximize New Tax Credit WASHINGTON — As part of the Treasury Department’s consumer outreach effort and with the April 15 individual tax filing deadline approaching,...
Expanded Tax Break Available for 2009 First Time Home Buyers
Posted on: February 25th, 2009
From today’s IRS Newswire: WASHINGTON — The Internal Revenue Service announced today that taxpayers who qualify for the first-time homebuyer credit and purchase a home this year before Dec. 1 have a special option available for claiming the tax credit either on their 2008 tax returns due April 15 or on their 2009 tax returns next year....
NC in Middle of Pack When it Comes to Foreclosures
Posted on: January 27th, 2009
In 2008, 0.84% of housing units in North Carolina went into foreclosure, placing us at number 27 among the 50 states and Washington D.C.. ...
More on Insuring Homes in Living Trusts
Posted on: January 23rd, 2009
A colleague of mine, Dennis Toman of Greensboro, contacted the North Carolina Deparment of Insurance about the issue of insuring homes owned by living trusts. ...
Reverse Mortgage Limits Double
Posted on: November 18th, 2008
The Housing and Economic Recovery Act of 2008 more than doubled the home value (now up to $417,000) to be used nationwide for establishing the size of loans available from the federal reverse mortgage program. ...