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- Estate Plan Controversies
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- 5 Concerns for First-Time Executors
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- Dealing With Creditors in NC Probate
- Estate Issues With DIY Deeds
Dealing With Creditors in NC Probate
Personal representatives and executors follow a state-mandated timeline for creditor notifications. When it comes to managing debts, including through approval or rejection of creditor claims, the executor’s duties become more complicated. […]
Category: Probate Tags: Creditors, Estates, Trusts, Administration
Estate Issues With DIY Deeds
Oftentimes individuals and couples attempt to minimize estate planning costs by downloading do-it-yourself wills and property deed templates. DIY estate planning notoriously causes costly, time-demanding administrative burdens on executors and does not guarantee the decedent’s wishes will be carried out. […]
Category: Probate Tags: Title, Real Property, Administration, real estate
4 Signs That Assets are at Risk to Lawsuits in NC
North Carolina is often referred to as a debtor-friendly state due to the many statutory creditor protections state law provides. However, even with these protections there are individuals and businesses who may not structure assets properly to take advantage of available protections. […]
Category: Asset Protection Tags: Litigation, LLC, IRAs, Title, Real Property
3 Reasons Why an Executor May Resign
Occasionally an executor must resign from their role. In North Carolina, the executor must file a formal petition with the clerk of court stating the reason(s) for resignation. […]
Category: Probate Tags: Administration, Estate Planning Attorney, Real Property, Estates, Tax
Taxes That Apply to Inheritances in NC
While North Carolina’s estate tax was repealed in 2013, other taxes may apply to an inheritance. Tax implications depend on the type of asset, the value, and other factors. […]
Category: Tax Tags: inheritance, capital gains, Income Tax, art, collectibles
5 Considerations for Rental Property in Probate
Whether it’s a single property or multiple homes, rental property in probate poses a few concerns. Discussed below are five issues that must be addressed if a decedent owned rental property. […]
Category: Probate Tags: Real Property, Income Tax, real estate, Administration, Estate Planning
2017 North Carolina Tax Law Changes
Changes to tax rates in North Carolina became effective on January 1, 2017. The adjustments affect both businesses and individuals. When revising tax planning efforts, consider the modifications below. […]
Category: Tax Tags: Tax Attorney, Tax Refunds, NC income tax, Deductions, Income Tax
New Legal Library on Trusts, Estates, and Tax Law
TrustCounsel's new Legal Library is now a permanent free online resource with guides to help direct executor’s discussions with attorneys, as well as to alert legal and financial practitioners of important probate and trust law matters. […]
Category: Estate Planning Tags: Trusts, Probate, Tax, Administration, Tax Attorney
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. […]
Category: IRAs Tags: Retirement, Asset Protection, intestacy, Probate, Estate Planning Attorney
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. […]
Category: Trusts Tags: Domestic Assets Protection Trusts, trust protectors
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