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. […]
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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. […]

Posted on July 21, 2016 by Gregory Herman-Giddens

Tax Issues for Art Collections

Artwork and collections left behind in one’s estate will be subject to probate unless the decedent prepared a trust or other planning tool to hold and manage the art during their lifetime. Regardless whether the art is considered a probate asset, in the case of an estate that is subject to federal or state estate tax, art is a unique asset that poses several potential tax problems. The IRS may carry out an art valuation audit under certain circumstances. […]

Posted on July 20, 2016 by Gregory Herman-Giddens

Problems With Digital Assets in NC Probate

Online accounts and digital assets are a growing concern in estate administration. Depending on the decedent’s personal or professional interests, they could have substantial assets left in a virtual limbo. In addition to financially valuable digital accounts (like frequent flyer miles, Google Wallet, and PayPal balances), the decedent might have maintained photo storage accounts with sentimental images of life events. […]

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