October 2013 Posts

  • Tax Season Postponed: Use Time to Review 2 Changes

    The Internal Revenue Service recently announced a slight delay for the 2014 tax season. As a result of the government shutdown in October 2013, the IRS anticipates a 1-2-week delay for filers in January 2014. ...
  • Equitable Distribution Process in North Carolina

    Claims for equitable distribution in North Carolina are only valid if they are made after the date of separation and before the date of divorce. When filed timely, the process starts with identifying marital and separate property....
  • Retirement Accounts Vulnerable to Back Taxes

    Tax shelter for long-term savings is one of the features that attract people to Individual Retirement Accounts (IRAs). Once certain age requirements are met, distributions from IRAs are penalty-free, and Roth IRA distributions are tax-free—as opposed to taxable Traditional IRA distributions, since contributions to these retirement accounts are made with pre-tax dollars. ...
  • Dissolving a Trust in North Carolina

    A year ago the nation waited for the government’s announcement about the estate tax exemption for 2013. A large number of American taxpayers established and funded irrevocable trusts just in case the federal estate tax exemption dropped to $1 million. ...
  • Important Tax Steps for Same-Sex Couples in NC

    Even though North Carolina does not grant or recognize same-sex marriages, the Internal Revenue Service announced in August 2013 that same-sex marriages will be recognized for federal tax purposes. ...
  • National Estate Planning Awareness Week 2013

    Just before the holiday season starts siphoning shoppers’ money out of their pockets and into local economies, estate planning attorneys around the country spread awareness about important saving, investing, and planning opportunities during National Estate Planning Awareness Week. ...
  • Top 5 States for Dynasty Trusts

    Dynasty trusts in North Carolina offer creditor and asset protection for future generations while at the same time legally bypassing certain taxes. ...
  • 3 Common Mistakes in Special Needs Trusts

    As part of Special Needs Law Month, our attorneys in Chapel Hill reviewed past posts that outline special needs law information in North Carolina. We have also created a list of common mistakes that families make when establishing special needs trusts for the benefit of a disabled loved one. ...
  • Exempt Assets: Retain Medicaid Eligibility

    Families need every resource available to cover the costs of nursing homes in North Carolina. A senior’s unwise spending or gifting prior to moving into a nursing home could come with a significant price tag....
  • Swiss Accounts: New Tax Terms for Offshore Accounts

    Offshore trusts offer many benefits, which our attorneys explain in this foreign trust protection post. Offshore trusts or accounts are not exempt from domestic taxes, however some taxpayers have illegally used offshore accounts as a means of tax evasion....
  • Lost Life Insurance Policies

    Were you told by a loved one that you were a beneficiary of their life insurance policy? If they passed away and didn’t leave behind policy details, how do you find the policy number and value of the benefits?...
  • When Powers-of-Attorney are Not Accepted

    While powers-of-attorney are important estate planning tools, they may not always be recognized by third parties. Why might this happen?...
  • Special Needs Law Month

    Special Needs Law addresses multiple legal, financial, and medical concerns for families who care for a disabled loved one. October is Special Needs Law Month, a time when resources for special needs issues are promoted and explained. ...
  • North Carolina Back Tax Scam

    Last week the North Carolina Department of Revenue released a warning in response to reports of back income tax collection scams. ...
  • No Health Insurance? You Still Have to Pay

    If you don’t pay for health insurance, then you have to pay a fee. This fee is called the Shared Responsibility Payment. Affected taxpayers are obligated by law to satisfy these payments....
  • Same-Sex Marriages Recognized by Jurisdiction of Ceremony

    Last week the Internal Revenue Service announced that valid same-sex marriages will be recognized for federal tax purposes based on the where the couple’s union took place. ...
  • Interest Rates and Retirement in North Carolina

    North Carolina is consistently rated a top place to retire in national reports, and this year the Tar Heel State became even more attractive with the repeal of the North Carolina estate tax. ...