November 2013 Posts

  • 3 Mistakes in Pet Trusts

    Pet trusts offer legal instructions for the continuing care of pets—including dogs, cats, horses, and exotics—after the pet owner passes away. Animal owners may try to make their own arrangements for pet care, but without learning about how pet trusts are created and administered under North Carolina law, their wishes may not be carried out. Do-it-yourself pet trusts may not fully ensure an individual’s instructions for pet care are legally enforced. ...
  • More Tax Deductions Expiring End of 2013

    If you have not yet consulted with your North Carolina tax attorney or CPA about several state deductions that are expiring (like the deduction for contributions to NC 529 College Savings Plans), over four dozen federal deductions scheduled to expire at the end of 2013 may prompt you to schedule a meeting soon. ...
  • NC 529 College Savings Deduction Repealed 2014

    The North Carolina state tax deduction for contributions made to 529 College Savings Plans will be repealed effective January 1, 2014. Before this date, taxpayers are able to deduct $2,500 contributions annually. ($5,000 for married taxpayers filing jointly.)...
  • Life Estate Insurance Blunder

    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. ...
  • 3 Concerns for Minors Inheriting IRAs

    Beneficiary designations for Individual Retirement Accounts (IRAs) allow account holders to designate a trust, charity, or any individual, regardless of their age, as a beneficiary. ...
  • Elective Share Changes in North Carolina

    Provisions in a Will in favor of a spouse are revoked in divorce in North Carolina, however beneficiary designations are not revoked. Beneficiary designations for life insurance policies, as well as retirement accounts must be updated in order to prevent an ex-spouse—or a soon-to-be ex-spouse—from being legally entitled to these assets. ...
  • Affordable Care Act Info Session in Raleigh

    Disability Rights of North Carolina, a not-for-profit dedicated to preserving the rights of those disabled in the Tar Heel State, hosts information sessions about the Affordable Care Act in Raleigh on November 6 and November 12, 2013....