February 2010 Posts

  • Washington State may double estate tax rate

    Yes, I know this is the North Carolina Estate Planning Blog, but in these troubled economic times, with most states, including NC, desperate for cash, this could be a sign of things to come here and elsewhere....
  • State Estate Taxes – No Worries in NC (yet)

    There is no estate tax in North Carolina this year, but residents (and owners of real estate) in 19 other states do have a state estate tax, even in the absence of the federal estate tax. ...
  • High-income taxpayers to pay more in 2011

    The Tax Policy Center of the Urban Institute and the Brookings Institution contains fascinating (to a tax geek) and detailed information about taxes. ...
  • Inherited IRAs are protected in bankruptcy – sometimes

    In a recent ruling, the U.S. Bankruptcy Court for Minnesota held that an inherited IRA was protected from the debtor’s creditors under federal law. In re: Nessa, 105 AFTR 2d 2010-XXXX, 01/11/2010. ...
  • North Carolina’s Repeal of the Rule Against Perpetuities Upheld

    In a decision dated February 2, 2010, the North Carolina Court of Appeals upheld the Superior Court Judge’s 2009 decision in Brown Brothers Harriman Trust v. Anne P. Benson, et al....
  • Senate discussing possible agreement on Estate Tax

    Nothing has been decided yet, but here’s the scoop from TheHill.com as of February 9, 2010. At a minimum, the 2009 $3.5 million exemption and 45% rate would continue, effective January 1, 2010....
  • Stipulation Leads to Directed Verdict in Fraud Case

    Here’s a summary of Burton v. Williams, a recent North Carolina Court of Appeals case (adapted from today’s NAELA eBulletin):...
  • Tax Court Rules Gender Reassignment Expenses Deductible

    On February 2, 2010, in Ododonnabhain v. Commissioner of Internal Revenue, the U.S. Tax Court held that a transgender woman’s expenses for hormone therapy and sex reassignment surgery were medically necessary and therefore deductible for federal income tax purposes. ...
  • IRS Issues Guidance for 2010 Gifts to Trusts

    Based on what appeared to be a giant "loophole" in the gift tax law applying to gifts made in 2010, taxpayers could arguably make gifts to a wholly-owned grantor trust free from gift tax. ...