February 2011 Posts

  • Durable Powers of Attorney Don’t Allow You to Control Trusts

    A Durable Power of Attorney (DPOA) is a part of virtually every estate plan. The DPOA allows the person who signed the document, the principal, to designate an agent, or attorney-in-fact, who will act in his or her stead. ...
  • Estate Taxes: The Worst States in Which to Die

    Here’s a recent marketwatch.com article on State Estate and Inheritance Taxes, and the various exemption amounts for each state. A majority of states, including Florida, have no state estate or inheritance taxes, and a couple of others effectively have the same $5 million exemption as the federal estate tax. ...
  • Best Nursing Homes in North Carolina

    The U.S. News and World Report has issued a report on the best nursing homes in America. From the website: "All of the homes shown received 5 stars, the highest overall rating, from the federal government’s Centers for Medicare and Medicaid Services. ...
  • Depictions of “Reading of the Will” are an Anachronism

    Modern day movies and television commercials (including a recent one by DirecTV) sometimes feature a lawyer reading the will of a deceased testator to his family. Occasionally I even get questions about the ceremony. ...
  • Life Insurance to Pay a Future Bill

    Second-to-die insurance is traditionally purchased by affluent married couples.How it works: The insurance proceeds are paid out upon the death of the second spouse when the funds are often needed to pay taxes....
  • Am I Ready to Die?

    I’m at home today, sick with the flu. Last night was rough, fever, chills, cough, and inability to sleep, but I feel a bit better right now. However, during the worst of the night, a thought came to mind that it might actually be a relief if my mortal existence ended. ...
  • IRS Offers 2nd Voluntary Disclosure Initiative for Offshore Assets

    Today the IRS announced a new special voluntary disclosure initiative designed to bring offshore money back into the U.S. tax system and help people with undisclosed income from hidden offshore accounts get current with their taxes. The initiative is available through Aug. 31, 2011....
  • Tax Law Changes in Obama’s Proposed 2012 Budget

    Thanks to Keebler and Associates, LLP, CPAs for portions of this summary: Limit the tax rate that certain individuals will get a benefit for their itemized deductions - For investors filing joint returns and having income over $250,000 itemized deductions would only reduce the investor’s tax liability by a maximum of 28%. ...
  • Estate Tax Claw Back – Don’t Worry About It, Says AALU

    Since the enactment of TRA 2010 in December of last year, tax practitioners have been concerned that gifts made during 2011 and 2012 may, partially because of the way in which the current Federal Estate and Generation-Skipping Transfer Tax Return (Form 706) ...
  • Keeping Your Personal Financial Information Safe Online

    From guest author Aaron Huber: Whether you’re keep your money in a conventional financial institution or in an internet based bank without a physical location, it’s a good idea to ensure that you’re doing business with a reputable organization and that your money deposited is federally insured. ...
  • North Carolina Senior Helpline

    Legal Aid of North Carolina has a Senior Legal Helpline for citizens age 60 and older. The toll-free number is 1-877-579-7562. Intake hours for new callers are 9:00-11:00 a.m. and 1:00-3:00 p.m. Monday through Friday. Matters covered include Housing Law, Consumer Law, Employment Law, Pubic Benefits, Alternatives to Guardianship and Wills....
  • NC 2011 Tax Return Due Date April 18

    From the North Carolina Department of Revenue: Taxpayers across the nation will have until April 18, 2011, to file 2010 federal returns, extensions, and payments that ordinarily would be due April 15, 2011. The extra time is provided because April 15 falls on Emancipation day, a legal holiday in the District of Columbia....