March 2010 Posts

  • Dividing Assets Among Adult Children

    When children are young, the primary concern of parents is to provide for them. After they grow up, parents usually still want to provide for them in their estate plans....
  • North Carolina vs. Florida: Creditor Protection & Taxes

    Many North Carolinians have winter homes in Florida, and even more Floridians have summer homes in the North Carolina mountains....
  • Take Advantage of Recovery Act Tax Credits

    The White House has launched an Tax Savings Tool on its website to assist middle-class taxpayers in getting the most out of the various Recovery Act tax credits. ...
  • Tax Consequences of Equitable Distribution

    My article, Tax Consequences of Equitable Distribution, which discusses the income tax issues involved in the division of property due to divorce, was just published in Core Compass, an online newsletter for real estate investors and their advisors....
  • NC Medical Society Website – A Resource for Advance Directives

    In addition to attorney-prepared health care planning documents like Health Care Powers of Attorney, Living Wills and HIPAA Authorizations, I often talk to clients about Do Not Resuscitate (DNR) Orders and the newer Medical Order Scope of Treatment (MOST) Form. ...
  • Update on Health Care Surtax

    The Reconciliation Bill (H.R. 4872), which passed the House and has gone to the Senate contains a 3.8% surtax on investment income for single taxpayers with modified adjusted gross income (MAGI) over $200,000, ...
  • Health Care Reform Will Bring Higher Taxes

    The Health Care Reconciliation bill includes a new 3.8% Medicare tax on investment income, which includes IRA distributions, interest income (including tax exempt), dividends, capital gains, rental income and oil royalties. ...
  • 10 Year Minimum GRAT Approved by Ways and Means Committee

    Click "Continue Reading" for the pertinent text from the report by the staff of the Joint Committee on Taxation. ...
  • Airplane Kills Jogger Story offers Example of Necessity of Estate Planning

    Most everyone in the country has heard about the Georgia husband and father, Robert Gary Jones, who was killed by an airplane while jogging on the beach on Hilton Head Island, South Carolina. ...
  • The 2010 “Dirty Dozen” List of Tax Scams

    From IR-2010-32: WASHINGTON — The Internal Revenue Service today issued its 2010 “dirty dozen” list of tax scams, including schemes involving return preparer fraud, hiding income offshore and phishing. ...
  • Special Needs Trusts: Allowable Expenses

    Special Needs Trusts (SNTs), also sometimes referred to as Supplemental Needs Trusts, are used to provide supplemental benefits to disabled or elderly...
  • Inherited IRAs – the continuing saga in bankruptcy

    I previously blogged about inherited IRAs being subject to the claims of creditors, both in (In Re: Jarboe) and outside of (Robertson v. Deeb) bankruptcy, and one case (In Re: Nessa) where an inherited IRA was determined to be protected under federal law....
  • Battle to the Death (Tax)

    Here’s the latest on the fight over the future of the estate tax tax, from Bloomberg.com. In general, Republicans and business lobbyists are pushing for a $5 million exemption and a 35% rate, ...
  • Does the IRS owe you money?

    By failing to file a return, people stand to lose more than refunds of taxes withheld or paid during 2006. For example, most telephone customers, including most cell-phone users, qualify for the one-time telephone excise tax refund....
  • Asset Protection for the Rest of Us

    Members of America’s middle class should be a lot more concerned about protecting their assets from creditors than from the so called "death tax." ...