March 2012 Posts

  • NC Legislature Examines Elder Abuse

    The population of elderly persons is rising throughout the country, and North Carolina is no exception. The elderly are particularly vulnerable to abuse by relatives and others – increased awareness and prevention are crucial. ...
  • States Reconsider Death Taxes

    North Carolina repealed its intangible, inheritance and gift taxes within the last decade or so, but still maintains an estate tax with an exemption equal to the federal amount (currently $5.12 million). ...
  • Executors Held Personally Liable for Unpaid Taxes

    In a recent federal District Court case, the co-executors of a decedent’s estate were held to be personally liable for the decedents unpaid income taxes under the federal priority statute because they distributed assets of the estate,...
  • IRS Allows Rollover of IRA from Estate to Spouse

    As I tell my clients and audiences during presentations, one should never name one’s estate as beneficiary of an IRA or other retirement account. If the estate is the beneficiary, whether from a purposeful designation, failure to name a beneficiary...
  • Ranking Domestic Asset Protection Trust States

    Las Vegas asset protection guru Steve Oshins has updated his Domestic Asset Protection Trust (DAPT) State Ranking Chart. ...
  • The Importance of Planning for Young Families

    Many folks have the misconception that legacy planning is only for the wealthy, or for the elderly. Young families often overlook the importance of planning in the event of a parent’s incapacitation or death....
  • Long-Term Care Insurance Industry Shakeout

    Those considering long-term care insurance should be aware of recent several changes in the long-term care insurance industry. Guardian stopped offering the insurance as of December 31, 2011, ...
  • Another Flip-Flop on Inherited IRA Stretch

    Tax season is in full swing, and I was recently out of the office for a few days, so I’m a bit late in reporting this, but the provision to do away with the ability of most IRA beneficiary’s to stretch distributions over their life expectancies is now back on the table as part of the Senate Highway Bill. See Page 28 for details....