April 2009 Posts

  • Guardianship Personal Property Sale Limit Increased to $5,000

    Here’s a change to North Carolina Guardianship law which took place October 1, 2008 that I didn’t report earlier. North Carolina General Statute Section 35A-1251 was modified to allow a guardian of the estate to sell personal property up to $5,000 in value without a court order. ...
  • Beware of “Pure” or “Constitutional” Trusts

    Here’s a great article from Santa Barbara attorney Mark Cornwall – Beware the Pros at Cons. Occasionally clients ask me about such arrangements, and, of course, and I inform them that’s it’s a bunch of baloney. Remember – if it sounds to good to be true, it most likely is!...
  • What Happens if the Federal Estate Tax Law Isn’t Changed this Year?

    There has been much recent discussion about "death" tax reform, and several bills have been introduced in Congress to that effect (as I have blogged about over the last few months), but so far the law as provided in the Economic Growth and Tax Relief Reconciliation Act of 2001(EGTRA) is still in effect....
  • Better Report that Offshore Income! The IRS is Coming…

    From IRS Commissioner Doug Shulman: March 26, 2009 My goal has always been clear — to get those taxpayers hiding assets offshore back into the system. We recently provided guidance to our examination personnel who are addressing voluntary disclosure requests involving unreported offshore income....
  • Safe Kids Week in North Carolina

    This week is Safe Kids Week in North Carolina. While Safe Kids Week is designed raise awareness about protecting children from unintentional injuries, parents also need to plan to keep their kids safe from a financial standpoint should something happen to the parents....
  • Public Good IRA Rollover Act of 2009

    This bill was recently introduced in the U.S. House of Representatives, and is for the expansion of IRA charitable rollovers, which are currently limited to those who have reached 70 1/2, may be no more than $100,000, and must go to a 501(c)(3) organization. ...
  • Saying a Final Goodbye to a Friend

    This posting is not about estate planning per se, but rather death, which everyone must contemplate in the course of planning his or her estate....
  • Death Tax Debate Alive and Well

    The debate over extending the $3.5 million estate tax exemption versus increasing the exemption to $5 million is discussed in this NY Times article. Don’t our legislators have better things to do than argue over reducing taxes for such a minute percentage of the U.S. population?...
  • Ohio Estate and Special Needs Planning

    http://juliesmills.typepad.com/...
  • Beware of these “Dirty Dozen” Tax Scams

    From the IRS Newswire 2009-041: WASHINGTON — The Internal Revenue Service today issued its 2009 “dirty dozen” list of tax scams, including schemes involving phishing, hiding income offshore and false claims for refunds....
  • Last Minute Tax Tips and Reminders from the IRS

    From the IRS Newswire issue IR-2009-040: WASHINGTON — The Internal Revenue Service offers last minute reminders to taxpayers who have not yet filed a tax return, paid what they owe or requested an extension of time to file as the April 15 tax filing and payment deadline approaches....
  • Obama’s Budget Proposal – Automatic IRAs

    From my CPA colleagues at Virchow, Krause & Company – a summary of the proposals to help expand retirement savings....
  • Yesterday’s Senate Action on the Estate Tax

    U.S. Senate goes two ways on estate taxes. The U.S. Senate went two different ways on the estate tax, which has been a contentious issue for years — a tax congressional Republicans have villified as the “death tax”....
  • The Octomom – I bet she hasn’t done proper estate planning

    The other day I started thinking about Nadya Suleman (the Octomom), the California single mother of 14 who has been in the news so much lately. A professional hazard, I guess, but I wondered – has she done any estate planning? ...
  • 25th Anniversary of Triangle Community Foundation

    The Triangle Community Foundation (TCF) is holding a celebration tonight of its 25th anniversary (I’m pleased to say that I will be attending). The TCF is a tremendous asset to the greater Triangle area, providing millions of dollars annually in funding to local non-profits....
  • Another Reason to Avoid Probate in NC

    The North Carolina Legislature is considering cuts of up to 24% in salaries of judicial system employees, which include Clerks of Court and their staff. ...