May 2011 Posts

  • IRS Offers Tips for Protecting Documents from Disaster

    Here in North Carolina we know all to well that disasters can strike at any time. In this YouTube video, the IRS provides guidance for protecting tax and other important documents from natural disasters. ...
  • CCRC Residents Should Consider Liability Insurance

    Even for those who don’t have umbrella liability insurance coverage, homeowners insurance policies normally provide general liability coverage. This insurance will help protect your assets if a guest is injured in your home or your dog bites someone, for example....
  • Separate Accounts for Your IRA Will Help the Beneficiaries

    The distribution rules for inherited IRAs generally make it advantageous to have separate accounts, which can be done during your lifetime or by December 31 of the year following your death. ...
  • Veterans Administration Does Not Recognize State Guardians

    I’ve been at the North Carolina Guardianship Association conference for the last couple of days. One issue that I never really gave much thought to is that the Veterans Administration, as a federal agency, does not recognize state guardianships. ...
  • 10 Most Overlooked Issues in Estate Planning

    A couple of days ago I blogged about the dangers of bad estate planning, and presented a hierarchy of worst to best ways to plan. Today I’m providing a list of 10 of the most overlooked issues in estate planning (things that frequently aren’t dealt with in lesser methods of planning). ...
  • IRS Issues Interim Guidance on Fiduciary Fee Treatment re 2% Floor

    The IRS has issued interim guidance on the treatment under Code Section 67 of investment advisory costs and other expenses subject to the 2-percent floor under Section 67(a). Notice 2011-37....
  • Hierarchy of Estate Planning

    I have seen plenty of bad estate planning planning in my 23 years of practice. The pitfalls are many – I will list them in my next post. Here’s my list of the hierarchy of estate planning, from worst to best (and I have seen them all!):...
  • Additional NC Counties added to Tax Relief List

    On April 22, 2011, I posted an IRS Notice about a tax relief program for victims of the April 16, 2011 storms in North Carolina. As of May 9, 2011, residents who live in or own a business in the following counties are eligible:...
  • The State of State Estate Taxes

    The majority of states no longer have an estate tax, but North Carolina is not one of them. Hungry for revenue, some states, such as Connecticut, are trying to lower the tax threshold. ...
  • Tax Breaks for Supporting a Parent

    Taking care of an elderly parent may provide more than just personal satisfaction. You could also be entitled to substantial tax deductions even if your parent doesn’t live with you....
  • A Funny Question to Ask a Lawyer

    My blog has a function that allows readers to comment on a post. In the vast majority of cases, however, the comments are actually questions by those trying to avoid having to pay a lawyer to assist or advise them. ...