May 2013 Posts

  • 3 Reasons Why You Need IRA Beneficiary Trusts

    Naming a trust as an IRA beneficiary has become a popular estate planning tool in recent years.* There are many advantages to using an IRA Trust: ...
  • National Elder Law Month: 3 Factors When Considering Long-Term Care Insurance

    As part of National Elder Law Month our North Carolina elder law attorneys are providing a series of posts to help educate senior citizens and their caregivers. ...
  • What Happens if Your Beneficiary Dies Before You Do?

    As you prepare your Will and estate plan, you will choose beneficiaries to receive your financial and personal assets. What happens if a beneficiary dies before you do?...
  • Should an Estate Plan be Revised Before or After a Divorce?

    We’ve written about the importance of updating your beneficiaries, but when you’re going through a divorce, should you update your estate plan while navigating separation or after the divorce is finalized? ...
  • Retirement Savings Change Based on Income Projections

    The Boston College Center for Retirement Research released a study that involved over 15,000 employees who were offered projections of their retirement income based on potential voluntary contributions. ...
  • No NC Tax Reform Bill Yet, Here’s the Plan

    The North Carolina Senate had announced plans to reveal the new NC tax reform bill in early May. However, the press conference instead produced the outline of a measure that the Senate hopes to turn into a bill later in 2013. ...
  • Creditors Can Still Collect From Foreign Trusts

    Foreign trusts, or offshore trusts, are popular asset protection tools as they are notorious for providing superior protection from creditors. However, foreign trusts are not creditor-proof. ...
  • National Elder Law Month: What Does Medicare Cover for Nursing Homes?

    As part of National Elder Law Month, ourNorth Carolina elder law attorneys are providing a series of posts to help educate senior citizens and their loved ones who care for them about their legal options. ...
  • Top States for Domestic Asset Protection Trusts

    Steve Oshin’s 2013 Annual Domestic Asset Protection Trust State Rankings were released and show the highest scoring state for DAPTs is Nevada....
  • 2013 Changes to NC Medicaid Law

    Last week House Bill 399 was ratified, creating changes to laws pertaining to Medicaid in North Carolina. The new legislation grants the NC Department of Health and Human Services “all rights available to estate creditors, including the right to qualify as personal representative or collector of an estate.” ...
  • Distribution Advantages for Spouse IRA Beneficiaries

    Designating a spouse as a beneficiary of an IRA not only ensures they will have access to retirement accounts in the event their partner passes away, but it offers them unique advantages to which non-spouse beneficiaries are not entitled....
  • North Carolina Voting Restrictions Proposed for Mentally Incompetent

    A recent North Carolina Senate proposal for the ballots in November of 2014 is an amendment to remove the right to vote in North Carolina for individuals who have been determined incompetent by a court of any state. ...
  • Kids in College? North Carolina Income Tax Changes for Parents

    Parents are allowed to take a federal and state income tax deduction for each dependent child. However, North Carolina proposed Senate Bill 667 (Equalizer Voter Rights) in early April 2013 that will not allow parents to claim their child for state income tax purposes if their child has registered to vote at an address other than where the parent or legal guardian resides....
  • Disclaiming Inheritances in North Carolina

    Why would an individual renounce or disclaim an inheritance in North Carolina? An inheritance may not always be expected and it may not be desirable for the beneficiary. Certain assets, like real estate or personal items, may require complicated or expensive maintenance that the beneficiary does not want to manage. ...