June 2007 Posts

  • Why Establish an IRA Trust?

    In 2005 a Private Letter ruling was issued by the IRA approving a specially designed "IRA Trust" that offers maximum protection and flexibility while allowing the beneficiaries to "stretch" their shares of the IRA over their life expectancies. ...
  • Warning – This email is not from the IRS

    Today I received the following email, which is clearly fraudulent. If you get such an email, DO NOT RESPOND unless you like having money stolen from your bank account:...
  • Play Dumb to Find a Good Lawyer?

    Today I came across a question and answer column on the Raleigh News and Observer website called "Ask Holly." ...
  • Local IRS Offices

    Do you have a dispute or other matter pending with the IRS and are tired of dealing with them over the phone? ...
  • “Kiddie Tax” To Apply to Grownup Kids Next Year

    ​Effective January 1, 2008, the "kiddie tax," which applies the parent’s tax rate to children’s unearned income over $1,700 (for 2007) will apply to dependent children under age 19 and dependent full-time college students under 24. ...
  • U.S. Supreme Court to Decide on Trust Investment Fees

    On June 25 the U.S. Supreme Court agreed to hear a case on whether the investment expenses of trusts are fully deductible or subject to a 2% floor. ...
  • Making a Gift? – Make Sure You Know the Rules

    Gifting property can be an effective way to spend down assets for future Medicaid eligibility and to reduce estate tax liability. Many people are not aware, however, that unless an exclusion or exemption applies, one must file federal and state tax returns on all gifts of property....
  • NC Senate Proposes Reduction in Top Income Tax Rate

    Last week the North Carolina Senate produced its version of the state budget, which included:...