June 2010 Posts

  • Thomas J. Neagle, JD

    Thomas J. Neagle is Of Counsel with TrustCounsel. PRACTICE AREAS: Estate Planning and Probate Law; Guardianship Law; Trust Administration Law; Probate Litigation; Corporate Law; Contract Law; Intellectual Property and Technology Law....
  • The Latest Estate Tax Proposal

    Friday’s Wall Street Journal had an article on the latest estate tax proposal, from independent Senator Bernie Sanders and Democratic Senators Tom Harkin of Iowa, Sheldon Whitehouse of Rhode Island and Sherrod Brown of Ohio....
  • NC “Will to Live” Durable Power of Attorney

    Most people who execute living wills, health care powers of attorney and other advance directives express their desire to not have their lives prolonged if terminally ill or in a persistent vegetative state. ...
  • Better GRAT While You Still Can

    On June 15, 2010, the House of Representatives passed The Small Business Jobs Tax Relief Act of 2010 (the "Act") which, if passed by the Senate and signed by the President, will significantly limit the utility of Grantor Retained Annuity Trusts (GRATs)....
  • Inheriting an IRA from a spouse? Make sure you know the rules

    When it comes to inheriting an IRA, spouses have more flexibility than other heirs. Here are the basic rules: The surviving spouse may treat the inherited IRA as his or her own, roll it over into an existing IRA, or remain the beneficiary on the account. ...
  • New Taxes on Investment Income will affect Estates and Trusts

    According to a recent article on WSJ.com, the additional 3.8% tax that starts in 2013 will also apply to undistributed income in estates and trusts, starting at about the $12,000 mark (making the top rate 44.4%)....
  • Think $4 billion would help our government?

    Here’s an article about Houston’s Dan Duncan’s death this year and his $9 billion estate, which will completely escape estate taxes (although his heirs may be liable for capital gains taxes upon the sale of some of his assets). ...
  • Estate Tax “Tremendous Upheaval” Predicted

    On June 2, 2010, Senator Charles Grassley (R-IA) offered reporters his view on the uncertain future of the estate tax. Grassley is the ranking Republican on the Senate Finance Committee....
  • Some NC IRS Offices to be Open Saturday June 5

    From IR-2010-071: The IRS offices listed below will be open June 5 from 9 a.m. to 2 p.m. IRS staff will be available on site or by telephone to help taxpayers work through their problems –– especially recently received tax notices –– and walk out with solutions....
  • How about an estate tax-free IRA?

    With the federal estate tax returning next year at a rate of 55%, with only a $1 million exemption, planning to reduce estate tax should be on the forefront of the minds of those fortunate enough to have assets in excess of that amount....