July 2010 Posts

  • A “Will” for your Digital Assets

    A new online service, Entrustet, provides a free way to safeguard your digital assets, such as domain names, blogs, twitter accounts, online financial accounts, etc. I have tried it out, and it’s very user friendly. ...
  • Most Tax Experts Believe in Estate Tax Worst Case Scenario for 2011

    My former colleague and attorney Julie Garber recently sent the following email to over 50 attorneys, trust officers and accountants located throughout the U.S.: ...
  • Obama has a Living Will – Do you?

    President Obama is visiting Broughton High School in Raleigh today, and coincidently he recently stated in a discussion of health care reform that he and Mrs. Obama have Living Wills and consider them important. ...
  • FDIC Insurance Permanently Increased to $250,000 per Depositor

    Here’s the text of the press release from the Federal Deposit Insurance Corporation: Note: for the rules that apply trust owned bank accounts (and other types of ownership, click here....
  • Statute of Limitations Does Not Apply to Medicaid Estate Recovery

    The North Carolina Medicaid program paid a total of $52,575.14 in nursing home costs for Sallie Anthony. After Mrs. Anthony’s death, Anna Thompkins, who would become the Executrix of Anthony’s estate, contacted the State to inquire about its claim for the Medicaid expenditures....
  • Estate Tax “Rumors on the Street”

    Yesterday I listened in on a conference call about planning to avoid the 3.8% Medicare Surtax that will come into effect in 2013. The speaker, CPA Robert Keebler, a nationally known tax expert, stated that it is likely that Congress will offer estates of those who die in 2010 the choice between the estate tax system, with a step-up in basis for appreciated property, and the modified carryover basis system currently in effect. ...
  • Too Rich to Live?

    Watch out for your heirs, who might not want you to live to 2011 due to the heavy estate tax burden estates over $1 million will face next year. ...
  • New Rules Will Affect Certain Self-Settled and Pooled Special Needs Trusts

    A New Social Security Program Operations Manual System (“POMS”) Section Regarding Early Trust Termination Provisions for "Self-Settled" Special Needs and Pooled Trusts is set forth below. This will not affect SNTs established with the assets of a third party, such as a parent....
  • Take Advantage of Tax Deductions for CCRC Costs

    You or someone you love may be ready for a retirement community living arrangement, which typically includes lifetime residential accommodations, meals, and some degree of medical services. These facilities can be quite expensive. The good news: Unexpected tax write-offs may help offset the cost....
  • Gregory Herman-Giddens, JD, LLM, TEP, CFP

    Specializing in Wealth Planning, Protection and Management, Gregory Herman-Giddens, JD, LLM, TEP, CFP and the team at TrustCounsel have the knowledge and experience to help you develop an estate plan carefully designed to protect your family, preserve your assets, and save taxes....
  • NC Probate Filing Fees Increase

    Effective July 1, 2010, the fee for opening a probate proceeding in North Carolina increased by $1.00 to $89.00. While one dollar is not much of an increase, it is representative of the trend over the last few years to raise court costs. It will only get worse, making living trusts to avoid probate that much more attractive....
  • Kristin L. Burrows

    Kristin L. Burrows focuses her practice on helping the aged and disabled and their families. This area of law is known as Elder Law, and it is unique in that it draws from many areas of the law to serve a particular type of client – seniors....