July 2014 Posts

  • When Beneficiary Designations are Void

    As a general rule, beneficiary designations supersede instructions for transferring assets that may appear in a Will. This is one of the reasons why regular reviews of one’s estate plan are critical. ...
  • Consequences of No Digital Asset Protection

    Digital asset protection is more than leaving behind one’s passwords. In an increasingly paperless world, failing to create instructions for accessing digital accounts could create problems for surviving family members....
  • Chatham County, NC Estate Administration Changes

    The Chatham County Clerk of Superior Court recently released updates to estate administration rules. We provide a link to the official changes to Estate Administration – General Rules Practices 2014. ...
  • Debt Inheritance: Credit Cards, Tax, and Other Liabilities

    An individual may accumulate assets during his or her lifetime, but debt may reduce or eliminate an inheritance family members expected to receive. Loved ones may “inherit” debt if a decedent lacked effective estate planning, beneficiary designation updates, and asset protection....
  • Repeal of the Permanent Federal Estate Tax?

    The federal estate tax was made permanent as part of the American Taxpayer Relief Act. (A few months after ATRA passed, Obama’s 2013 Budget Proposal moved to revert the “permanent” estate tax to 2009 terms.)...
  • Non-profit 501(c)(3) Application Now Easier

    Filing for 501(c)(3) tax-exempt status has streamlined to a shorter process, both in time and in required paperwork. ...
  • Tax Requirements for North Carolina Trusts

    In many states, an important factor in determining whether the trust is taxable is where the beneficiaries, settlor, and trustees are domiciled. A tax attorney may help determine how trust assets might need to be structured respective to a state’s tax laws to achieve the most favorable tax treatment....
  • Timing Prenuptial Agreements

    Marriage offers the union of love, and it also involves the merging of assets, new tax requirements, and legal entitlements. As prospective spouses navigate asset management prior to their wedding day, how far in advance should prenuptial agreements be prepared? ...
  • Supplemental Needs Trusts: Critical Trustee Duty

    A supplemental needs trust is funded with third party assets for the benefit of a disabled individual. (Special needs trusts are funded with the disabled person’s assets.) Both of these trusts help preserve a disabled person’s assets and their eligibility for certain public benefits programs. ...