2006 Posts

  • Tax Relief and Health Care Act of 2006

    The Tax Relief and Health Care Act of 2006 was passed into law this week, extending the State and Local Sales Tax Deduction, the Higher Education Tuition and Fees Deduction, and the Educator Expense Adjustment....
  • Top 10 Estate Planning Tips for 2007

    1) Last Will and Testament- Have an up-to-date, professionally prepared Will or Living Trust. Keep the original in a safe place....
  • Possible Estate Tax Changes in 2007

    The following news is from Stephanie Heilborn of the Milbank, Tweed law firm in New York City:...
  • Year-end Donation and Deduction Tips from the IRS

    From a recent IRS e-newsletter: WASHINGTON — Individuals and businesses making contributions to charity should keep in mind several important tax law changes made last summer by the Pension Protection Act. ...
  • AMT Repeal to Lead to Tax Increase?

    From the N.C. State GiftLaw eNewsletter this week: In January of 2007, Rep. Charles Rangel (D-NY) will assume the leadership of the House Ways and Means Committee. Chairman Rangel has indicated that alternative minimum tax (AMT) reform will be a high priority. ...
  • Living Wills Should Include Specific Instructions

    Yesterday a client brought in a copy of this New Times Article by Jane Brody: Medical Due Diligence: A Living Will Should Spell Out the Specifics. As an elderly man, he was concerned that his wishes might not be respected under his North Carolina statutory living will. He was right to be concerned. ...
  • Does the IRS Owe You Money?

    ​The IRS is holding $92 million for about 95,000 taxpayers whose refund checks have been returned as undeliverable by the Postal Service...
  • U.S. Trust to be bought by Bank of America

    ​Charles Schwab Corporation is selling U.S. Trust Company, which was bought in 2000, to Bank of America for $3.3 billion in cash. ...
  • State Income and Sales Tax Comparison

    For a state-by-state comparison of income and sales taxes, check out this article on Bankrate.com ...
  • Owning Real Estate in an IRA

    Owning real estate in a self-directed IRA can seem like a great way to save for retirement. However, I have found that most clients want to structure the ownership and/or management of the real estate in such a way that they will run afoul of the prohibited transactions rules. ...
  • Prenuptial Agreements – Not Just for Donald Trump

    For most engaged couples, the break-up of a marriage is farthest thing from their minds during the months prior to the wedding....
  • IRS Announces Income Tax Inflation Adjustments

    Each personal and dependency exemption will be $3,400, up $100 from 2006. The new standard deduction will be $10,700 for married couples filing a joint return (up $400), $5,350 for singles and married individuals filing separately (up $200) and $7,850 for heads of household (up $300). ...
  • House Passes Estate Tax Relief Act

    From EstatePlanningLawFirms.com on November 6, 2006: Washington D.C. – Congressman Ted Poe (TX-02) announced that the House of Representatives passed H.R. 5638, the Permanent Estate Tax Relief Act of 2006. ...
  • What if Your Pet Outlives You?

    A recent article by my associate, Rebecca Streamo, J.D: Many of us have spent considerable time planning for the care of our spouse and or children at our deaths or in the event we become ill or incapacitated. ...
  • How to Choose an Estate Planning Attorney

    Developing a comprehensive estate plan requires a lot of thought and time, and sometimes a lot of money. It is not always a simple or easy task, so having the right advisor can make all the difference in the world. ...
  • 2007 IRS Standard Mileage Rates Announced

    From the IRS Newswire: IR-2006-168, Nov. 1, 2006 WASHINGTON – The Internal Revenue Service today issued the 2007 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. ...
  • New Proposal for Estate Tax Relief

    From EstatePlanningLawFirms.com: WASHINGTON – United States Senator Mary Landrieu, D-La., announced that she is introducing a bill to bring relief and reform to the federal estate tax system....
  • When Your Parents Die Broke

    Legally, you’re probably not on the hook for their debts. But anything they owned could be. Here’s what you need to pay, in what order....
  • IRS Announces Pension Contribution Limits for 2007

    On October 18th, the IRS announced (IR-2006-1620) the 2007 pension contribution limits: 401(k)/403(b) Elective Deferral Limit (402(g)(1)): $15,500 Government/Tax Exempts Deferral Limit (457(e)(15)): $15,500 ...
  • National Academy of Elder Law Attorneys

    http://www.naela.com ...
  • Wesley Snipes Indicted for Tax Fraud

    Newsday reported today that actor Wesley Snipes has been indicted for federal income tax fraud for claiming $12 million in refunds for 1997 and 1997. Today is also the 75th anniversary of the date that mobster Al Capone was sentenced to 11 years in prison for income tax evasion....
  • Asset Protection Book

    http://www.assetprotectionbook.com/north_carolina.htm...
  • Living Trust Scammers Booted Out of NC

    Good news in this recent article in the News and Observer: Andrea Weigl, Staff Writer : A Wake Superior Court judge has ordered two California companies to stop selling estate planning products to North Carolina consumers...
  • Death and Taxes Blog

    http://jas-law.typepad.com/...
  • Florida Probate Litigation Blog

    http://www.flprobatelitigation.com...
  • North Carolina – a Mediocre Place to Die

    ​Based on a number of factors, such as health care and estate taxes, an article in Forbes ranks North Carolina squarely in the middle of the pack in a listing of the best states in which to die....
  • We Americans are Generous Folks

    Below is a recent article by Will Swarts on SmartMoney.com: IF YOU THINK OF yourself as financially generous, you probably are, particularly if you’re part of the growing number of Americans whose investable net worth is anywhere from $100,000 to $3 million — the so-called mass affluent. This group’s ranks are growing, and so are their charitable donations. ...
  • Florida Probate Litigation Blog

    www.flprobatelitigation.com ...
  • Caveat Emptor – When it Comes to Out-of-State Tax Preparers

    I recently had a client come in who had made a gift of over $120,000 to her brother several years ago, using funds that had originally come from their mother. She used the mother’s accountant in Florida to prepare her gift tax return. ...
  • Caveat Emptor – When it Comes to Out-of-State Tax Preparers

    I recently had a client come in who had made a gift of over $120,000 to her brother several years ago, using funds that had originally come from their mother. She used the mother’s accountant in Florida to prepare her gift tax return. ...
  • Planning for Electronic Data

    The following was posted by Ed Poll on his LawBiz Blog Taking Electronic Passwords to the Grave Attorneys advising clients on estate planning should ask them to determine who they want to have access to their computers when they die...
  • NC Attorneys Indicted in Offshore Trust Tax Fraud Case

    Two NC attorneys face jail for helping clients dodge taxes. While they can be useful in asset protection under the right circumstances, Offshore Trusts cannot legally avoid taxes for U.S. citizens! ...
  • Asset Protection Updates Blog

    http://www.riserblog.com/...
  • North Carolina Intestacy Calculator

    ​"Intestacy" refers to how a person’s property is distributed if he or she dies without a will. Pennsylvania attorney Kurt Nilson has created a web-based calculator for determine how an intestate estate will be distributed under North Carolina law....