2017 Posts

  • 2017 North Carolina Tax Law Changes

    Changes to tax rates in North Carolina became effective on January 1, 2017. The adjustments affect both businesses and individuals. When revising tax planning efforts, consider the modifications below....
  • New Legal Library on Trusts, Estates, and Tax Law

    TrustCounsel's new Legal Library is now a permanent free online resource with guides to help direct executor’s discussions with attorneys, as well as to alert legal and financial practitioners of important probate and trust law matters....
  • Inherited IRA Issues in North Carolina

    Inherited IRAs face differing regulation based on whether the beneficiary is a spouse or a non-spouse. Marital status also influences how North Carolina’s intestate succession law applies to an estate, which may pertain to retirement accounts. FINRA released an Investor Alert early this year advising IRA beneficiaries to review inherited IRA tax implications....
  • North Carolina Places 15th Again for Trust Decanting in 2017

    Once again, North Carolina holds steady at #15 out of twenty-five states with provisions for decanting. The collective includes two additional states that adopted legislation for decanting over the past year. The 2017 Trust Decanting State Rankings Chart shows South Dakota and Nevada remain top jurisdictions for decanting. ...
  • Why North Carolina Trustees Should Acquire Liability Insurance

    Without liability insurance, trustees remain personally accountable for trust administration mistakes. Certain insurance policies help to manage trustee liability. These errors and omissions insurance policies for trustees provide coverage in the event that claims, lawsuits, or damages occur as a result of the trustee’s actions or inaction....
  • The Taboo Subject of Estate Planning and Firearms

    A guest contributor on Southern Gun Law Group, Dennis Gayness is a Certified Firearms Appraiser with the Triangle Shooting Academy. In his guest post he delves into events throughout history that have influenced rare and collectible firearms passed down through generations....
  • Out-of-State Property in North Carolina Probate

    The executor must inventory and evaluate all personal property, vehicles, and assets that pass through probate. However, if the decedent held property outside of North Carolina, those assets must follow the laws present in the alternate jurisdiction....
  • NCBA Symposium: Gun Trusts in Elder and Special Needs Law

    TrustCounsel's principal attorney Gregory Herman-Giddens presents Gun Trusts in Elder and Special Needs Law at the North Carolina Bar Association Annual Symposium in Pinehurst this February....
  • How Proposed Changes to Family Businesses Could Raise Estate Tax Liability

    Over the summer of 2016, the IRS released proposed changes to tax provisions (Section 2704) that apply to most business entities, including family businesses. These potential changes could have a major impact on tax planning, including estate tax implications....