- Advance Directives
- Asset Protection
- Business Succession
- Charitable Gift Planning
- Elder Care
- Estate Planning
- Estate Tax
- Financial Planning
- Fraud & Financial Abuse
- Gift Tax
- Health Care
- Income Tax
- Life Insurance
- Living Trusts
- NC Income Tax
- North Carolina Department of Revenue
- Nursing Homes
- Pending Legislation
- Powers of Attorney
- Qualified Plans
- Real Property
- Social Security
- Special Needs Planning
- Tax Fraud
Looking Ahead: Rising Nursing Home Costs in North Carolina
Posted on: May 24th, 2015
When retirement saving makes headlines, it is often to highlight that Americans are not saving enough for their senior years. Individuals should be realistic about long-term expenses when planning retirement contributions and investments....
IRA Rollover Annual Limit Changes Effective 2015
Posted on: April 25th, 2014
The recent Tax Court ruling of Bobrow v. Commissioner set a precedent for owners of multiple Individual Retirement Accounts: Multiple IRA rollovers may not occur annually. ...
Retirement Plans in Same-Sex Marriage
Posted on: April 23rd, 2014
Some retirement benefits only apply to spouses in a legal marriage. Since legal marriages are not recognized in every jurisdiction and theWindsor ruling granted federal recognition of same-sex marriages, how should retirement benefits be handled?...
5 Proposed Rules for Retirement Accounts
Posted on: April 22nd, 2014
Our tax attorneys covered several pending federal revisions in our Tax Changes for 2015, one of which affects retirement accounts. ...
IRA Custodian Not Responsible for RMDs
Posted on: April 15th, 2014
Failing to take a Required Minimum Distribution (RMD) results in a penalty for the account owner. IRA account custodians are only responsible for notifying owners of their RMD; the owner must take the steps necessary to draw a distribution....
3 Things When You Inherit an IRA
Posted on: January 29th, 2014
Last year North Carolina passed legislation that provides added creditor protection for Individual Retirement Accounts (IRAs). ...
Retirement Accounts Vulnerable to Back Taxes
Posted on: October 24th, 2013
Tax shelter for long-term savings is one of the features that attract people to Individual Retirement Accounts (IRAs). Once certain age requirements are met, distributions from IRAs are penalty-free, and Roth IRA distributions are tax-free—as opposed to taxable Traditional IRA distributions, since contributions to these retirement accounts are made with pre-tax dollars. ...
Interest Rates and Retirement in North Carolina
Posted on: October 1st, 2013
North Carolina is consistently rated a top place to retire in national reports, and this year the Tar Heel State became even more attractive with the repeal of the North Carolina estate tax. ...
What if Stretch IRAs are Lost?
Posted on: August 6th, 2013
Stretch IRAs have been a popular tool for preserving wealth for future generations as distributions are tax-deferred. However, the Obama Administration has proposed disallowing stretch IRAs....
3 Steps to a Better Retirement Plan
Posted on: June 26th, 2013
What is your ideal retirement? Everyone takes their own strategy toward retirement, but generally individuals try to create a retirement plan that will provide enough money to care for themselves while affording them the means to do the things they enjoy. ...
Retirement Savings Change Based on Income Projections
Posted on: May 17th, 2013
The Boston College Center for Retirement Research released a study that involved over 15,000 employees who were offered projections of their retirement income based on potential voluntary contributions. ...
Distribution Advantages for Spouse IRA Beneficiaries
Posted on: May 5th, 2013
Designating a spouse as a beneficiary of an IRA not only ensures they will have access to retirement accounts in the event their partner passes away, but it offers them unique advantages to which non-spouse beneficiaries are not entitled....
Get Your Social Security Statement Online
Posted on: May 16th, 2012
Remember those statements you used to get every year from the Social Security Administration with your earning history and estimated benefits at retirement? Well, most of us will no longer receive them. ...
Annual SSA Earnings/Benefit Statements Ceased
Posted on: November 14th, 2011
In the past, each year the Social Security Administration (SSA) mailed a statement to all workers age 25 and older who were not receiving Social Security or Medicare benefits. The statement listed a worker’s earnings record along with estimated benefit amounts at various retirement ages. ...
2012 Retirement Account Contribution Limits
Posted on: October 21st, 2011
In IR-2011-103, the IRS announced the pension and other retirement account contributions limit. Certain limits are set for below: Qualified Plans:...
Duke’s OLLI Program to Offer Retirement Course
Posted on: December 27th, 2010
Local Financial Planner Janet Ramsey, MBA, CFP will be offering a course entitledWealth Planning in the New Normal, Navigating Retirement Decisions in Rough Waters as part of Duke University’s OLLI program. ...
IRS Announces 2011Retirement Plan Contribution Limits
Posted on: November 3rd, 2010
IRS Announces Pension Plan Limitations for 2011 WASHINGTON — The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2011. ...
Is Your 403(b) Account Safe from Creditors?
Posted on: October 29th, 2010
403(b) plans are employee-funded retirement savings plans offered by educational institutions and 501(c)(3) charitable organization. While the plans of private schools are automatically covered by the Employer Retirement Income Security Act 0f 1974 (ERISA), public schools and universities are exempt. ...
10 Things to Know Before You Retire
Posted on: August 20th, 2010
I created a few of the these "10 Things" lists myself, and this list provides some basic information on what to think about before entering retirement. ...
Roth IRAs offer Tax and Estate Planning Advantages
Posted on: August 4th, 2010
Roth IRAs are a great tax saving vehicle. The reason: Investments held in a Roth IRA are allowed to build up federal-income-tax-free. Later on, you can take federal-income-tax-free withdrawals. Obviously, a zero tax rate is the best rate going....
Roth Conversions – Just Because You Can Doesn’t Mean You Should
Posted on: December 29th, 2009
Some financial advisors are warning against a Rush to Roth. The key to is to approach the idea cautiously and do a comprehensive analysis. ...
The Estate Tax Will Die Soon
Posted on: December 21st, 2009
Just a few days left until the estate tax expires (although for one year only), and retroactive action in 2010 is likely. True death tax haters can track the countdown here....
Most of us will be too poor to retire at 65
Posted on: November 5th, 2009
According to the National Retirement Risk Index prepared by the Center for Retirement Research at Boston College, 51% of American will not be able to afford to retire at age 65....
Obama’s Budget Proposal – Automatic IRAs
Posted on: April 10th, 2009
From my CPA colleagues at Virchow, Krause & Company – a summary of the proposals to help expand retirement savings....
Required Minimum Distributions to be Suspended?
Posted on: December 12th, 2008
This update is courtesy of Barry C. Picker, CPA: It looks as if Congress has passed, and sent to Pres. Bush, H.R. 7327; Worker, Retiree, and Employer Recovery Act of 2008, ...
Durham, NC Tops for Retirement
Posted on: September 12th, 2008
Black Enterprise magazine has named Durham as the best place to retire. Factors considered were quality on life, health care, taxes, leisure, arts and culture, and climate. Asheville ranked 11th....
SSA Has New Retirement Calculator
Posted on: July 24th, 2008
The Social Security Administration has a new calculator on its website called the Retirement Estimator. ...
IRS Allows Roth Conversions for Inherited Retirement Plans
Posted on: April 6th, 2008
In an unexpected announcement (Notice 2008-30), the IRS has stated that it will allow non-spouse beneficiaries of qualified plans (such as a 401(k), 403(b) or employer pension plan) to convert those funds directly to a Roth IRA. ...
Retiring? This Study May Make You Think Twice!
Posted on: March 19th, 2008
A Greek study reported this month in the American Journal of Epidemiology found that retired persons had a greater death rate than employed persons of the same age. ...
2008 Pension Limits Announced by IRS
Posted on: October 18th, 2007
Maximum deferral limits for 401(k) and 457 plans remain at $15,500. The limit for defined contribution plan increases to $46,000, while the SIMPLE limit is $10,500. See IRS News Release IR-2007-171 for full details....
Young Boomers Prefer North Carolina for Retirement
Posted on: March 21st, 2007
Of baby boomers born between 1956 and 1964 who plan to move to another state after retirement, the top intended destination is North Carolina, according to a Harris Interactive Study (Polte Homes – Baby Boomer 2005)....