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....

What Happened to the Estate Tax Exclusion Portability Deadline?

Posted on: February 5th, 2014
Estates who have not yet filed a federal estate tax return (IRS Form 706) electing portability now have a new deadline to file election of portability. ...

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). ...

Mistakes in Beneficiary Designations

Posted on: January 3rd, 2014
Beneficiary designations are an important tool in estate planning – one must always remember that their terms trump the distributions provided in a decedent’s Will. Retirement accounts, life insurance, and other assets offer owners the power to entitle individuals to these assets upon the owner’s death. Errors could cost a surviving family member their expected share of a loved one’s estate, pass assets to an unintended party, incite family conflict, or cause unnecessary tax burdens for beneficiaries....

3 Concerns for Minors Inheriting IRAs

Posted on: November 7th, 2013
Beneficiary designations for Individual Retirement Accounts (IRAs) allow account holders to designate a trust, charity, or any individual, regardless of their age, as a beneficiary. ...
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