Debt Inheritance: Credit Cards, Tax, and Other Liabilities

Posted on: July 14th, 2014
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....

Reverse Mortgages and Inheritances

Posted on: April 24th, 2014
Should beneficiaries of a potential inheritance be concerned if their elderly relative decides to get a reverse mortgage? Reverse mortgages are not the right choice for everyone. The New York Times recently reported how adult children are often against the idea of their parents using a reverse mortgage as this would deplete the asset the children would ultimately expect to inherit. ...

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). ...

Step-Parents and Step-Children in Estate Planning

Posted on: January 24th, 2014
Estate planning for blended families is critical to ensure that assets are distributed as intended. A spouse’s family members are not included under North Carolina intestacy laws. Without a will, individuals who die in the Tar Heel State may not effectively leave assets to non-blood relatives....

Estate Planning for Posthumous Conceptions

Posted on: December 30th, 2013
A child may be born after a parent dies, which is a possibility couples can address in their estate plan. However, what are the inheritance rights of posthumously conceived children in North Carolina? ...
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