Income Taxation of Estates – a Brief Overview

Posted on: January 30th, 2010
In North Carolina it is not uncommon for persons to handle administration of a decedent’s estate without hiring a lawyer or an accountant. ...

NC Revises Spousal Elective Share Law

Posted on: November 13th, 2009
The Elective Share is the value of property a surviving spouse is entitled to get from a deceased spouse. In the absence of a valid prenuptial or postnuptial agreement waiving such rights, when the deceased spouse leaves less than the elective share amount to the survivor, he or she can enforce the elective share....

Often Overlooked in Estates – Cost Segregation Tax Savings

Posted on: September 6th, 2009
This is a complicated but potentially very worthwhile strategies to pursue in estate in which the decedent owned valuable depreciable real estate (e.g. office buildings, shopping centers, or multiple rental homes)....

NC Probate Fees Go Up Again

Posted on: September 1st, 2009
Effective today, along with 1% increase the sales tax, the filing fee for probate cases has increased to $88 (from $61). The .40/100 fee applied to estate assets (maximum of $6,000) does not increase this year – but watch for future increases as the state continues to struggle to increase revenues. ...

NC adopts law for Notice to Creditors when no probate required

Posted on: August 29th, 2009
While I generally counsel my clients to avoid probate by the use of living trusts or other methods, one useful aspect of probate is the provision for publishing a Notice to Creditors. Publishing such a notice in the paper and otherwise following the law allows a decedent’s creditors’ claims to be extinguished after about three months....

Spousal Year’s Allowance to Increase to $20,000

Posted on: July 18th, 2009
The "Years Allowance" for spouses is intended to provide support for a surviving spouse during the year after the death of the deceased spouse, and has priority over creditors claims and other beneficiaries. ...
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