Tax

3 Errors North Carolina Executors Might Encounter Without Legal Counsel

Posted on: November 21st, 2016
When it comes to legal matters, it’s not in the executor’s best interest nor the best interest of the estate or its beneficiaries to rely on a DIY effort. The most important issue executors should understand is that executors are held personally responsible for probate errors and mistakes, regardless if the blunder was unintentional....

Penalties for Executors Due to Attorney Fault

Posted on: November 16th, 2016
A recent court ruling serves as a reminder of the personal financial liability executors may face even when they retain a probate attorney. Executors may be held legally responsible for errors in estate administration - even an attorney's errors....

Inherited IRA Ruling: Distinctions Between Federal and State Tax Law

Posted on: July 22nd, 2016
Our attorneys strive to share notable rulings and case law to help clients and other advisers understand how a court or officials might respond to a particular set of circumstances. In early June 2016, Private Letter Ruling 201623001 rejected a woman’s request to rollover part of her son’s inherited IRAs....

New Larger Tax Deduction for LTC Insurance

Posted on: March 28th, 2016
The unpredictable rises in LTC insurance costs make it difficult for individuals to forecast and plan. However, there are a few tax deductions available. Plus, the IRS recently announced an increase for the federal LTC insurance deduction in the 2016 tax year. ...

Problems With Old Trusts

Posted on: November 21st, 2015
Even if one’s goals were accomplished when a trust was initially created years ago, those goals might not align with current tax legislation and, sometimes, could result in overly complicated trust administration....

3 Questions to Ask if You Own Real Property With Joint Title in NC

Posted on: September 23rd, 2015
There are several ways to hold joint title to real property in North Carolina. The method of titling can also leave the property at risk to certain claims while both owners are alive, a factor which might be considered when choosing how to hold title. ...
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