Month: July 2009
Your IRA may be at Risk
In North Carolina standard IRAs are exempt from creditors’ claims, under state law and federal bankruptcy law. Also, qualified retirement plans, such…
Tired of Your CRT? Sell It!
If you set up a Charitable Remainder Trust (CRT) in the past but now wish you could get a lump sum back…
NC Democrats Agree on Tax Increases
Democrats in the North Carolina House and Senate reached a compromise on tax increases yesterday. Briefly, the proposal would: Increase income taxes…
Bequests Under Will to Drafting Attorney to be Prohibited
Beginning January 1, 2010, it will be unlawful for North Carolina attorneys to prepare a Will or Codicil naming the attorney as…
Changes to Effect of Will Caveat on Probate Proceeding
Beginning October 1, 2009, when a lawsuit is filed to contest a Will (Caveat), the probate administration will no longer be fully…
Spousal Year’s Allowance to Increase to $20,000
The “Years Allowance” for spouses is intended to provide support for a surviving spouse during the year after the death of the…
Small Estate Amount to Increase by $10,000
Effective October 1, 2009 the threshold for small estate proceedings (often called Affidavit for/of Collection) under North Carolina General Statutes Section 28A-25-1…
Judicial Creation of Special Needs Trusts Clarified
Governor Bev Perdue recently signed into law Session Law 2009-267, which: modifies North Carolina General Statutes Section 36C-2-203(a)(9) to state the proceedings may…
Intra-Family Loans – Make Sure You Follow the Rules
Loans among family members, especially from parents to children, are very common. However, most people are not aware of the tax laws…
Assignment of IRA by Estate to Charity is Not a Transfer
These are the facts from a recent Private Letter Ruling from the IRS: The Decedent had a “pour-over” will requiring that his…
