Month: August 2011
Bankruptcy Courts Agree – Inherited IRAs Exempt
With the Texas case of In re Chilton reversed in U.S. District Court, which held that the debtor’s inherited IRA was exempt from the…
IRS Extends Deadline for Offshore Voluntary Disclosure
Due to Hurricane Fran, the IRS has extended the deadline for the Offshore Voluntary Disclosure Initiative for foreign accounts to September 9,…
President of Building Company Liable for Negligence Despite Acting on Behalf of Company
The January 2011 North Carolina Court of Appeals case of White v. Collins Bldg., Inc. involved purchasers of beach house who filed a negligence…
IRS Releases Draft 2010 Estate Tax Return Instructions
The IRS has released draft instructions for the 2010 Form 706, the U.S. Estate Tax Return. Executors of estates of decedents who…
Recording Document Fees
Effective October 1, 2011, fees for recording documents in North Carolina’s 100 Registers of Deeds will increase: 1. Deeds – $26.00 for up…
New NC Trusts and Estates Laws
In the 2011-2012 Session, the North Carolina General Assembly passed several laws affecting estate planning, trusts and probate: S.L. 2011-5 and S.L. 330– The…
Execution of Promissory Notes and Deeds of Trust is Transfer for Medicaid Purposes
From today’s NEALA eBulletin: Leola Joyner had been a Medicaid recipient since November 2005. She executed two promissory notes on March 1,…
IRS Guidance on 2010 Decedents’ Estates Filings
The IRS recently issued guidance on the treatment of basis for certain estates of persons who died in 2010. This will assist…
IRS Guidance on 2010 Decedents’ Estates Filings
The IRS recently issued guidance on the treatment of basis for certain estates of persons who died in 2010. This will assist…
NC – No Estate Tax for 2010
Good news for beneficiaries of large North Carolina estates of decedents dying in 2010. From the North Carolina Department of Revenue: S.L….
