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Apr
No Wills, Old Wills, Trust Mills and other Estate Planning Ills
In estate planning consultations, I often tell clients that for most people, having no estate plan is better than having a badly drafted or very old one. North Carolina probate law contains default provisions for those who die “intestate,” or without a will (or trust). Those defa...
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Apr
How a Testamentary Special Needs Trust Made a World of Difference for a Middle Class Family How a Testamentary Special Needs Trust Made a World of Difference for a Middle Class Family, Medicaid Benefits
The specter of Long Term Care costs haunts many otherwise happy, seemingly, financially secure, middle class families. It's scary to contemplate the possibility that a medical event or end-of-life illness could undo literally decades of mindful saving. What can these famili...
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Apr
Thinking Through Year End and New Year Taxes
As we approach the end of 2016, we at Strauss Attorneys, PLLC would like to remind you of measures you can take to minimize your income tax liability. By taking proactive steps to secure credits and deductions, or accelerating or postponing income or deductions, a savvy taxpayer...
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Apr
The End of Valuation Discounts is Coming: Proposed Regulations to Section 2704
Copyright 2016, WealthCounsel, LLCThe days of reducing gift and estate tax through valuation discounts for closely-held family businesses appear to be coming to an end. After months of anticipation, the U. S. Treasury has released proposed regulations that will significantly re...
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Apr
Inherited Trust Shares and Divorce – Protecting your Children
Among the most important benefits of holding assets in a living trust is ensuring that they pass to beneficiaries protected from creditors, for instance, from a child’s divorcing spouse. A testamentary gift to your child outright and in their own name can be considered part of th...
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Apr
Why Everyone Should Have a Health Care Power of Attorney
A Health Care Power of Attorney is a document that authorizes another person to make medical decisions for you if you are unable to do so. There are many different situations that could result in a person being unable to make or communicate medical decisions and these situations...
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Apr
Do You Have an Out-of-State Trust: Getting Your Refund After the Kimberly Rice Kaestner Case
A recent decision by the North Carolina Business Court could have significant ramifications for North Carolina’s taxation of trusts, and could result in substantial refunds for certain beneficiaries. In Kimberley Rice Kaestner 1992 Family Trust v. North Carolina Department of Rev...
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Apr
The Many Pieces of Resting in Peace
For many people, end of life planning means having a good will and a better prayer. Some may also think about doing a trust, healthcare power of attorney, living will, long term care planning and even talking things over with family. But many people fail to think about funeral a...
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Apr
Disabled Children of Veterans’ Survivor Benefits
Disabled Children of Military Veterans May Now have Survivor Benefits Paid to Special Needs TrustsIn December 2014, Congress finally passed provisions allowing the disabled children of military veterans to have their survivor benefits paid in to Special Needs Trusts! This devel...
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Apr
Tax Tips to take to Minimize income and estate taxes in Trusts and Estate Planning
1. Consider distributions to beneficiaries Because the maximum ordinary tax rate (39. 6 percent) and the net investment income tax (3. 8 percent) apply to trust income at a much lower threshold than they do for individuals, trustees of discretionary trusts should consider distribu...
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