By James Fleming What are Opportunity Zones?                Opportunity Zones have attracted a lot of publicity since they were created in 2017. The Tax Cuts and Jobs Act created tax incentives designed to encourage investors with capital gains to reinvest those gains into low-income and undercapitalized communities. These low-income areas are called Opportunity Zones, which are…

 by Larry Hartley                Ever since the COVID-19 virus hit our state this spring, I have heard many instances of families facing the loss of the family home after a parent or grandparent has died while receiving Medicaid benefits to help pay the cost of a long term nursing home stay.  This is especially unfortunate because there are legal…

 By James B. Fleming and Lee Mulligan                We live in a digital society. We present and store an ever-growing amount of our lives (social, financial, work) in digital form. The average person has over 200 accounts per email, up from 150 just three years ago. Family treasures like photos, home movies, and messages now predominantly exist…

by Andy Strauss       There is an unprecedented $11.58 million lifetime exemption for gifts and estates. This exemption is set by law to expire, or “sunset,” by 2026 if there is no legislative change. With the looming election and a possibility of a shift in the control of the Presidency, this is a perfect time…

by Carter Webb and James Fleming             To prevent the spread of the COVID-19 Coronavirus, on March 10, 2020, Governor Roy Cooper signed Executive Order 116 (the “State of Emergency”) declaring a State of Emergency, which is to be effective until rescinded.            The State of Emergency and its extensions made it very difficult for clients to go to their…

By Carter Webb   I was meeting with a client recently who wanted her Will and other documents signed.  Her father had passed away a few months ago and during the signing, she told me that she had just received a check from the IRS for $1200 made payable to her father.  She asked me what…

By James B. Fleming On March 27, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) became law. Among the most impactful tax changes found in the $2 trillion stimulus bill are the provisions affecting retirement accounts. Retirees do not need to take Required Minimum Distributions (RMDs) in 2020. This temporary change allows those who do…

By James B. Fleming As the public health situation continues to evolve around coronavirus (COVID-19), we draw our attention to our own wellbeing and that of our loved ones. Given the current health concerns, the volatility of the financial markets, and social distancing, the once-unimaginable scenario is now a reality. Given the state of our current…

Effective Monday, March 23, 2020 Dear Clients: This is to update you with Strauss Attorneys’ action plan in light of the escalating spread of the novel Coronavirus.  This situation is new & unique to all of us – our core values have guided us to the following decisions regarding how we will operate for our most…

By Lee Mulligan Income Tax planning is an integral part of Estate Planning. This blog examines what happens to the income tax basis of an asset when it is gifted or bequeathed. There are different rules for the basis of an asset that is gifted to you that one you are given by the death…

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