Have you wondered how much of your estate is your spouse entitled? What happens to all of your assets when you die? Do you have much control over the disposition of your estate? Does having a will make a difference? To demonstrate the nuances involved in determining how much your surviving…
I am constantly amazed at how people going through a divorce “fight” over “stuff” like a tea cup, a train set, a doll, or a stuffed animal. Generally, when I am using the word “stuff,” I mean personal property like tables and chairs, jewelry, or sentimental items from childhood. The…
1. What is the date of marriage? Prior to October 2014, same-sex couples could not marry in North Carolina. But what date of marriage will North Carolina recognize if the same-sex couple was earlier married or entered into a civil union in some other state before October 2014? The date…
North Carolina General Statutes Section 50-20(b) (4) defines divisible property. Divisible property covers certain values created post-separation. A husband that continued to work in a dental practice post-separation did not create active appreciation. Husband did not change anything about his business methods to increase business. The growth between the date…
This article is part 4 of a series of articles regarding Innocent Spouse. This final blog on the basics of the current Innocent Spouse tax law will do two things: 1) summarize changes discussed in the first three articles; 2) give some practical guidance to attorneys, CPAs, and clients in…
Part 3 of a 4-Part Series on Innocent Spouse Basics (a) The Former Requirements: Rev. Proc. 2003-61, 2003‑32 I.R.B. 296, 2003 WL 21708514 (Aug. 11, 2003) (b) The New Requirements: Rev. Proc. 2013-34, 2013‑43 I.R.B. 397, 2013 WL 5179241 (Oct. 21, 2013) (1) This is the new Revenue Procedure setting…
I.R.C. § 414(p) and 29 U.S.C. § 1056 Morris v. Metropolitan Life Ins. Co., 751 F. Supp. 2d 955 (E.D. Mich. 2010) (a) Facts: When the husband and the wife were divorced, the state court divorce decree extinguished all rights held by one in any life insurance of the other. …
In North Carolina, estate planning can be difficult with the high divorce rate. Most who are estate planning want the property to go where it is intended. The gift tax annual exclusion for 2015 is $14,000 per donor per donee. This means a married couple can, together, give $28,000 to…