We are almost to the end of 2017, and this year we may have some much bigger changes coming our way in 2018 than in a typical tax year. For that reason, you may want to pay close attention to this post. The reason we have so many changes coming is that Trump’s Tax Reform is finally upon us. There are a lot of changes coming down the pipeline in 2018 and 2019, so you may want to take some proactive measures before the end of this year to maximize your savings. Let’s start with the current state of the […]
Taxes
What is the Gift Tax in NC?
You came to this page looking for information on the gift tax in NC, and more specifically, you probably want to know some answers to the following questions: What is the Gift Tax in NC? How much money can you gift away without having to pay a gift tax? How much money or property can you give away during your lifetime? So let’s dig in and start with some of the basics… What is the Gift Tax in North Carolina? At its basic level, the gift tax in NC is a tax on the transfer of assets from one person […]
Estate Taxes in North Carolina – Should You Worry?
Today I wanted to talk a little about estate taxes in North Carolina. This includes some discussion of what estate taxes are, why you shouldn’t care, and why the repeal of the estate tax is such a bad idea. Interested in learning more about gift taxes? Check out this article I wrote yesterday on the topic. What Are Estate Taxes? An estate tax is a tax imposed on the estate of a decedent upon their passing. At the Federal level, there is currently (as of 2017) a $5.49 million exemption. That means that your estate would have to be worth […]
Should you get divorced before the end of 2013?
If you are just starting to think about getting divorced, and you live North Carolina, then you are pretty much out of luck to get divorced in 2013, or 2014 either for that matter. The process to get divorced in North Carolina is a long one, and starts with getting separated from your spouse. Once you have separated, you must remain separated for at least one full year. After you have been separated for one year, then you must file the divorce complaint in the court system, and it can take another 60-90 days after that for the divorce to […]
Taxes and Divorce in North Carolina – 5 Things you need to know
Taxes and Divorce have been a frequent topic of discussion during the Family Law Intensive Seminar that I attended today and yesterday in Charlotte. In addition to taxes and divorce, there has been much discussion of business valuations, custodial evaluations, alimony experts, etc. Going to CLE’s like this always gives me lots of great ideas to talk about and share legal tips and information with my readers. Not surprisingly, whenever there is a small business or professional practice involved in a divorce case, the entire case is going to get very complicated very quickly. The use of experts in these […]
Alimony and Taxes in North Carolina
Alimony. Taxes. People cringe and the thought of either of these topics, and here I am, writing about both in the same blog post. I represent a lot of people who are either seeking alimony from their spouse or are going to have to pay alimony to their spouse. The issue of taxes and alimony is an important one, regardless of whether you are paying or receiving spousal support. For instance, if you are fortunate enough (or unfortunate enough, depending on your perspective) to be entitled to receive alimony in North Carolina, did you realize that the payments you receive […]
How to divide a pension in a divorce?
I got a great question today in my Ask a Lawyer Section. The question was this – “In North Carolina is a spouse entitled to half her husband’s pension? If so, when does she get it and is it considered income when considering Alimony and Child Support?” Here is a quick synopsis of this difficult and complex area of family law – one that even a lot of lawyers have a hard time understanding because of all the variables at play… Both spouses are entitled to 1/2 of any assets that were acquired during the course of the marriage, including […]
What does Alimony really cost?
This morning I took part in a training call for some software I use to help me calculate different alimony scenarios for clients. What is great about the software is that it allows my clients to see what effect taxes will have on their alimony payments. If you are receiving alimony, many people forget that they will have to pay tax on that income. On the other hand, if you are the supporting spouse that is paying alimony, you will get to deduct the alimony you pay to your spouse. So what does this look like in real numbers? Here […]
What if my spouse dies before our divorce is final?
It’s a difficult situation, to be sure, but it is a fact of life that your soon-to-be ex-spouse may conclude your divorce proceedings earlier than expected if they pass away while the divorce is pending. It is not common, but what do you do if this happens to you? First of all, you have to remember that if you haven’t agreed to any property division in writing, than it will be as if you are still married and the property will pass to you via intestacy rules in NC (if there is no will), or if there was a will, […]
How to divide retirement assets in a divorce
I came across a good article today that outlines how different retirement benefits could be divided in the event of a divorce. Here is a brief rundown of some of the topics discussed: What to do before you divorce – Get a copy of the summary plan description from the employer How to split up 401(k) and IRA balances – We recommend you do a percentage split rather than a straight dollar split, because of fluctuations in the market What if you started saving for retirement before you married? A common question – whatever was saved pre-marriage is the separate […]
