February 2017 Archives

What Willy Wonka teaches about health care

North Carolina residents may be able to learn a lot about long-term care needs from classic movie "Willie Wonka and the Chocolate Factory." Like Charlie's grandparents in the film, the majority of those over the age of 65 will have long-term care needs. Of the 70 percent of people in that group who need care, not all will require permanent assistance. Instead, care may only be required for weeks or months at a time.

Tax rules for foreign gifts and inheritances

Many North Carolina residents are globally mobile. As a result, some of them might have questions about how property received from outside of the United States may be taxed. Whether a gift or inheritance that is received from another country will be taxed seems to be a particular concern.

Singers's family takes matter to court

North Carolina residents may know that the singer known as Bobby Vee died in October 2016 because of Alzheimer's disease. He started his career in a February 1958 concert when he filled in for scheduled acts who were killed in a plane crash the morning of the show. Now, two of his children are suing their siblings for mishandling estate money for their benefit and for the benefit of Rockhouse Production.

Estate planning mistakes parents sometimes make

North Carolina parents usually plan their estates for the benefit of their children. Not wanting their child to suffer the financial hardships that they did, they may be more than willing to name their child as the beneficiary of their most valuable assets. However, it is important that they plan their estate carefully while keeping in mind that their children may not be capable of handling money wisely yet.

Can you challenge a testator's mental capacity?

Do you suspect that the will of your parent or other elderly loved one is invalid? Contesting a will is a complicated process because the level of mental capacity required by the law is not high. Only the capability of an individual to make decisions on behalf of him or herself in a rational manner is necessary. It is not the duty of the court to decide whether the contents of a will are foolish, peculiar or eccentric.

Understanding gift tax limits

North Carolina residents who are lucky enough to have some money to give away should take the time to look into gift tax limits. Contrary to what many people think, the recipient of a large financial gift does not pay tax. Under the transfer tax system, the person who gives a gift is responsible for reporting it to the IRS and paying gift tax.

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