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The attorneys at Bell, Davis & Pitt are committed to staying current in our respective areas of practice. We maintain this blog to serve as an additional resource for our clients and our communities. Our aim is to provide useful and thoughtful content for anyone in search of information in these areas.

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E-FILE YOUR TAX RETURNS IF AT ALL POSSIBLE

April 15, 2022
John A. Cocklereece, Jr.
Tax Controversy Law
The National Taxpayer Advocate is a separate branch of the IRS that seeks to improve IRS service and assist taxpayers who encounter problems that they cannot resolve through regular channels.  The NTA has a blog that discusses matters of importance to taxpayers, In a recent blog post [see below], the NTA stressed the importance of filing your tax returns electronically, if at all possible. A couple of takeaways from the blog post:

PTC HEARING DATES THROUGH DECEMBER, 2022

April 11, 2022
John A. Cocklereece, Jr.
North Carolina Property Tax Law Monitor
The North Carolina Property Tax Commission (PTC) is the state-level appeals body for property tax appeals. The PTC hears appeals from decisions of the Boards of Equalization and Review of all 100 N.C. counties. Hearings before the PTC are de novo. Decisions of the PTC are appealable to the North Carolina Court of Appeals. The PTC normally holds hearings once a month for 4 days at a time.

Will I need to name anyone other than an Executor in my estate plan?

April 11, 2022
John A. Cocklereece, Jr. Travis Woolen
Estate Planning Blog
We recommend a Will, Durable Power of Attorney, and Healthcare Power of Attorney for a basic estate plan. In certain cases, a Revocable Trust may be appropriate. You will need to name fiduciaries under each of these documents. People often choose the same person or set of people to serve as Executor, Trustee, Power of Attorney, or Healthcare Agent. These are all fiduciary positions and similar consideration should be given to deciding who will fill each of these roles.

Does my Executor need to be local?

March 23, 2022
John A. Cocklereece, Jr. Travis Woolen
Estate Planning Blog
Not necessarily. However, it may become more difficult for your Executor to handle the day-to-day matters of the estate if he or she is not local. This is particularly true if your Executor doesn’t have access to a local bank or attention is needed for other issues arising far away from the Executor. Logistically, correspondence with the local court and other institutions may be more difficult. Also, the Executor may be required to make a personal appearance at a court hearing.

Should I pay my Executor?

March 3, 2022
John A. Cocklereece, Jr. Travis Woolen
Estate Planning Blog
This decision is up to you but settling an estate can be quite a bit of work. For this reason, most people choose to compensate their Executor. However, you should keep in mind that many Executors choose to hire a law firm to help them administer the estate. In this situation, a significant portion of the work will be offloaded onto the law firm. Also, if you have a family member serving as Executor, any compensation they receive for serving as Executor will be reported as taxable income, whereas amounts they receive as a beneficiary are not taxable income.

Does my Executor have to be a family member?

February 17, 2022
John A. Cocklereece, Jr. Travis Woolen
Estate Planning Blog
No. Most people choose to name a family member as Executor, but this is not required. Some people choose to name professionals such as CPAs or attorneys. If you don’t have any family close-by or willing to serve, you could also select a close and trusted friend if he or she is willing to serve as Executor. If you would like to name a family member, keep in mind that the family member does not need to be a financial or legal expert to be a great Executor. Trustworthiness, organization, responsibility, and common sense will go a long way.

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