June 1^st Deadline for Elderly/Disabled Tax Exemption on Home

North Carolina has a home tax exemption for people 65 years of age and older or a person who is totally and permanently and disabled.  If the requirements are met, the property taxes assessed on your home may be significantly reduced.  There are two programs:  the Elderly/Disabled Homestead Exemption and the Circuit Breaker Elderly /Disabled Deferment Program.

Elderly/Disabled Homestead Exemption

If you are at least 65 and the income of the homeowner and spouse, if married, is less than $27,100.00, then the program excludes whichever is less – $25,000 or 50% of the assessed value of the residence from property taxes.

Circuit Breaker Elderly /Disabled Deferment Program

If a person doesn’t qualify for the Elderly/Disabled Homestead Exemption because they make over $27,100.00, but less than $40,650.00, and they have lived in their house the last five years, then they may qualify for the Circuit Breaker Elderly /Disabled Deferment Program.

This program limits the amount of yearly tax on the permanent residence to a fixed percentage of income; the rest of the tax is deferred.

If income is $0-$27,100.00 then the taxes on the personal residence are limited to 4% of annual income.

If income is $27,100.00 to $40,650.00 then taxes are limited to 5% of annual income.

When the person dies, sells the property or no longer uses the home as a permanent residence the most current three years of taxes, plus interest will have to be repaid.

The application must be filed annually with the county tax office by June 1^st of each year. If you are disabled, you must provide proof of total and permanent disability from your physician or a government agency.

Download the application here:  Application for Property Tax Relief.

The Law Offices Of Cheryl David is a member of the American Academy of Estate Planning Attorneys.

Click on the image below for this week’s newsletter, which includes a great margarita recipe in honor of Cinco de Mayo!

The Law Offices Of Cheryl David is a member of the American Academy of Estate Planning Attorneys.

Cheryl K. David Named as Estate Planning Law Specialist

We are excited to announce that Cheryl is newly certified as an Estate Planning Law Specialist by the Estate Law Specialist Board, Inc., an organization accredited by the American Bar Association and affiliated with the National Association of Estate Planners & Councils.

To become Board-certified as an Estate Planning Law Specialist, an attorney must have devoted at least one-third of his or her practice to estate planning for a minimum of five years.  In addition to passing a comprehensive examination in estate planning law, the attorney must also receive recommendations from five colleagues and must establish that he or she has at least 36 continuing legal education credits within the last three years.

The Estate Law Specialist Board, Inc., an attorney-run affiliate of the National Association of Estate Planners & Councils in Cleveland, Ohio, is the only ABA-accredited program for certification of an attorney as an Estate Planning Law Specialist.

For the more information about the Estate Law Specialist Board, Inc., program contact Susan Austin Carney, Administrator, Estate Law Specialist Board, Inc., 1120 Chester Avenue, Suite 470, Cleveland, Ohio 44114.  The toll-free phone is (866) 226-2224. For more details see the parent organization’s Web site at www.naepc.org.

The Law Offices Of Cheryl David is a member of the American Academy of Estate Planning Attorneys.

Click on the image below for this week’s newsletter.

The Law Offices Of Cheryl David is a member of the American Academy of Estate Planning Attorneys.

Ron was always the child his parents relied on to be responsible and to help get things done. So, it came as no shock when, after Ron’s father passed away, it turned out that his dad had nominated Ron to serve as Executor of his estate. While he felt immensely honored, Ron wasn’t sure he’d be able to fulfill his obligations as Executor. Not only had his own health seen a decline over the past several years, he no longer lived in the same state as his parents. In fact, Ron and his wife lived thousands of miles away from his parents. Is Ron under a legal obligation to serve as Executor?

In short, no – simply being nominated as Executor does not obligate anyone to actually serve in that capacity. And, from a legal standpoint, you can decline the role of Executor for any reason or for no reason at all. If you formally decline to serve, then the person nominated as alternate Executor will be given the opportunity to accept the job. If no one nominated in the will wants to serve as Executor, then an administrator will be appointed for the estate.

This leads to an important practical point:  When you’re making your own will, it’s important that you nominate at least one backup Executor. This increases the odds that someone you know and trust will be in charge of your estate after you pass away.

The Law Offices Of Cheryl David is a member of the American Academy of Estate Planning Attorneys.

Our newest newsletter is out, and it includes a wonderful client recipe for Peanut Brittle.  This one is a must-read!  Also check out a great video clip from Corning:  Is this what our future will look like?  We hope you enjoy!

The Law Offices Of Cheryl David is a member of the American Academy of Estate Planning Attorneys.

We’ve had some great team accomplishments recently and are excited to share them with you.  Read this week’s newsletter to find out which team member just completed a 5K.  You’ll find team updates and several articles with tax-related information to consider this week.

The Law Offices Of Cheryl David is a member of the American Academy of Estate Planning Attorneys.

If you’re not on our mailing list, take an opportunity now to view our new newsletter.  We’ll be sending updates out every other week with relevant estate planning, elder law, financial, and current news information.  Click the image below to see our newsletter. 

The Law Offices Of Cheryl David is a member of the American Academy of Estate Planning Attorneys.

Rebecca Long is an Estate and Trust Administration Attorney with The Law Offices of Cheryl David.  She has focused her career in the areas of probate, trust administration, tax return preparation and estate planning.  Ms. Long prepares probate documents, trust accountings, petitions for trust modification and termination, federal and state estate tax returns, federal and state estate income tax returns, and drafts wills, trusts, health care powers of attorney, general power of attorney, and living wills. 

Ms. Long received her BBA in Trust Management and her MBA from Campbell University.  She earned her law degree from North Carolina Central University, cum laude.  Rebecca is also a Certified Financial Planner™ and a member of the North Carolina Bar Association, and was a former Trust Officer in the Triangle.

The Law Offices Of Cheryl David is a member of the American Academy of Estate Planning Attorneys.

As Thanksgiving approaches, The Law Offices of Cheryl David would like to take a moment to thank all of our loyal clients with which we have the privilege of working.  During this time of year in particular, families are getting together, and we are reminded of how important these relationships are.  Be sure you are protecting your family and those nearest and dearest to you by having the right estate plan in place. 

As you’re shopping after Thanksgiving on Black Friday and beyond, be sure you’ve got the most important gift added to the list – the peace of mind that comes from knowing that you have planned and provided for the ones you love. 

Have a safe and happy Thanksgiving!

The Law Offices Of Cheryl David is a member of the American Academy of Estate Planning Attorneys.