Alaska first enacted statutes for DAPTs in 1997. Other states have passed similar legislation since then. One fact has remained constant: No creditor has collected a judgment or settlement against a debtor.
Tennessee has a favorable tax reputation. While it is widely recognized that Tennessee does not impose income tax on wages, the state levies the Hall income tax on dividend and interest income. However, that tax is no longer permanent. Legislation enacted one year ago approved full repeal of the Hall income tax by January 1, 2022.
Provisions in DIY wills can increase administrative expenses in probate, and can also cause estate administrative problems for executors.
The Net Investment Income Tax may be repealed at the end of 2017. Two proposals released by the Joint Committee on Taxation in March 2017 advise removal of the 3.8 percent NIIT, which has been in effect since 2013.
Senate Bill 446 was introduced to the Senate in late February. The bill, the Constitutional Concealed Carry Reciprocity Act of 2017, would implement concealed carry reciprocity nationally for certain firearms.
Last month our gun trust law firm provided details about the proposed North Carolina Constitutional Carry Act. Another version of the proposed legislation was recently filed with the House. The latest bill includes alternative language and proposed amendments, while still ultimately proposing to remove the requirement for concealed carry handgun permits.
North Carolina legislators proposed the Constitutional Carry Act (HB 69) earlier this month. The Act would remove the requirement to acquire a concealed carry permit in order to carry a concealed handgun.
On the first day of President Trump's tenure in office, federal regulators were ordered to suspend new regulations pending further review, excluding emergency response matters. The memorandum ordering suspended regulations addresses three items.
Certain tax forms are required for estates and trusts that earn income. The executor or trustee is responsible for identifying necessary forms, completing proper accounting, and filing and paying any tax due by the deadline.
The Senate Finance Committee recently voted unanimously to eliminate stretch IRAs for non-spousal beneficiaries. The pending legislation imposes a five-year payout deadline for accounts left to non-spousal beneficiaries, with an exemption of $450,000 per account holder. While elimination of the stretch IRA has been a recurrent item among lawmakers, a few factors suggest the stretch IRA will ultimately phase out in 2017.