Questions Answered by Gregory Herman-Giddens

Q: As Exec, in NC, can estate funds be used to pay the court fee when filing AOC-E-505 "90-day" inventory, my case @$2000?

1 Answer | Asked in Probate for North Carolina on
Answered on Jul 19, 2018
Gregory Herman-Giddens' answer
Yes, and you may sell assets to raise the cash necessary.

Q: Process for selling a inherited house in NC?

1 Answer | Asked in Probate for North Carolina on
Answered on Apr 6, 2018
Gregory Herman-Giddens' answer
The house can be sold before or after probate is closed. After the estate is closed, the executor is not a necessary party to the sale.

Q: How do I get a Letter of Testamentary? Do I need to hire an attorney?

1 Answer | Asked in Probate for North Carolina on
Answered on Apr 5, 2018
Gregory Herman-Giddens' answer
You are not required to have an attorney, although that is certainly recommended. The Clerk of Court in the county in which the decedent lived issues the Letters.

Q: NC resident. Sold former primary residence in VA in 2017. Never rental. With which state do I file income tax for 2017?

1 Answer | Asked in Tax Law for North Carolina on
Answered on Apr 4, 2018
Gregory Herman-Giddens' answer
You have to file a VA non-resident return along with an NC resident return.

Q: Im filing a petition for an Administration for a deceased person who has an ongoing lawsuit. Do I need to file for a

4 Answers | Asked in Probate for Florida on
Answered on Feb 21, 2018
Gregory Herman-Giddens' answer
To open a probate proceeding in Florida you must hire an attorney. The attorney will advise you about the type of administration necessary, but it's likely formal administration.

Q: NC - If parents die within a shorth time of each other but have diffrent wills, which one is conrolling?

1 Answer | Asked in Probate for North Carolina on
Answered on Feb 13, 2018
Gregory Herman-Giddens' answer
For all property owned by the wife at her death, including what was jointly owned property with the husband prior to his death, or passed to her under the husband's Will, the wife's Will will control.

Q: Mom lived & passed in FL but owned land sold in SD under an installment method. Do we file probate in FL, SD or both

3 Answers | Asked in Probate for Florida on
Answered on Feb 1, 2018
Gregory Herman-Giddens' answer
Since she was a Florida resident, and a promissory note is intangible personal property, her estate should be opened in Florida. If she sold land subject to an installment sale, she does not own the land - she would just have a note and mortgage.

Q: My wife and I purchased a house in Florida two years ago from a builder and I have a question about the deed.

2 Answers | Asked in Real Estate Law, Estate Planning and Probate for Florida on
Answered on Dec 4, 2017
Gregory Herman-Giddens' answer
Yes, if purchased as husband and wife, it's considered tenancy by the entirety, and the home will pass to the surviving spouse with no probate required.

Q: I inherited a house 6 years ago and rented it. Now I want to sell it. Will I have to pay capital gain taxes?

1 Answer | Asked in Probate for Florida on
Answered on Nov 22, 2017
Gregory Herman-Giddens' answer
If you sell the house for more than it was worth when you inherited it, you will pay capital gains tax on the difference, less any costs of sale. Depreciation must also be recaptured - its is taxed at 25%.

Q: I want to buy investment property and sell within 1 year. What tax penalties would my husband and I be looking at?

1 Answer | Asked in Tax Law for North Carolina on
Answered on Nov 14, 2017
Gregory Herman-Giddens' answer
There are no penalties, you just have to pay tax on any net profit at ordinary income rates, since the gain would be short-term.

Q: My Dad recently passed away he appointed me as his personal representative l live in Florida. Do I need probate atty

3 Answers | Asked in Probate for Florida on
Answered on Oct 29, 2017
Gregory Herman-Giddens' answer
I'm sorry for you loss. Most likely, as Florida requires that personal representatives hire an attorney. The only reason you would not need one is if all assets go directly to beneficiaries, such as through beneficiary designation for life insurance and retirement accounts.

Q: I am transferring to my daughter my home for the price of one dollar. Do I owe an excise tax and amount. NC

1 Answer | Asked in Tax Law for North Carolina on
Answered on Aug 21, 2017
Gregory Herman-Giddens' answer
You do not owe any excise tax, but you are required to file a federal gift tax return reporting the value of the home as a gift. Assuming you have not used your $5.49 million gift and estate tax exemption, no tax will be due.

Q: My Father In Law was married for 5 months before he died but his will specifically leaves everything to his children.

1 Answer | Asked in Estate Planning and Probate for North Carolina on
Answered on Aug 1, 2017
Gregory Herman-Giddens' answer
Yes, unless she waived her rights in a valid prenuptial agreement. Current law for marriage under 5 years is 15%.

Q: In Wake Co., NC, how long does an executor have to finalize a will.

1 Answer | Asked in Probate for North Carolina on
Answered on Jun 23, 2017
Gregory Herman-Giddens' answer
The Clerk of Court generally requires that an estate be closed in one year from the personal representative's qualification date, but extensions can be obtained for good cause.

Q: Can I file probate papers without an attorney in Florida.

5 Answers | Asked in Probate for Florida on
Answered on May 25, 2017
Gregory Herman-Giddens' answer
In Florida, a attorney is required for probate matters. Best wishes in getting the probate completed.

Q: I need to apply for an elective share in Jackson county NC I live in Florida how can I do this

2 Answers | Asked in Probate for North Carolina on
Answered on May 24, 2017
Gregory Herman-Giddens' answer
I'm licensed in FL and NC. You should hire an NC licensed attorney to advise and assist you.

Q: Mother passed away in 1999, left no will. I had 3 siblings. Hubby and I pay the taxes on the home. Who owns the home?

1 Answer | Asked in Real Estate Law and Tax Law for North Carolina on
Answered on May 22, 2017
Gregory Herman-Giddens' answer
You and your siblings own the home, and you cannot transfer it to yourself without consent of your siblings and their spouses, if any.

Q: My wife and I are planning on buying a home in Duplin County NC. Is there any downside to my name only on the deed?

1 Answer | Asked in Tax Law and Real Estate Law for North Carolina on
Answered on May 2, 2017
Gregory Herman-Giddens' answer
Yes. If you get sued, the home is not protected as it would be if it's in both names. Also, if you want her to receive it at your death, it would not automatically go to her.

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