Can a CPA in State of North Carolina prepare and file estate tax returns yet cannot legally distribute estate assets under probate law?

Can a CPA in State of North Carolina Prepare and File Estate Tax Returns Yet Cannot Legally Distribute Estate Assets Under Probate Law? Detailed Answer In North Carolina, licensed certified public accountants (CPAs) may prepare and file federal estate tax returns, such as IRS Form 706. Preparing tax returns falls squarely within a CPA’s professional…

What’s the difference between a quitclaim deed and a gift when inheriting property in North Carolina?

Detailed Answer When someone dies owning real property in North Carolina, that property typically passes to heirs or beneficiaries through probate. A quitclaim deed and a lifetime gift are two very different ways property can change hands. Understanding the distinction helps you protect your inheritance and comply with state law. How Inheritance Works in North…

What steps must I take to file a creditor claim in North Carolina probate to recover court-ordered life insurance benefits?

What steps must I take to file a creditor claim in North Carolina probate to recover court-ordered life insurance benefits? 1. Detailed Answer When a decedent’s life insurance proceeds become part of an estate, anyone entitled under a court order—such as a support order—may need to present a creditor claim to the personal representative to…

How does a North Carolina personal representative recover reimbursement for auto loan payments and real property carrying costs in probate?

How does a North Carolina personal representative recover reimbursement for auto loan payments and real property carrying costs in probate? Detailed Answer When you serve as a personal representative in North Carolina, the law lets you recoup the money you spend to preserve estate assets. That includes auto loan payments, vehicle insurance, property taxes, insurance…

In North Carolina Probate, What Order Should a Personal Representative’s Commission, Attorney Fees, and a Surviving Spouse’s Year’s Allowance Be Paid?

In North Carolina Probate, What Order Should a Personal Representative’s Commission, Attorney Fees, and a Surviving Spouse’s Year’s Allowance Be Paid? Understanding the Statutory Framework North Carolina law sets a clear priority for estate payments in probate. Three common expenses often cause confusion: Personal representative’s commission Attorney fees Surviving spouse’s year’s allowance All three qualify…