Post Separation Support and Alimony: What’s the Difference?

Often, as part of the separation and divorce process, couples have to resolve issues related to post-separation support (PSS) and alimony.  What do the terms “Post-Separation Support” and “Alimony” Mean? PSS and alimony are both claims for spousal support. An essential requirement for both claims is that the claimant be a “dependent spouse” and that…

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The Bankruptcy Means Test: What does it Mean?

In 2005, Congress enacted the Bankruptcy Abuse Prevention and Consumer Protection Act, known more familiarly for its unwieldy acronym/nickname, BAPCPA (pronounced “bap-see-pa”). One of the critical, and most criticized, inventions of BAPCPA was the creation of the “means test.” The key principle behind the means test was the idea that individuals with high levels of…

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IF YOU ARE GOING TO BE THE BANK … ACT LIKE THE BANK

We often receive questions from clients who are thinking about loaning money to a friend, family member or business associate, or are thinking about co-signing a loan with them. Sometimes our clients are thinking about “seller-financing” someone else’s purchase of real estate or a vehicle they own. In these situations, our clients are putting themselves…

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VA Pension Basics – Veteran’s Administration Benefits

Veteran’s Pension Benefits Many of my clients, who are retirees, tell me that their income is derived from sources such as social security and distributions from various retirement accounts and brokerage accounts. Several clients are lucky enough to have pensions from their previous employers (for example, AT&T, Tyco (AMP), Reynolds Tobacco, the State of NC, etc.).…

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What Happens if I Die without a Will in North Carolina? Intestacy and the Need for NC Estate Planning

It is a common misconception that if a resident of North Carolina dies without a Will, the resident’s assets will be taken by the State of North Carolina. While there IS such a thing as the State taking unclaimed assets from a deceased person’s estate (“escheat”), it rarely ever happens. Intestate vs. Testate in NC Individuals…

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