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Posted in Firm News on April 26, 2018
J – “J” stands for Joint Ownership. A married couple who lives in a community property state will enjoy a step up in basis for a home they own jointly. For example, if a couple pays $100,000 for a home, and when the first spouse dies, it is worth $200,000, the living spouse’s new basis… (Keep reading)
Posted in Firm News on April 12, 2018
G-“G” stands for GENERATION SKIPPING TAX. When a person dies and transfers their assets to their heirs (traditionally, their children ) the government imposes a tax on that transfer, something usually called an estate tax. Those children would then later transfer some or all of those assets to their children. When this occurred, there would… (Keep reading)
Posted in Firm News on April 4, 2018
D- “D” stands for DIVORCE, which can play an important role in estate planning, especially if there are stepchildren. See, Q tip in coming posts. E-“E” stands for ESTATE and EIN. The value of the assets in your ESTATE when you pass away will determine how much your ESTATE will owe in taxes. Removing assets… (Keep reading)
Posted in Firm News on March 29, 2018
A- “A” stands for ASSETS that will be in your estate at the time of your death. Effective estate planning can help eliminate the amount of tax owed on these ASSETS if that is your goal. B-“B” stands for BASIS, or what you paid for an asset in your estate, minus expenses you incurred in… (Keep reading)
Posted in Firm News on March 26, 2018
Just a reminder for those taxpayers who file a late return: Under the IRS’s First Time Abatement Program you may qualify for an OK to waive late filing and late payment penalties. You must pay or make arrangements to pay the tax due. Your last three years tax return must have been filed and paid… (Keep reading)
Audited by the IRS? What should you do?
Posted in Firm News on March 21, 2018
Should I represent myself or my company if audited by the IRS?The simple answer from a Tax attorney NO!!!!If you do you will tell the Auditor something you should not. With that being said if you receive an IRS notice stating you owe a small amount of money due to an error you should talk to… (Keep reading)
Posted in Firm News on March 15, 2018
The other day a client came in to have her Estate Plan prepared. She did not have an heir. Her husband, siblings and only child predeceased her. Her father was living ( in his 90’s). She wanted to know if she really needed Estate Documents as she did not care what happened to her assets… (Keep reading)
Posted in Firm News on March 9, 2018
Many families have pets, dogs, cats, birds etc…. Pets are not only cute and lovable but a huge part of the family. We plan out future preparing trusts and wills to make sure our valuables are disbursed accordingly. We sometimes forget about planning for our pets. Who will love and care for them the way they… (Keep reading)
