As the coronavirus continues to disrupt our daily life and leave Americans uncertain of the future, you don’t have to feel helpless during this pandemic. In fact, now is a great time to be proactive and plan ahead should you or a loved one fall ill. One of the most important and relatively easy things [..]
n The question of guardianship arises upon incapacity or passing away of both parents of minor children. If the parents failed to appoint a guardian to take over the custody and care of the little ones, the court would select a legal guardian using the best interest of the child standard. This article [..]
Congress has passed, and President Trump signed the Tax Cuts and Jobs Act. Although continued study of the bill will undoubtedly reveal additional opportunities we wanted to provide some of the immediate impressions. Significant Changes to Business Taxation If you own a business or are thinking about starting one, contact a tax attorney immediately. Relying [..]
Believe it or not, nearly everyone has an estate. Your estate consists of everything you own— your car, your home, your rental and investment properties, your business interests, bank accounts, investment and stock accounts, life insurance, household items, and personal possessions. No matter how large or how modest your estate is, you can’t take it [..]
Seven Trust Administration Steps Necessary to Protect the Successor Trustee If you have been appointed as the successor trustee or agreed to take on the position for a family member or a friend, you are probably wondering what are the immediate responsibilities of such a fiduciary and what needs to be done if the grantor [..]
The parties involved in the creation and administration of a living trust are Grantor(s) – Person(s) creating the trust – you (and your spouse). Grantor can also be called Creator, Settlor, or Trustor. Trustee(s) – Person(s), who manage the trust now. Usually would be the grantors, you and your souse, and/or a corporate trustee. Successor [..]
Today we will continue to explore the living trust advantages and benefits. Part 1 of this post discussed such benefits as avoiding the probate proceedings, minimizing the emotional stress on the family, preventing conservatorship, and preserving privacy. In addition, the living trust advantages include the following: Centralized Management. The assets transferred to a living trust [..]
The first segment of our living trust series explained the concept of a revocable trust. Now, let’s talk about the advantages of having a trust as part of your estate plan. The following is a list of the most significant benefits: Avoids Probate. Assets placed in a trust are not subject to the probate proceedings and [..]
The Living Trust Series Part 1 We all have at least a basic understanding as to the substance and meaning of a will. But the concept of a trust often sounds foreign, complicated, and confusing. This blog post series will attempt to resolve the mystery and explain the most important issues, such as What is a [..]
A Quick Guide to the IRS notice numbers. If you have received a notice or a letter from the IRS, you most likely have also spotted a number for the correspondence. If you guessed that this number means something, you are absolutely correct. The IRS uses standardized text to address specific issues and numbers most [..]
