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 [..]
Business expansion to the United States will inevitably create tax consequences for foreign investors and enterprises. This post will discuss the basic concepts of U.S. Taxation that foreigners doing business in the U.S. need to be familiar with. In general, foreigners engaged in a trade or business will be taxed on two categories of income: [..]
Clients often ask what exactly is estate planning and why do they need at least a will. Clients also wonder whether they need to think about estate planning not being rich or getting close to retirement. The answer to all of those questions is yes. Contrary to a popular belief, all of us need to have [..]
