Estate And Tax Planning Law Firm
Many people with offshore assets are tempted to not disclose the assets to the IRS for the chance that the IRS will not discover the assets, resulting in tax breaks. However, this is often a mistake as the IRS comes down hard on people who do this and get caught. In...
Are you feeling lucky? The Powerball jackpot keeps growing and has reached a massive $1.4 billion. But before you starting making plans to spend and give that much money away, remember that the tax bill would take a chunk of your winnings.But how are lottery winnings...
With the start of tax season now just a couple weeks away, it is a good time to discuss an issue that anyone could find themselves facing: scams. Con artists and thieves continue to make a fortune each year by posing as IRS representatives on phone calls. They claim...
If it’s not already, one of your New Year’s resolutions should be to get your affairs in order, and this isn’t just for people in their golden years. Whether we like to acknowledge it or not, the truth is that a devastating accident or injury can...
With Christmas, New Year's and other major holidays upon us, taxes are probably the last thing on your mind right now - and rightly so. But if you do find yourself with some down time, it may be a good idea to start mentally preparing for the start of 2016. This is...
When most people think of estate planning, they picture the transfer of wealth and assets. Parents often leave money and property to their children and grandchildren, for instance. In such cases, being the executor of a loved one's estate may be a welcome and...
The tax troubles of celebrities are often fodder for gossip columns. Are these stories relevant to most Americans? Often, the answer is no. But in a few cases, there are lessons to be learned from how certain celebrities settled debts with the Internal Revenue...
A Congressional bill recently introduced would modify the manner in which we pay the federal estate tax. This would give taxpayers inheriting money the choice between paying the estate tax or, in the alternate, paying a small percentage of their gross income for a...
A capital gain is simply the profit you receive as a result of selling a capital asset. When there is sale of the asset after owning it for a short period of time, such sale results in short-term capital gain treatment. If sale of the asset takes place after holding...
If you own a business then you have two types of estate planning to think about: personal and business. Ultimately, business estate planning answers the question, “What will happen to your business when you are gone, and how will that take place?”Chances...
