Whether you are a trustee or a trust litigation lawyer, working with an expert trust accountant ensures professional accounting that complies with the probate code. Expert trust accounting is essential to the well-being and peace of mind of everyone involved. This accounting requires specially honed skills and extensive experience. Nothing illustrates this better than a real-life trust accounting example where
There are countless horror stories about grandchildren in tears as they watch family farmland auctioned off because their grandparents had to liquidate assets to satisfy the taxes.
Another tale is about siblings who were once in business together and now don’t talk to each other after one felt slighted because they didn’t receive the family’s antique tractor.
Ag Web’s recent
When I first opened up my law practice, I did not charge for initial consultations. Other “lawpreneurs” and advisers always …
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With age comes changes that impact all aspects of life, including tax obligations. However, these changes are no excuse not to prepare and file taxes correctly, and being aware of them is essential to make the most of your situation when considering tax filing for seniors. Avoiding common tax mistakes prevents costly penalties and reduces their tax liability.
An expert
A new case out of Tax Court centers on when a “deathbed gift” is considered acceptable for estate and gift tax purposes. The powerful tax law provisions used to help many taxpayers avoid federal estate tax, or reduce it to a manageable size, makes this an important decision, especially as we draw closer to a time when estate tax exemption
Audit concept,Bookkeeper or financial inspector and secretary making report Financial Planning Report in Spreadsheet .Internal revenue Service inspector checking financial document
As a trustee, you have a significant fiduciary duty and likely must conduct a trust accounting, which is a complex financial task a CPA specializing in trusts has the experience and expertise to perform. Alternatively, maybe you are a
Letting go of a business is not easy, says a recent article titled “Estate Planning Strategies for Business Owners Planning an Exit” from CEOWorld Magazine. Whether the exit is to sell the business or retire, or the result of an unexpected event, it’s crucial to have an estate and succession plan.When should you establish a plan? It should be early,
Life is a road with unforeseeable twists, turns, obstacles, and detours that children are ill-equipped to navigate. However, certain situations can sometimes leave them without support before they can responsibly manage their lives and well-being alone. Whether their parents pass away prematurely or they inherit a significant sum of money, probate guardianship is an essential legal process that provides this
While many still mourn the unexpected and untimely death of the rapper Coolio on September 28, 2022, many estate planning attorneys and financial professionals are pointing out the financial and tax implications of his not having done an estate plan.Whenever there is a high-profile death involving famous celebrities or other high profile and high net worth individuals, there is usually
What is a digital asset? This is the question asked in a recent article “Estate Planning for Digital Assets” from Westchester & Fairfield County Business Journals. Any type of electronic data you have the right to access is considered a digital asset, although they come in a variety of forms.A digital asset now includes email accounts, social media, online banking,