The Corporate Transparency Act (CTA), effective from January 1, 2024, brings significant changes to the regulatory landscape of small businesses. The law aims to combat financial crimes like money laundering and tax fraud. Here’s a brief synopsis of what small business owners need to know:
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A revocable living trust generally does not provide asset protection from creditors for the person who creates the trust (the grantor/settlor/trustor). Because the grantor retains control over the assets and can revoke the trust at any time, creditors can often reach into the trust to satisfy the grantor’s debts. Here’s why a revocable living trust typically does not offer creditor protection:
Posted in Wills, Trusts & Estate Planning
A revocable living trust can offer various benefits, but saving on taxes is generally not one of them — at least not during the grantor’s lifetime. Here’s how it breaks down:
When it comes to our loved ones, we all seek to ensure they’re cared for, even after we’re gone. Contrary to popular belief, estate planning is not just about dividing assets for the wealthy or tax avoidance. It’s about creating a comprehensive strategy to safeguard your family’s financial future and preserve your legacy regardless of your financial status.
As a law firm specializing in solving IRS problems, tax resolutions typically begin with getting taxpayer clients in compliance. In other words, most tax resolutions first require tax compliance. In this post, we’ll guide you through the best practices to help you stay on the right side of the IRS.
1. Estimated Tax Payments
Estimated tax is the method used to pay taxes on income that is not subject to withholding. This may include income from self-employment, business earnings, interest, dividends, rent, or alimony. It also applies to individuals who do not elect voluntary tax withholding. Think of the IRS as a “pay as go” system. It does not matter whether taxes were withheld. It’s generally your obligation to pay the taxes prior to tax filing.
Despite the recent tumultuous times, the use of cryptocurrencies such as Bitcoin, Ethereum, and others are still prevalent in today’s digitized age. While these digital assets offer numerous benefits, including decentralization and security, they also present unique challenges when it comes to estate planning. In this blog post, we will explore the importance of incorporating cryptocurrency into your estate plan and provide practical tips to safeguard your digital assets for future generations.
If you hold Power of Attorney for a loved one and a Trust is involved, don’t expect to be making the same decisions regarding certain assets as the Trustee (and vice versa). Be aware of your specific responsibilities in the event of the loved one’s incapacity or death. Here are some key differences:
“HEMS” stands for “health, education, maintenance, and support” and is commonly referred to as an “ascertainable standard”. If there is a HEMS provision in a Trust, the money distributed can only be used for specific needs of the beneficiary related to health, education, living expenses, or other needs or support that a Trustee can ascertain. Some examples include health insurance, surgery, exercise equipment, prescriptions, tuition, career training, rent, mortgage payments, home repairs, taxes, legal fees, vacations, or other reasonable comforts.
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