Thursday, March 29, 2018

A-Z Estate Planning

A- "A" stands for ASSETS that will be in your estate at the time of your death.  Effective estate planning can help eliminate the amount of tax owed on these ASSETS if that is your goal.

B-"B" stands for BASIS, or what you paid for an asset in your estate, minus expenses you incurred in obtaining the asset. Proper estate planning can take advantage of a bump-up in BASIS and help taxes owed by your beneficiaries.

C- "C" stands for CHILDREN and /or CHARITY. There are numerous ways to leave your estate to your CHILDREN to protect them from creditors (a Bad "C" word) or, perhaps, from inheriting too much too soon. Gifts to CHARITY can be an effective tool to save on taxes.

To Be Continued.....................

Monday, March 26, 2018

Tax Return

Just a reminder for those taxpayers who file a late return: Under the IRS's First Time Abatement Program you may qualify for an OK to waive late filing and late payment penalties. You must pay or make arrangements to pay the tax due.  Your last three years tax return must have been filed and paid timely.  Let us know if we can assist you in requesting this relief.

Wednesday, March 21, 2018

Audited by the IRS? What should you do?

Should I represent myself or my company if audited by the IRS?

The simple answer from a Tax attorney NO!!!!

If you do you will tell the Auditor something you should not.  With that being said if you receive an IRS notice stating you owe a small amount of money due to an error you should talk to a qualified CPA or Attorney and ask if it's worth fighting.  They should let you know.  I tell all prospective clients to do a cost-benefit analysis.  Also if you do owe money and you do know you owe pay the amount owed.

What if I can't afford the amount owed?

The IRS usually will let you make payments, but they will charge you interest.

Thursday, March 15, 2018

Estate Plans with no Heir

The other day a client came in to have her Estate Plan prepared.  She did not have an heir.  Her husband, siblings and only child predeceased her.  Her father was living ( in his 90's). She wanted to know if she really needed  Estate Documents as she did not care what happened to her assets once she passed.  We discussed her legacy and what if any Charities or Colleges she would like to benefit.  She had come up with a few Charities.

So even if you have heirs and you desire to leave nothing to, or have no heir think about charities or others, you may desire to benefit by leaving your assets to a good charitable type organization.

Friday, March 9, 2018

What happens to your Pets?

Many families have pets, dogs, cats, birds etc....  Pets are not only cute and lovable but a huge part of the family.  We plan out future preparing trusts and wills to make sure our valuables are disbursed accordingly.  We sometimes forget about planning for our pets.  Who will love and care for them the way they deserve?

We all love our pets, so when you put your final wishes in writing, remember to have the future of your pet discussed.  Remember animals have unconditional love so don't forget their future.

Who do I choose?

Who do I choose? Things happen that are beyond our capacity. For instance, you receive a letter from the IRS stating they are going to...