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Richard Albert Luthmann
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Richard Luthmann’s Answers

477 total


  • Can an irrevocable living trust be used to reduce estate taxes?

    According to http://legal-dictionary.thefreedictionary.com/trust, "A simple probate-avoidance living trust has no effect on state or federal estate taxes." What about an irrevocable living trust? Can it reduce estate taxes? Or ...

    Richard’s Answer

    Yes. Call an estate planning attorney to help put together a comprehensive plan or else the results may be disastrous.

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  • My ex is still in title and I need to give the bank a deed in lieu of foreclosure, but she won't sign. What kind of lawyer?

    I hired an investigator and located her, but she is unwilling to sign-off on the deed in lieu of foreclosure. Our divorce gave her exclusive use of the house and at the ultimate sale, we were supposed to split the profit, if there was any. She a...

    Richard’s Answer

    You need a lawyer who can mount a foreclosure defense and bring her in for a partition action at the same time. See what she does. Maybe the added pressure will cause her to cave. Or else, if she defaults, you will also be in a better position. Talk to a lawyer on these options.

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  • When a person in charge of a trust passes away who is then in charge of the trust?

    The trust involved a house that was left to an adult daughter who was unable to handle the situation so a person was put in charge of the trust the person in charge died who does the control of the trust go to

    Richard’s Answer

    What does the trust say? Hire a lawyer to interpret the legal meaning and succession.

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  • What should I do About A Tax Problem?

    hello i had worked part time for a company and was paid approx. $9000.00 for the year the IRS is garnishing my wages now from my regular job stating that the company that i had worked part time for filed with them that they paid me $90,000.00 ...

    Richard’s Answer

    Hire a tax lawyer immediately. There are very specific procedures and time limits for making a challenge to an IRS assessment.

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  • Incorporating an LLC for cartoon porn games website.

    Me and my partners are running a successful adult subscription website. Our niche is a cartoon porn. To be exact, it's adult cartoon flash games. We are a small team (only 3 developers) living outside the US and producing our own unique content wh...

    Richard’s Answer

    You should consult with a tax lawyer immediately to do pre-immigration planning. Also, you may want to consider opening up a US branch subsidiary of a foreign corporation parent to effectively create an inversion given your current set-up. Moreover, if you have a high-risk business, why would you move the business and servers into the US rather than give a US subsidiary or affiliate simply a marketing / promotional exclusive? Your plan seems ill-conceived and I would hire a lawyer immediately.

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  • My wife and I are currently LPR, we live abroad and don't earn any income in the US, do we have to fill taxes for 2014?

    we only have a savings account that gives us 0.02 interest monthly.

    Richard’s Answer

    If you have a US Passport, it is advisable to file a US tax return, even if you have a credit in the jurisdiction where you live and would owe no US tax. Additionally, you may be obligated to file a return if you have a foreign bank account. Talk to a tax lawyer versed in this area of the law.

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  • What to do when there is a judgment but no payment mentioned on my credit report?

    I was in housing court, got a stipulation which i fulfilled. But it left me with a judgment placed on my credit report. The debt was paid according to the stipulation. but what I do now to have it at least show that I satisfied the judgment? ...

    Richard’s Answer

    Send a debt validation letter under the Fair Credit Reporting Act and attach the copy of the satisfaction. If the false report is not removed within thirty days, threaten legal action under the FCRA. There is a strict liability of $1,000 per report plus attorneys' fees under the statute.

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  • We have a family trust in the US but all the beneficiaries live abroad. We have found that wire transfers can get stuck in

    unknown intermediary banks along the way. The recipient bank is no help but they charge a big commission anyway. Is there a more secure way than a wire transfer (preferably quicker and less expensive as well) for a trustee to send large amounts ...

    Richard’s Answer

    This is a FATCA issue that can avoided with some transactional structuring. My offices handle this type of work on a regular basis.

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  • LLC vs Trust with capital gains

    I am thinking of putting an investment portfolio into either an LLC or a Trust as I would like to have control over how it is given a family member after I would die. My concern are really tax related, are there any specific benefits of not using ...

    Richard’s Answer

    Call a tax lawyer right away. An intentionally defective grantor trust and a single member LLC will both be disregarded and taxed to you. Other formulations may have a different tax result. You must do a full analysis before you make a decision.

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  • How can I find the trust my grandmother left me when she passed away in 2003?

    My great grandmother lived in Newark, NJ (Essex County) when she passed away in the year 2003. I was left in the will in a trust fund since I was only 15 years old at the time and my (distant)cousin was the executor of the will. After she passed a...

    Richard’s Answer

    Hire a lawyer to check the court records of here estate. Track down her estate planning and estate administration attorneys. There are several possible leads.

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