Patrick D. Newton's Answers

What is the procedure for catching up on back taxes owed

This answer does not create an attorney-client relationship. FInd the money and get the returns prepared. Then file them. Then prepare to file an Offer in Compromise. You may want to go ahead and file for the Offer in Compromise, or you may want to wait, depending on your situation. If you wait, don't wait until the IRS starts taking your property!!! You will get IRS Notices in advance of any taking. An attorney familiar with the Offer in Compromise program should be able to assist you....

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How can i revoke a power of attorney

If it has not been recorded with the Register of Deeds, a power of attorney can be revoked simply by destroying it, or be executing a new one. However, if any third party has relied on the power of attorney, they could still do so until they are made aware of the revocation. If the power of attorney has been recorded, then you should exucute a document indicating that the power of attorney is revoked and record that document.

Estate planning

Maybe. It depends on a lot of things. Here in NC, it would depend on whether there is a Will. If so, it would go how the Will goes. If not, it goes by "intestacy," which means essentially it passes to whomever the state law says it goes to. Here in NC, that could be spouse alone, split betweeen spouse and parents or a split between spouse and children. Essentially, here in NC, if there is a parent OR a child living, then the spouse only gets a portion of the house (or other asset) if...

Keeping Inherited Money as a Non Marital Asset while paying income taxes while married

This answer does not create an atttorney-client relationship. The distribution is likely 100% taxable income, exceptions would be for nondeductible contributions or if it was a Roth 401K, neither of which are likely. To keep the funds as separate property, merely keep the assets in a separate account in your name only. The filing of a joint tax return will not affect that. You should locate a IRA Beneficiary calculator (such as http://www.bankrate.com/brm/calculators/retirement/...

Will my "bad credit" affect my fiances credit once we are married

Your credit ratings will not affect each other unless you are co-borrowers on a loan.

Can I convert my LLC to a corporation, what is the procedure for doing this

In addition to the points above, you could simply file an election under the check the box rules to change your tax status (if taxation is your reason for converting). Such a change could trigger gain or loss.

Forming a new llc

No, unless you use your new LLC to obtain credit and personally guarantee the debt.

Estate tax/inheritance tax

No. If the policy was paid out, it does not exist anymore. The full proceeds received by the decedent prior to death is in his/her estate.