Timothy E. Harden’s Answers

Timothy E. Harden

Southfield Tax Lawyer.

Contributor Level 3
  1. I would like to place my 2nd home in Michigan state into an estate. I would like to protect from future creditors.

    Answered over 1 year ago.

    1. Timothy E. Harden
    2. Joseph Michael Pankowski Jr
    3. Lynnmarie A. Johnson
    4. Kenneth V. Zichi
    5. Donald B. Lawrence Jr.
    6. ···
    6 lawyer answers

    As far as reading up, I would say google "asset protection planning." That is the term for what you are trying to do. It's doubtful whether a trust is the way to go with real property in Michigan though. An LLC might be a better option, depending on your situation. Feel free to give me a call if you would like to discuss it further.

    8 lawyers agreed with this answer

  2. Do I have to file an estate tax form?

    Answered over 1 year ago.

    1. Henry Daniel Lively
    2. David Majors
    3. Timothy E. Harden
    4. Ronald J Cappuccio
    4 lawyer answers

    My colleagues have answered the federal question, so I thought I would address the Michigan aspect. There is not a Michigan estate tax or inheritance tax currently, so you do not have a filing requirement in Michigan either.

    3 lawyers agreed with this answer

  3. Federal Estate Tax Return (706)

    Answered over 1 year ago.

    1. Dara J. Goldsmith
    2. Henry Daniel Lively
    3. Ronald J Cappuccio
    4. Timothy E. Harden
    4 lawyer answers

    I agree with my colleagues that it is the stock of the corporation that would be reported, not the assets. Of course, the value of the assets would have an impact on the value of the stock. I also agree that you should talk to an attorney in more detail about whether you even need to file the 706. Finally, if you do have to file it, having a professional help you with it would decrease the likelihood that it would be audited.

    3 lawyers agreed with this answer

  4. My divorce attorney mis informed me as to how the taxes would be resolved per a QDRO. Will the IRS grant me a tax adjustment?

    Answered over 1 year ago.

    1. Timothy E. Harden
    2. J. Matthew Catchick Jr.
    3. Alan James Brinkmeier
    4. John David Claudell
    4 lawyer answers

    To answer the IRS side of the question, based on what you have said here, you may qualify for tax relief from the IRS. This would likely be either an Offer in Compromise or Currently Not Collectible status. However, it is a pretty detailed review to see if you actually do qualify, so I would consider meeting with a tax attorney to go over your situation.

    2 lawyers agreed with this answer

  5. Tax examiner has asserted the civil fraud penalty on my tax return , what trouble am I in ?

    Answered over 1 year ago.

    1. Ronald J Cappuccio
    2. Jerome George Quinn Jr.
    3. Scott J. Wittlin
    4. Timothy E. Harden
    4 lawyer answers

    Hello, I agree with the other two answers, to an extent. The "civil" in civil fraud penalty means that it is not a criminal issue, at least right now. However, that does not mean the examiner could not refer you to the criminal division. You really should considering hiring someone to work with you on this, or at least consult with them. This is the kind of thing that could go away with you just paying the penalties, or it could escalate.

    2 lawyers agreed with this answer