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Paul Rutledge Durr III

Paul Durr’s Answers

800 total


  • Tax Deduction for Spousal Support When Filling Jointly During a Divorce?

    I'm ordered to pay temporary spousal support for my wife. She does not work. Since the divorce is not yet finalized, I will be filing as married, filing jointly for 2014. While I expect to receive a large income tax deduction for the spousal suppo...

    Paul’s Answer

    You may want to look at the irs rules, but generally your spouse cannot live with you, the payments are not designated property settlement or child support and you must file a separate return. Your preparer could do a comparison for you of tax consequences of filing separately with the alimony deduction, and jointly without the deduction, and then you can decide which to file. If your spouse won't sign a return with you, then you have no option but to file separately, anyway.

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  • Property Tax

    What happen if you are late with paying property tax?

    Paul’s Answer

    Your county assessor will have all of the deadlines for payment and late penalties on their website.

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  • I posted a question on trustee succession without mentioning that the grantor (me) is living. 2 lawyers called it tough question

    and gave 2 answers for who succeeds; said court may have to rule. Do I as grantor have the right to determine this according to my intent when I signed although A drafted trust agreement? Original trustees were A and B. "Upon the death, disabilit...

    Paul’s Answer

    If this is a revocable trust, go to an attorney and amend the successor trustee provisions to what you want. If irrevocable, talk to an attorney about your options.

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  • An account was made by a family member with me in trust.I need to deposit thousands of dollars.Is this dangerous?

    So a family member made an account with me in trust. If I depoait,can they take all the money and run?Should I just make an account and deposit it there instead?

    Paul’s Answer

    • Selected as best answer

    If an account involves the term "in trust" then there are restrictions associated with the account, depending upon the applicable trust terms. Without knowing why you are considering this account, I cannot tell you whether to use this account. A separate account would allow you to control the deposit, though.

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  • What does "seized in trust" mean in New York

    If I inherit a company "seized in trust" do I have to make a new company and change the name?

    Paul’s Answer

    Its an archaic term meaning that the person or property is bound to the trust terms.

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  • I granted an irrevocable trust in NJ 17 years ago for tax reasons but the tax laws have changed and the trustee is hostile.

    There are no mandatory distributions in my lifetime and she has not made any distributions. I did not draft the document. I signed it because of the tax advantages although there were some provisions I did not like. I felt there was under some d...

    Paul’s Answer

    The legal fees cannot be predicted and while doable, success is not a guarantee. A lot depends on your ability to prove duress or other facts needed to revoke, and what the other beneficiaries will do. An attorney may be able to accept on a contingency (percentage of recovery), if allowed in NJ.

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  • Can a Quitclaim Deed Grantor be held financially responsible for taxes owed if Grantor was not listed on Title nor a Will?

    I am being asked to sign a Quitclaim Deed by the new owner of my Dad's house who purchased the house from a foreclosure sale by mortgage company. My Dad did not have a Will, there was no probate and I was not listed on the Title, but I am the only...

    Paul’s Answer

    Quit claim deeds only convey your interest, if any, in the described property. No obligation is created by signing a quit claim deed.

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  • What do I need to do?

    A relative of mine claimed me on his 2011 tax return even though I have never lived with him. He also forged my signature on a W-9 form so he could cash a share. I was a minor at the time. He died about a year and a half ago so I have not been abl...

    Paul’s Answer

    Be aware of the time limits to respond to the IRS notices, once those pass it is more difficult or impossible to abate taxes, penalties and interest. Please consult with a tax attorney as soon as you can.

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  • “We have sold a family home in Malaysia, it has been in the family for 30 years. Do we have to pay real property gains tax?

    There are 8 names on the title deed and there are 4 of us here who have become Australian citizens and we have received the sales and purchase agreement and there is a clause that stipulates that we have to pay a considerable sum for Real Property...

    Paul’s Answer

    Not an easy question. You will need to look at the tax treaties between the US and Australia and Malaysia to determine the correct tax treatment in the US.

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  • I granted an irrevocable trust 17 years ago. Tax laws have changed and it is no longer to my advantage. If I get it revoked

    where do the assets go? To me, to my children, or my father's estate? Source of trust assets was inheritance from my grandfather; my father made qualified disclaimer. Trustee has discretion to make distributions to me or my children, no mandatory ...

    Paul’s Answer

    It depends on the terms of the trust agreement. You need to have a trust attorney review the trust terms.

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