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Dad died with home in his Trust. Trustee wants to distribute the house into Trusts of 3 beneficiaries. What is my TAX Liability
Steven's answer
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Answered on February 03, 2014
From a "death tax" perspective that will likely be handled from your Dad's estate/trust before distribution so probably no tax consequence to you. ...
Archived
I received a 1099A due to home foreclosure ($115,600 bal. outstanding) who is best to advise me on this CPA/Lawyer?
Steven's answer
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Answered on February 03, 2014
Many people that have foreclosures do qualify - hire a qualified CPA, that is probably sufficient. Question him or her on their experience with...
Archived
Can you claim a depended without adding that person on a W2
Steven's answer
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Answered on February 03, 2014
The number of dependents you calculated on your W4 is simply so the payroll can determine how much should be withheld from your pay (the more...
Archived
When someone dies what happens to credit card debt?
Steven's answer
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Answered on February 03, 2014
Her estate is responsible for debt (with the caveat that was mentioned). Whether or not someone should step up and open the estate is a matter to...
Archived
Why should you have an Insurance Trust?
Steven's answer
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Answered on February 03, 2014
Insurance trusts usually refer to Irrevocable Life Insurance Trusts (ILIT) which are an arrangement where your life insurance is owned by a trust...
Archived
How do I revoke myself from being power of attorney
Steven's answer
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Answered on February 03, 2014
Most POAs indicate that providing written notice to the principal and/or successor agent are sufficient. If you've been acting with banks, etc....
Archived
California: Can a Trustee be sued for refusing to administer a special needs trust?
Steven's answer
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Answered on February 03, 2014
What you describe sounds like the trustee breached her duties, but you need an attorney if you want to recover from this person - depending on what...
Archived
I was partner's with two other guys in a business,we owe payroll tax's and the debt we owe is 15,000.00..
Steven's answer
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Answered on February 02, 2014
Well, the taxes should come off the top first! But as far as the IRS is concerned you could all be potentially liable for the entire amount. The...
Archived
My ex just told me he filed for my son on his taxes the divorce degree states I am the only one to file for the kids. Help.
Steven's answer
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Answered on February 02, 2014
The divorce issue and the tax issues are obviously related but not connected. You can still claim him on your taxes and have the higher ground -...
Archived
My wife died in 2013 do i claim her on my taxes
Steven's answer
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Answered on February 02, 2014
See a qualified CPA to prepare your taxes. Since your wife passed you probably have a few other things to deal with. If you were married at any...