If you deposited the check into your checking account, you must put the money in your IRA within 60 days of receipt of the check or face taxes and...

How do I show assets transferred from the estate to the trust and close the estate with the IRS?

The Schedule K-1 shows only amount of taxable income or deductions that "carry out" to the beneficiary, not the total amount distributed to the...

What is the dividend state tax imposed by North Carolina?

North Carolina's income tax rate is 5.75% - that is the percentage you will pay on this income.

If our LLC makes a profit but chooses not to do a distribution to shareholders, are shareholders still on the hook for taxes?

If the LLC is taxed as a partnership, which is the default, the owners (members) are subject to tax on net profit regardless of whether it is...

What are my options to make sure my personal assets are protected and only LLC will be responsible for any damages?

If you are the driver, you will be personally liable if you cause an accident, regardless of whether the vehicle is owned by an LLC or not. A lot...

How can I get his bank records for the last 4 years?

I'm sorry for your loss. If you are appointed as the Personal Representative (Administrator) of your father's estate, you will have authority to...

How should RMDs from inherited/Beneficiary IRA be taken in this case?

In this case the RMDs must be taken based on the decedent's remaining actuarial life expectancy per the IRS Single Life Table.

If a person dies intestate in Florida, how much of his estate is allowed to be exempt from taxation?

Florida has no estate or inheritance tax, but the current federal estate tax exemption is $5.45 million per person.

Do I need a living trust or an LLC for this situation?

Congratulations on your win. I recommend that you retain a trust and estate attorney to advise you and establish to appropriate entity. Without...

If I as the beneficiary can choose a new trustee are there any requirements they have to have? Can my wife take the position?

If the trust does not have a provision for appointing a new trustee, you must look to state law (the law governing the trust, which is generally...