Archived
Can an individual legally sale property that is willed to another person if they have a power of attorney,
Gregory's answer
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Answered on October 21, 2015
It depends on the terms of the power of attorney, but most likely, yes. However, the agent under the power of attorney may not keep the money for...
Archived
(FL) Is an IRA (w/ designated beneficiaries) accessible to creditors after death in the State of Florida?
Gregory's answer
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Answered on October 20, 2015
No. Florida is one of only about 8 states to provide such protection for inherited IRAs.
Archived
Do I need an attorney to disperse money from a trust after my brother has died ?
Gregory's answer
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Answered on October 20, 2015
I agree with Mr. Gunthert, but there are also likely to be income tax issues to be addressed. You should consult with a lawyer or CPA to see what...
Archived
What are the tax penalties imposed if I am given a distribution in a divorce in the form of an IRA and I want to cash in the IRA
Gregory's answer
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Answered on October 06, 2015
QDROs are only for qualified retirement plans like 401(k)s. You will need an equitable distribution order signed by a judge granting you a portion...
Archived
My daughter receives SSD . What trust should I set up for her. My assets are only $300K in bank acounts - no other assets ...
Gregory's answer
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Answered on October 02, 2015
I'm sorry for your loss. If you daughter gets SSDI, those benefits are not needs-based, so no certain type of trust is required. If she receives...
Archived
If I form an LLC with 2 individuals, 90% and 10%, is the individual with 10% considered a principal?
Gregory's answer
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Answered on September 23, 2015
Yes, or more precisely, a member, as owners of LLC interests are called.
Does the Operating Agreement of an LLC have to be signed by all its members?
Gregory's answer
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Answered on September 16, 2015
Yes. A member who does not sign either the Operating Agreement or a power of attorney allowing another member to sign on his/her behalf is not...
Archived
Do I owe taxes on Inherited IRA distributions? PR never disclosed for over 2 yrs. Multiple beneficiary changes since death.
Gregory's answer
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Answered on September 15, 2015
Unless it's a Roth IRA, distributions from an inherited IRA are taxable, and there is a 50% penalty for failure to take a required distribution. ...
Archived
If I add my children's names to my house title, will that ensue a gift tax?
Gregory's answer
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Answered on September 12, 2015
If the value of the property interest gifted exceeds $14,000 per donee, you are required to file a gift tax return, and will use up part of your...
Archived
Does the Executor of a large estate need to file a tax return for state & federal? 1st year only or multiple?
Gregory's answer
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Answered on September 10, 2015
Each year (not necessarily calendar year) an estate is open and has taxable income a federal fiduciary income tax return (Form 1041) is required,...
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