My brother and i inherited property after my mom passed away. we were advised to leave it in the 'estate of' and sell it in

Did you file an income tax return for the estate showing the sale and the "stepped-up" basis the property would have received at your mother's...

If I opened up a business as a sole proprietorship, could I later file to change the business into a LLC?

It is also possible to establish an LLC that is taxed as an S Corporation, which may present a tax advantage, depending on the type and structure...

Setting up a spendthrift trust DAPT ( Domestic Asset Protection Trust)

DAPTs require that there be a Trustee other than the Settlor. The Trustee must be located in the jurisdiction in which the DAPT is established. ...

I recommend that you have an attorney prepare an operating agreement that lists him as the owner, or at the very least, an assignment of ownership...

Can my ex husband get in trouble for filing 2010 tax return as married jointly with me while he is single?

Assuming you also filed a tax return, the IRS will probably catch on, but it may take a couple of years. You can report it to the IRS

It's also important to realize that there are two types of power of attorney - general durable powers of attorney, which are for handling financial...

How do I determine if the 60/20/20% ownership share is fair to each member of the LLC?

Once an agreement is reached the most important thing to do is have a lawyer prepared a detailed operating agreement. Each of the members may also...

My son/family lives with me and makes the mortgage payments. How should I file this when I file taxes?

Since the mortgage is in your name, only you can deduct the interest. Your son is essentially making a gift to you by paying the mortgage. Gifts...

I know in some states a licensed professional cannot use an LLC - is NC one of those states? And what would be the benefit

LLCs can provide protection from liability from creditors other than malpractice plaintiffs.

Home went into QPRT in 1997. Gift tax form was NEVER done. Can/should it be done now? Tax penalty necessary. How based if so?

There are no penalties for late filing of gift tax returns with which no tax is due.