Summary of administration (intestate) should we? Can we take that inexpensive shortcut?
Yes. I see no disadvantage at this point. However, you will need an attorney to assist you.
Chapel Hill, NC
Probate Lawyer at Chapel Hill, NC
Practice Areas: Probate, Estate Planning ... +2 more
Yes. I see no disadvantage at this point. However, you will need an attorney to assist you.
No, but person A must file a gift tax return to report a gift of $300k to person B.
Since it is not taxable, the distribution from the Roth IRA does not get reported on the 1041, and consequently, not on Schedule K-1.
I would advise seeking legal counsel experienced in relevant tax law. GRATs are typically used to transfer wealth to younger generations, not to...
Usually a raised seal from the court is required, and sometimes it must be dated within 60 days.
No. Gifts other than to 501(c)(3) charitable organizations are not deductible for income tax purposes.
You don't need to change the deed. If you wish, you can file a Certificate of Trust showing that you are the current trustee. An attorney can...
If the house is worth no more than $75,000 you can use Summary Administration; otherwise a full probate administration will be necessary. You will...
No, nor do revocable trusts. Privacy is one of the advantages provided by inter vivos (during life) trusts as opposed to trusts contained in a will.
For the 20% deduction of pass-through income under the new tax law (Section 199A), a sole proprietor (which is also the default treatment of a...