My parents recently passed and my 3 siblings and myself are beneficiaries. Most of the money was in a trust fund. Also checking and savings and sale of house. They lived in indiana and I am in florida. Is any of this money taxable?
Trusts often have their own income tax liabilities. Sometimes income taxes are passed through to the beneficiaries. State and/or federal estate taxes could apply too. You need competent professional representation. I'd recommend an estate attorney and CPA.See question
I'm a divorced man buying a small apartment in Florida in cash. My closing is In about 2 weeks. I need to know what I need to do in order to transfer this property to my married daughter in the event I pass away one day. What legal document do I...
I'd avoid putting her name on title outright as there are gift tax issues there. As my colleague indicated, I'd recommend you consider a trust, which is a private way of transferring title to your designated beneficiaries. I'd likely encourage you to retain an estate planning attorney to help with this. Unfortunately, being two weeks away from closing it is likely too late to plan in advance. Good luck.See question
My relative owns a property and it is titled in her irrevocable trust "The xxxxx Revocable living trust. I am the successor trustee- I get the property when she passes on. I also have credit card debt. Will creditors be able to attach to this pro...
Highly depends on the type of trust, terms of the trust and facts. I'd recommend you consult with an estate attorney.See question
I did construction work remodeled the inside of her shop .. My payment would come when she retired by selling me the business and using my sweat equity as a portion of the selling price !! She has passed away suddenly with a huge estate ! I am see...
To pursue a claim against a person who has passed away, you must timely file a claim with the probate court. If no estate is pending, you may initiate one. You should hire an attorney.See question
I currently have a judgement against me by a debt collector. However, I currently have no available cash or property to satisfy that judgement. Now, what happens if I win a decent cash from playing lottery and set-up a revocable living trust to co...
Rev trusts offer no asset protection to you until they become irrevocable upon your death, at which time they only offer asset protection benefits to your beneficiaries. You may utilize trusts and other vehicles to protect your assets, but I'd sit down with an estate and business attorney. Good luck.See question
I need to move to another state
It depends on what the trust says. I agree with my colleague if it's a revocable trust because you can change the trust terms at the least. If it's irrevocable, then you must assess the trust terms. Good luck.See question
Can a 100% shareholder of an S Corporation with no other employees be sued personally for their actions within the corporation? Would the answer change if the S corporation had more than 1 shareholder, or employees?
"S" corporation is a tax designation. LLCs and Corps, Incs., PAs can elect "s' status. It is therefore, not a legal designation. As my colleague indicated, anyone can sue. Regardless of what type of entity is chosen for LEGAL purposes, it generally protects the shareholder's (whether one or many) from creditors of the business. There are exceptions of course. However, creditors of the owner's of the business are not protected by the entity itself. That depends on other factors. Consult with an attorney. Good luck.See question
Why would I spend the extra money to decrease probate time a little bit?
One major reason is that wills still go through probate, whereas trusts generally do not.See question
In 07/2016 I opened my LLC in Florida and Registered an EIN with the IRS. In 9/2016 another person in Wisconsin opened an LLC in that state with the same name as my LLC. Can I take them to court?
Talk to a trademark attorney to assess your rights and options.See question
My friend owns C corp. We want to open a new company similar to his but I want to have shares in the new company. Can we still open DBA for his company but include me as a partner? Also, from liability standpoint, is it better to open DBA or LLC?
Def form an entity after sitting down with counsel and working with your CPA. DBA is a fictitious name that is used for reasons other than limited liability. They are different concepts and should not confuse one for the other.See question