Questions answered by Michael Louis Cahill

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What is further required for complete closure of S-Corp so no liability on me (sole survivor) or Corp?. Is probate required?

Michael's answer | Answered on November 27, 2015

You may have a problem closing the corporate bank account. The bank will require some evidence that you have the authority to close the account,...

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My wife inherited a business from her father, in case she passes away, does her mother have the rights to the inheritance.

Michael's answer | Answered on November 20, 2015

If your wife inherited the business outright and it is not held in Trust, then the business is hers, and she has the right to sell or devise it...

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Is this considered abuse or neglect of an elderly person? My grandfather is 91 with dimentia and alzheimers. See details.

Michael's answer | Answered on November 20, 2015

I think you took the correct first step by terminating the caregiver. I doubt that the caregiver's thoughtless comments would rise to a level of...

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What are the filing consequences of having a "flee clause" in a trust?

Michael's answer | Answered on November 20, 2015

The "flee clause" is typically used in offshore asset protection trusts. This area of law is very complex and clients could easily run afoul of US...

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My exhusband keeps claiming our kids on his taxes. They live with me. How can I make him stop?

Michael's answer | Answered on November 20, 2015

Generally, the IRS allows the custodial parent (the one having custody of the child for the greater portion of the year) the dependency exemption. ...

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I leased a car and the trade was from my grandmother's trust. They are now saying there is insufficient information.

Michael's answer | Answered on November 19, 2015

I would be concerned that the dealership could repossess the car, but that's not my area of law. If your grandmother's estate was probated, then...

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My ex husband just died at age 61.5, we were married for 32+ yrs, can I collect Soc Sec on him? I am 66.

Michael's answer | Answered on November 19, 2015

You are entitled to receive benefits because you were married for 10 years or longer. You should contact the social security administration and...

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You file a refund with a dependent then you have to file single but the $1,500 which you never recieve or cash you had to pay

Michael's answer | Answered on November 19, 2015

The facts of your issue are not very clear. I think it would be best if you contacted your local IRS office and went in to discuss this issue in...

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If I take health insurance now will I still have to pay the penalty for this year when I do my taxes?

Michael's answer | Answered on November 18, 2015

The penalty determination is made for each calendar month during the year.

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I bought a tax lien certificate. Now what?

Michael's answer | Answered on November 18, 2015

Tax Certificates are kept as an electronic file within the Tax Collectors office. A listing of certificates awarded and held are provided to each...

Michael Louis Cahill's Answers (257)

What is further required for complete closure of S-Corp so no liability on me (sole survivor) or Corp?. Is probate required?

My wife inherited a business from her father, in case she passes away, does her mother have the rights to the inheritance.

Is this considered abuse or neglect of an elderly person? My grandfather is 91 with dimentia and alzheimers. See details.

What are the filing consequences of having a "flee clause" in a trust?

My exhusband keeps claiming our kids on his taxes. They live with me. How can I make him stop?

I leased a car and the trade was from my grandmother's trust. They are now saying there is insufficient information.

My ex husband just died at age 61.5, we were married for 32+ yrs, can I collect Soc Sec on him? I am 66.

You file a refund with a dependent then you have to file single but the $1,500 which you never recieve or cash you had to pay

If I take health insurance now will I still have to pay the penalty for this year when I do my taxes?

I bought a tax lien certificate. Now what?