First, what state are you in and what state is the trust being administered? What state did your nephew live in when he passed away? Second, I am...

Does converting a LLC to a S-corp restart the "clock" in terms of being seen as long-term capital gains?

Based on your facts, the sale of S Corp stock would seem to be long term in that the holding period of the LLC interest units converted to S Corp...

I am executor of my mother's will.My mothers home was sold at the courthouse steps.Do I pay taxes on surplus funds received?

The amount of surplus funds from escrow is largely irrelevant. Taxes are only owed on the gain, if any. The gain is the selling price less what...

We own some land we want to transfer it to our business how can we do that. It is free and clear. We purchased it 20 years ago.

The other answers to this question are all good statements of the law and each raises issues you may not have thought of. This is also a case where...

Is it illegal to take mortgage tax deductions on a rental property?

Mortgage interest is potentially deductible under the following circumstances: 1)Subject to certain limitations, as home mortgage interest while...

What is a "No Contest" clause?

No-contest clauses are used to discourage will contests by providing that any beneficiary who contests the will forfeits what he or she would have...

As a California State Bar Certified Specialist estate planner and estate administration attorney for over 30 years, as well as a California CPA...