To qualify for the homestead exemption, a person must meet certain requirements and a person may lose their homestead exemption if the requirements of the statute are not met every year.
President Trump signed the Tax Cuts and Jobs Act (“TCJA”) into law on December 22, 2017, which brought many changes to the Internal Revenue Code (“IRC”). The changes made have affected many taxpayers in different ways.
The Internal Revenue Code provides business owners an income deduction when reporting their qualified trade or business’ income, also known as a qualified business income.
GRAT, short for Grantor Retained Annuity Trust, is a type of irrevocable trust that alleviates the tax cost of passing assets to your beneficiaries.
The main difference between Form 1023-EZ and Form 1023 is the information required from the organization and the time for approval. Form 1023 is used by organizations that are bigger and expect to receive more than $50,000 in the following three years. While Form 1023-EZ is three pages, Form 1023 is 26 pages!
Car ownership should always be considered when thinking of estate planning. There are different options to how a person should approach dealing with their vehicle and an estate plan.
Often times, payments still need to be made and the payments become the responsibility of the deceased car lessee’s estate. Sometimes car dealerships will negotiate with the personal representative of the deceased’s estate and may be able to transfer the remaining lease to another person.
The personal representative you appoint will be the person in charge of handling your estate once you pass. This individual has vast responsibilities and powers; therefore, your personal representative should be someone that you trust.
What happens if you do not have a will or your will is not valid? In these cases, the state declares the individual to have died “intestate,” and your property follows a chain of succession to determine the owner.
Probate is the process after a person passes or becomes disabled; their assets are put on hold until the will is validated, any remaining debt is paid off, and the beneficiaries of the will are identified. Probate can be a long and stressful process, especially after such a difficult time. Non-probate assets avoid this long, costly process and pass directly to a decedent’s heirs.
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