trust
Tax Guidelines for Children Who Have Investment Income
Did you know that if a child receives investment income they are required to file a federal tax return for 2012? If a child cannot file his or her own tax return for any reason, such as age, the child’s … read more
Fiduciary or Beneficiary – An Identity Crisis
I’d like to think I don’t eavesdrop drop on other peoples conversations but when the diner next to me exclaimed “I can’t be the fiduciary of that trust-I’m a beneficiary”, my interest was immediately peaked. As much as I wanted … read more
Qualified Personal Residence Trusts – Are You Prepared?
What is a qualified personal residence trust? A qualified personal residence trust, also known as QPRT, is a good estate planning technique to transfer your personal residence from one generation to the next. The QPRT is an irrevocable trust and … read more
Foreign Bank Account Reporting
Severe penalties to the tune of $10,000 and up as well as unclear requirements have prompted additional guidance on foreign bank account reporting. Proposed regulations were issued on February 26, 2010, but won’t go into effect until they are finalized. … read more
2011 E-File Requirement for Paid Preparers
Beginning January 1, 2011, paid tax return preparers who prepare income tax returns for individuals, trusts and estates, such as Forms 1040, 1040A, 1040EZ, and Form 1041, and who reasonably expect to file 100 or more of these income tax … read more
Considering Buying A Second Property Overseas?
Initial Stages:Depending on where you are in the process, deciding to purchase a second foreign property usually evolves something like this: One year you decide to rent a house in a quaint seaside village. Several years go by and you … read more
Don't Let Poor Estate Planning Tear Your Family Apart
Even if your children are now grown with families of their own, I’ll bet that you can remember scenes of passionate sibling rivalry during their younger years. In some families the rivalry dissolves as the children age and mature, but … read more