A certified public accountant, commonly referred to as a CPA, is a professional accountant who has passed the CPA exam in one or more U.S. states. CPAs must also meet requirements related…
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Although there are people who qualify as both, tax attorneys and certified public accountants (CPAs) are not the same. They are both financial professionals that aim to protect you and…
Major tax reform legislation was signed into law late last year that impacts not only the federal income tax but also other taxes potentially affecting your estate plan (such as…
What Is The Difference Between The Taxable Estate vs. The Probate Estate? The taxable estate is an estate tax concept. It includes the decedent’s interest in every type of property…
The gift tax is also a component of the federal transfer tax system and is a tax imposed on transfers (i.e., gifts) of property during life, either given outright or…
Accelerate Deductions and Defer Income – It sometimes makes sense to accelerate deductions and defer income. There are plenty of income items and expenses you may be able to control….
Probate assets consist only of assets owned by the decedent at death that do not pass automatically (i.e., by operation of law) to the intended beneficiaries. A person’s will deals…
Probate is the legal process that takes place after someone dies of proving the validity of a will or establishing who is entitled to receive the decedent’s property under state…
You should always work with a lawyer when setting up a trust. A poorly created trust can be confusing, expensive, and/or ineffective. The trouble with do-it-yourself planning is that even…
To the layperson, trusts can appear complicated. People often think trusts are only for the very wealthy. In reality, trusts can be useful for people of all income levels. A…
