Downs Law Firm, P.C.
On March 30, 2023, the Internal Revenue Service issued Revenue Ruling 2023-2, which directly impacts a wide range of irrevocable trusts, including grantor retained annuity trusts, qualified personal residence trusts, insurance trusts and other intentionally defective ‘grantor trusts.’
If you have a child or grandchild with disabilities, one of your biggest worries is what will happen when you are no longer around to provide aid.
No one likes doing taxes, but the task is even more daunting when filing a return for someone who has died.
Beneficiaries of a trust typically pay taxes on the distributions they receive from the trust’s income rather than the trust itself paying the tax. However, such beneficiaries are not subject to taxes on distributions from the trust’s principal.
As closely held business owners know, their financial plans, retirement plans, and estate plans are inextricably linked to the value of the business.
There are many questions that come with inheriting a piece of real estate. Do you want to live in it? Do you want to sell it? Do you have to split the property with another heir?
If Congress gets its way, you’re going to lose the opportunity to help your children build wealth, and at the same time, they could end up in higher tax brackets for years.
Once your money is in a retirement account, it’s there until you’re ready to use it, right? Not exactly.
Do I file 2018 tax returns for my father? He passed away in October 2018.
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