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What is a Grantor Trust?

  • November 9th, 2021
  • David Greene
  • Comments Off on What is a Grantor Trust?

To be a grantor trust, the trust must meet specific rules set out in the Internal Revenue Code. There are several but the one that is used most frequently is that the grantor retains the right to remove assets from…

How long should one keep tax documents?

  • November 5th, 2021
  • David Greene
  • Comments Off on How long should one keep tax documents?

The answer is not as simple as you might think.  If you have the room, it would be wise to keep those records for at least ten years.  In these days it is easy to scan paper documents and store…

How can one avoid a will contest?

  • November 2nd, 2021
  • David Greene
  • Comments Off on How can one avoid a will contest?

It is very hard to be successful in a will or trust contest.  However, many disappointed heirs file such contests every year.  Here are some planning tips to hopefully avoid that headache and heartache for your heirs.  (1) If you…

How can one protect assets held in trust from creditors?

  • October 27th, 2021
  • David Greene
  • Comments Off on How can one protect assets held in trust from creditors?

In my last blog I stated that a revocable trust will not protect against creditors.  However, there is a solution: the Irrevocable Trust.  In this trust, the maker of the trust generally cannot be the trustee, so a great deal…

Does a trust protect one’s assets against judgment?

  • October 20th, 2021
  • David Greene
  • Comments Off on Does a trust protect one’s assets against judgment?

Whether or not assets in a trust are protected from judgment creditors depends on the kind of trust.  The most popular trust is the Revocable Living Trust.  Usually, the maker of the trust is also the trustee, so he retains…

Here are some tax tips for newlyweds.

  • October 13th, 2021
  • David Greene
  • Comments Off on Here are some tax tips for newlyweds.

(1) if one spouse takes the other’s name, the one with the name change must report the change to the Social Security Administration on Form SS-5, which is available at www.ssa.gov; (2) your new marital status needs to be reported…

What are the most important factors to consider in an Offer in Compromise?

  • October 7th, 2021
  • David Greene
  • Comments Off on What are the most important factors to consider in an Offer in Compromise?

Recently I promised to further discuss requirements for having an Offer accepted and not later revoked.  We assume the technical requirements discussed last time have neem met.           To accept an Offer In Compromise, the IRS must be convinced that your…

Are all partners responsible for the tax debt of a partnership?

  • October 5th, 2021
  • David Greene
  • Comments Off on Are all partners responsible for the tax debt of a partnership?

The rule is that, in a general partnership, every partner is liable for all debts of the partnership.  If you wanted to be shielded from liability, the partnership should have been set up as a limited partnership with a general…

What is the IRS program Currently Not Collectible?

  • September 29th, 2021
  • David Greene
  • Comments Off on What is the IRS program Currently Not Collectible?

You may qualify for  Currently Not Collectible Status.  To qualify for that status you do not have to be destitute with no assets and no job.  However, you do need to be in such a financial position that all or…

Who has to pay gift tax – donor or recipient?

  • September 16th, 2021
  • David Greene
  • Comments Off on Who has to pay gift tax – donor or recipient?

That is a good question, with an easy answer. The receiver of the gift does not pay the gift tax.  The donor pays the tax.  However, anyone can give an individual a gift of money, property or any other asset…

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