Posts Tagged ‘estate planning’

Is a Personal Representative responsible for estate tax debts?

  • March 28th, 2023
  • David Greene
  • Comments Off on Is a Personal Representative responsible for estate tax debts?

Before I answer this question, I want to remind everyone that spammers are sending out emails saying they are the IRS and asking for your Social Security number.  The IRS never communicates with taxpayers by email.  Throw these emails in…

What type of documents should I be considering for my Estate Plan?

  • February 28th, 2023
  • David Greene
  • Comments Off on What type of documents should I be considering for my Estate Plan?

When people typically think of estate planning, the first thing that comes to mind is how they can control their assets after death. When considering this, most individuals come in to see us wanting to create some type of will…

When can the 60 day IRA rollover limit be waived?

  • January 5th, 2023
  • David Greene
  • Comments Off on When can the 60 day IRA rollover limit be waived?

There are procedures (in addition to those in the CARES Act) that can be used to get relief from the 60 day limit to rollover an IRA without taxes if certain criteria are met.  They are: (1) An error was…

How can one relinquish his authority under a Power of Attorney?

  • September 20th, 2022
  • David Greene
  • Comments Off on How can one relinquish his authority under a Power of Attorney?

First let me point out that even though one is the agent pursuant to a Power of Attorney, she does not have to act pursuant to its authority.  However, no one else can have Power of Attorney as long as…

Can a spouse change his spouse’s will after he/she dies?

  • May 23rd, 2022
  • David Greene
  • Comments Off on Can a spouse change his spouse’s will after he/she dies?

First let me remind everyone that each person must have his or her own will.  A husband and wife cannot have a joint will.  In short, a will cannot be changed or altered by anyone after the maker of the…

Is a Durable Power of Attorney important?

  • May 3rd, 2022
  • David Greene
  • Comments Off on Is a Durable Power of Attorney important?

It is very important! A durable Power of Attorney (POA) is simply legal authorization for someone else to act on one’s behalf.  This usually only occurs if the grantor of the POA is incapacitated, but it can be useful in…

What is the difference in a Health Care POA and a Living Will?

  • April 28th, 2022
  • David Greene
  • Comments Off on What is the difference in a Health Care POA and a Living Will?

I like to think of the Living Will (also known as a Declaration of a Desire for a Natural Death) as the “umbrella” that sits above the Health Care Power of Attorney.  If the terms of the Health Care POA…

Will a Revocable Living Trust protect my assets from creditors?

  • March 18th, 2022
  • David Greene
  • Comments Off on Will a Revocable Living Trust protect my assets from creditors?

Many people are confused and sometimes misled about the differences in a revocable living trust and an irrevocable trust.  Many advantages are common to both, such as: (1) both will avoid probate if handled properly, (2) both will allow the…

Headed for divorce? Here are some tax tips.

  • November 17th, 2021
  • David Greene
  • Comments Off on Headed for divorce? Here are some tax tips.

There are several things I recommend you do if you think you might find yourself going through a divorce, both for future tax audit sake and to make sure all assets are revealed.  First, copy all of your financial records…

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…

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