Tax evasion and avoidance sound almost similar, but they are like day and night. While one is perfectly legal and widespread, the other is unlawful and could land you in trouble with the IRS. Understanding the differences between the two will ensure you stay on the...
Have you remarried? Does your new spouse have children that are now part of your family? If so, it is important to update your estate plan to ensure your new, blended family receives your assets after you pass away. While this can be somewhat confusing, these three...
Creating a will is a smart and responsible step to take as an adult. It's also an important part of any estate plan. However, before thinking all your affairs are settled, you must ensure the will is valid in the state, which means you have met all legal...
In many cases, people who are setting up a trust will do so with a set of written directions and instructions. This creates a very specific way that the money in the trust can be used. For example, you may be hoping that your heir will go to college, so you set the...
No one wants to receive a letter from the IRS, but unfortunately, it happens to many people yearly. If you're one of the unlucky few who gets that letter, the prospect of an IRS audit is not pleasant. However, if you know what to expect during an audit, you can make...
Picture this. You just received news that a distant relative has died and left millions of dollars in your name. On the one hand, you might be excited since you’re now wealthy. But on the other hand, you might worry that other people will find out about it and pester...
Most married couples file joint income tax returns. There are often significant financial advantages to doing so. Moreover, it usually just makes sense and saves time. However, sometimes one person’s individual issues can negatively affect their spouse. When that...
It’s very common for people to owe taxes after they pass away. You may have had an income that year that you still have to pay taxes on when the year comes to a close, for instance. You may also have to deal with things like property taxes on your house or a vacation...
As a business owner, you have probably heard of the term "estimated quarterly tax payments." Depending on the type of business you own and how much money you make, you may be required to do this. Not only is this the law, but it's also to your benefit. Here's what...
One of the biggest estate planning mistakes that someone can make is not having an estate plan at all. This can lead to a huge legal battle that can be expensive and time-consuming. Instead of leaving everything for your loved ones to figure out, you should take the...
