Who is an Heir:A direct descendant to the JELL-O fortune, born out-of-wedlock and given away for adoption relinquishing her parental rights, is not entitled to be a beneficiary of a family trust for descendants and living children. Further, there was no evidence that the grantor knew of her birth or adoption. In the Matter of…
Protect Home Mortgage Interest Deduction: The mortgage market remains chaotic. Parents may have to help children out with a loan if no other source is available. But for the kids to deduct the interest paid to their parents the parents must secure and perfect their loan under state law (recording a mortgage), or the interest…
Summary: Gumby, that loveable dark green humanoid, known for its being able to be bent into almost any direction or shape, has become the new mascot for estate planning. The tremendous uncertainty about the future of the estate tax, and the economy, requires similar flexibility to keep options open regardless of what happens next….
Summary: Your CPA should have a number of key documents from your closely held business in what CPAs call a “permanent file”. The comments next to each item explain some of the ways your CPA might use these documents. Your accountants focus on these documents is often very different from what your corporate attorney might…