■ Bad Bad Sinbad! Comedian Sinbad Liable for Unpaid Taxes: The IRS can seize assets held by a third party to satisfy a taxpayer’s tax debt if the third party is an alter ego or nominee of the taxpayer. For example, a California District Court recently found that comedian Sinbad Adkins (aka David Adkins) had…
■ Letters of Instruction: Minimize family issues by writing a clear letter of instruction as to your wishes and intent. Often the fights among heirs are over what each side believes are legitimate and supportable beliefs about what the parent or other benefactor wanted. Was the loan to help sis buy a house really intended…
Summary: Living wills, health proxies and HIPAA releases are all essential documents everyone over age 18 must have. Since it seems that the only planning topic folks can talk about lately is estate tax repeal we hope this topic is a break from “repeal” and will serve to emphasize that tax issues remain but one…
Summary: Carryover basis is the law for those decedents who died in 2010. While the media has hyped the lucky heirs of billionaires who died in 2010 without an estate tax, the tax picture doesn’t stop with the No Estate Tax Party those kids are hosting. The CPAs for these lucky heirs have a lot…