■ The Cost of Love: Cora lived with Bernie for 22 years handling all household matters, including, cooking, cleaning, and so forth. Bernie must’ve been listening to Paul Simon’s tune (50 ways to leave your lover…) and the couple broke up. Cora filed a palimony suit but Bernie died before the matter resolved. Bernie’s estate…
■ Gift Tax Blues: So you filed a gift tax return to report the zillion dollar zeroed out GRAT (say the gift value was a buck so you could report it). Good move (even better move to make the annuity payments on a timely basis!). Your CPA attached so many documents to meet the adequate…
Income Tax Filings:♫Form 56 notice of a fiduciary relationship should be filed with the IRS office where the income tax Form 1041 is filed. File Form 56 When: The first return for a trust is filed; When there is a change in trustees (as a new trustee you have personal liability for unpaid taxes and…
Summary: Physician letters are commonly obtained for a myriad of estate and financial planning matters. Determining maximum sustainable spending rates should not ignore real life expectancy. If you’re planning a sale of assets for a private annuity your current medical status is important. If you have a shortened life expectancy the actuarial tables that are…