Properly preparing for a Bankruptcy filing can be just as important, if not more important, than the filing itself. After all, once a Chapter 7 or Chapter 13 bankruptcy case is filed the Court or Trustee takes a snapshot of your assets and looks at the assets as they are at the time you file...Read More
Clark v. Rameker: Supreme Court Rules An Inherited IRA Is Not Exempt From The Bankruptcy Estate Once again it has been shown that it never pays to ignore a problem. Whether dealing with tax issues, credit card debt or unpaid judgments failing to be proactive can have dire consequences. A June 12, 2014 Supreme Court...Read More
On May 28, 2014, the United States District Court for the Northern District of California granted summary judgment to the United States of America holding that an individual who purchased real property in 1987 and sold it in 1999 was not entitled to long term capital gain treatment on a portion of the sale proceeds. ...Read More
Chapter 13 bankruptcy is commonly known as a “re-payment plan” bankruptcy and is only available to individuals with regular income whose secured debts total less than $1,149,525 and whose non-contingent liquidated unsecured debts are less than $383,175. In contrast to a Chapter 7 bankruptcy, debtors in a Chapter 13 bankruptcy pay a percentage of their...Read More
Chapter 7 bankruptcy is commonly known as a “liquidation” bankruptcy and is available to individuals and businesses. A Chapter 7 bankruptcy offers debtors the opportunity to discharge (or eliminate) all or most of their unsecured debt and the opportunity to surrender, or walk away, from severely underwater secured property while discharging any potential personal liability. ...Read More
Generally, when dealing with an IRS tax debt problem, a taxpayer has four options: (1) pay the amount owing in full; (2) pay the amount over time pursuant to an installment agreement; (3) file an offer in compromise; or (4) file bankruptcy (presuming the tax liability is for income taxes and it is old enough...Read More
When people think of estate planning, they are usually only thinking about the Will and Revocable Living Trust. However, there are additional issues and documents that should be considered in each estate plan. Specifically, the Durable Power of Attorney (“DPA”) and Advanced Health Care Directive (“AHCD”). The DPA and AHCD are specifically designed to deal...Read More
The people of United States are extremely charitable, especially during the holidays or upon the occurrence of natural disasters. Unfortunately, scammers and fraudsters prey upon people that are charitably inclined. If your charitable contribution is tax motivated, it is your responsibility to make sure the charitable contribution meets the requirements of the Internal Revenue Code...Read More
Sometimes in life we are forced to deal with unexpected events. In estate planning, we set out to create the customary control documents to address what is to happen with one’s estate when they pass. Those control documents are typically the Will, Revocable Living Trust (“Trust”), Durable Power of Attorney, and Advanced Health Care Directive. ...Read More
It is hard to believe we are entering the fourth quarter of 2013. Before we know it, year-end will be upon us. Thus, it is time to take a quick look at some tax planning issues for 2013 and what may lie ahead for us in 2014. For 2013, business owners need to remember that...Read More
The attached articles were written based on the state of the law as of the date written. The authors of the attached articles assumes no responsibility to update the content of the articles as a result of any changes in the law. Anybody reviewing the attached articles should consult with the authors of the articles, or their professional tax or legal advisor to verify the current status of the law as it relates to their own personal transactions.
