A trustee takes responsibility for managing money and assets set aside in a trust for the benefit of another person. Along with this financial responsibility comes tax duties. A trustee must file complete and accurate tax returns and pay taxes when they are due. Here are a few things for a trustee to keep in…
So, you’ve found yourself in the position of trustee and are managing your loved one’s estate while they are still alive. What are your duties to account to the eventual beneficiaries of your loved one’s estate? And what if your loved one is incompetent, thus the reason you are now overseeing their estate? Beneficiaries Left…
Cryptocurrency or virtual currency (used interchangeably) has become quite the coveted asset among investors because of the seemingly lucrative return due to its fast appreciating nature. Cryptocurrency has also been the subject of growing interest by government regulators, including the Internal Revenue Service (“IRS”). But what is virtual currency? How is treated for tax purposes?…
Our lives essentially revolve around technology and this trend is only continuing to grow. Nearly all of our important documents and files, whether they be personal, business or financial, are stored on various digital platforms. Therefore, it is extremely important to ensure those documents and files, also referred to as digital assets, are not only…
It’s pretty safe to safe to say that most people make resolutions for the new year. You may not write them down in a special, secret binder, or proudly slur your intentions at the annual new year’s party; but there’s a good chance you are trying to make improvements in some form. So just what…
The Setting Every Community Up for Retirement Enhancement (SECURE ACT) is intended to help people save for retirement. Most significant are the changes to Individual Retirement Accounts (IRAs), which could help many older Americans save even more for retirement. But there are also some benefits that have been lost. That said, the SECURE Act will…
Is now a good time to update my estate plan? The answer is more than likely, yes. Knowing when to update your estate plan is probably not something that is at the top of your list. It’s been a few years since you completed your estate plan. That binder is sitting quietly in your closet,…
Since Kobe Bryant’s tragic passing earlier this year, his wife recently realized their infant daughter was not included in his trust. In the Bryant family trust case, and others we’ve experienced, more than likely the omission was an accident. Assuming it was an accident, what are the steps you, as the living spouse or child,…