15 IRS Audit Tips
1. In an audit, you must convince the IRS that you reported all of your income and were entitled to any credits, deductions and exemptions that are questioned. 2. Delaying the audit usually works to
Naming A Minor as Your IRA Beneficiary
IRAs and qualified plans are great vehicles for saving for retirement. Contributions to the plans are not taxed, and the assets inside the plan enjoy tax free reinvestment and accumulation. The income tax is payable
Estate Planning for Non-US citizens
Estate Planning for Non-US citizens By Parag Patel Esq. Non-US citizens (greencard holders or H-1 visaholders) are severely discriminated against by US estate tax laws. Since estate taxes are based on the size of your
Introduction to Estate Planning
Estate planning is concerned with the use, conservation and disposition of a person’s property and wealth. This involves two elements: (1) minimizing the gift or estate tax consequences that occur when a person’s property is
GRATS: A Great Estate Planning Tool
As its name implies, in a GRAT, you, the grantor, retain the right to an annuity for a fixed period of years from assets you’ve placed into a trust.
ESTATE PLANNING: MORE THAN A WILL
By Parag P. Patel, Esq. During our lifetime, most of us strive to create and build upon our net worth. We generate savings, purchase a home, and eventually invest in stocks, bonds, mutual funds, IRAs
A perfect storm for gifting…
Every storm eventually comes to an end...Now is the time to gift.
Why should you do estate planning in a down economy?
1. Business and real estate values may be down as much as 20% since last year at this time. This creates opportunities for transferring the business, stock or assets to children or key employees at
Estate Planning in a Recession
Most people know that they should have an estate plan in place; however, making estate planning a priority is difficult even in the best of times, let alone during times of financial crisis. While the
What does divorce do to your estate plan?
According to census bureau statistics, nearly half of married couples will at some time go through a divorce. If you are going through the divorce process, you’ve got a lot of company. So, do you
Intentionally Defective Grantor Trusts
Estate tax planners have long employed intentionally defective grantor trusts to freeze the value of an asset for estate tax purposes while transferring assets out of the estate free of gift tax. An intentionally defective
Buy-Sell Agreements
By Parag Patel, Esq. What if your business partner retires, sells her portion of the business, or gets a divorce? To make sure there is a smooth transition following the departure of a business partner,