Top 7 Costly Estate Planning Mistakes and How To Avoid Them
...at death. A way to avoid this is to have life insurance owned by an irrevocable life insurance trust. 6. Gifting When You Shouldn’t And Not Gifting When You Should....
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Estate Planning For Women
...14% of men, are widowed. Women’s longer life expectancy, combined with their tendency to marry older mates and their lower lifetime earnings means they are far more likely to see...
Estate Planning in the Electronic Age
...them when you pass away. Even worse, the method most people might consider, putting them in a safe-deposit box will often backfire (see below). Here are some possible options when...
For the First Time IRS Issues Information on 2011 Offshore Voluntary Disclosure Initiative (OVDI) in Hindi Language
In an effort to reach all taxpayers, including those ensnared in the pending HSBC subpoena to disclose customer names of non-resident indian customers with offshore accounts, the IRS has published...
IRS list of “dirty dozen” tax scams
...of requests for such data. Don’t fall prey to people who encourage you to claim deductions or credits you are not entitled to or willingly allow others to use your...
IRS’ Takes Legal Action Against Offshore HSBC Indian Accounts
...opens up a new chapter in the U.S. crackdown on tax evasion. Previous cases focused on Americans with Swiss bank accounts, the most notable of which was the John Doe...
New Jersey Division of Taxation Now Issuing Letter Rulings
...an anonymous basis, a taxpayer may initially approach the Division anonymously to seek informal guidance on an issue and later make a formal letter ruling request providing the identity of...
Charitable Remainder Trust: Frequently Asked Questions
...income can be paid over your life, your spouse’s life and even your children’s and grandchildren’s lives. 2. What section of the IRS code governs whether a trust qualifies as...
2011 Offshore Voluntary Disclosure Initiative Frequently Asked Questions (FAQs) and Answers
...will be notified whether the disclosures have been preliminarily accepted or declined. Upon acceptance into the OVDI, taxpayers will be instructed to submit their full voluntary disclosure package, which must...
2011 Offshore Voluntary Disclosure Initiative (OVDI)
...entities such as corporations, trusts and partnerships. As with other programs in the past, the OVDI eliminates the risk of criminal prosecution for taxpayers that are accepted into the program,...
Special Needs Planning Mistakes
1. Disinheriting the child. When a special needs child is disinherited, that child will need to depend on government benefits such as Medicaid and Supplemental Security Income (SSI). While these...
IRS Launches Second Offshore Voluntary Disclosure Initiative After Successful Prosecution
...This is a second opportunity for those U.S. taxpayers who have not already disclosed their foreign bank accounts are encouraged to take advantage of this rare second chance to come...