Posts Tagged ‘IRS’
Michael Jackson's Estate Illustrates Importance of Creating the Right Type of Trust
We have previously discussed how important it is to set up a Family Trust to protect your assets and legacy for your heirs. However, choosing the type of trust to create is equally as important, as the heirs to pop superstar Michael Jackson’s estate are finding out. As with other deceased celebrities, such as Jimi…
Read MoreIRS Rules that Bitcoins are Not Money
One of the main principles of modern currency is that it must be “fungible” to be considered as money, which means that one unit, say a $100 bill, is able to replace or be replaced by any other $100 bill; that the two are, in essence, identical and mutually interchangeable. Based on that fact, the…
Read MoreNew IRS Tax Laws Increase Many Trusts' Tax Bills
We recently discussed changes proposed in President Obama’s 2015 budget that would modify Estate and Gift Tax provisions established in the American Taxpayer Relief Act or ATRA, which was passed by Congress in 2013. The proposal, which would take effect in 2018, would restore the Estate, Gift, and Generation-Skipping Transfer (GST) tax rates and parameters…
Read MoreNew Tax Laws Make Some Trusts' Investment Income Taxable in 2014
An article published on Bloomberg’s website BNA.com reported on recent changes to the tax laws that make some trusts’ previously-exempt net investment income taxable in 2014. According to the report, Adrienne Mikolashek, an attorney with the IRS Office of Chief Counsel, stated, “Once a trust distributes net investment income to a beneficiary under the Internal…
Read MoreAsset and Tax Strategies to Protect Your Success
If you are a successful entrepreneur with a business and investment portfolio worth $5M to $100M, the phrase “asset protection” usually revolves around one of a few questions, such as: ? “How do I stop paying so much in taxes?” ? “How do I protect my assets from creditors?” ? “How do I ensure my…
Read MoreWhat Are Estate Tax Exemptions?
Two separate estate tax exemptions exist that could apply when leaving assets to family, a lifetime tax exemption and a generation-skipping exemption. Lifetime Tax Exemptions The exemption most typically applied is called the Lifetime Tax Exemption, where each individual has a certain amount of federal tax exemption that they can leave to their heirs, usually a…
Read MoreW-9 Form To Apply For A Taxpayer Identification Number (TIN)
To help you set-up an irrevocable family trust, here are a few IRS links for information about acquiring a Taxpayer Identification Number (TIN) and for downloading the required W-9 form: U.S. Taxpayer Identification Number Requirement Taxpayer Identification Numbers (TIN) Form W-9 (PDF – Rev. August 2013)
Read More