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Monthly Archives

April 2012

IRS Consumer Identity Theft Warnings

By Tax LawNo Comments

The IRS has issued several consumer warnings about the fraudulent use of the IRS name or logo by scamsters trying to gain access to consumers’ financial information in order to steal their identity and assets. Scamsters will use the regular mail, telephone, fax or email to set up their victims. When identity theft takes place over the Internet (email), it is called phishing.

Phishing (as in “fishing for information” and “hooking” victims) is a scam where Internet fraudsters send e-mail messages to trick unsuspecting victims into revealing personal and financial information that can be used to steal the victims’ identity. Current scams include phony e-mails which claim to come from the IRS and which lure the victims into the scam by telling them that they are due a tax refund.

The IRS does not initiate taxpayer communications through email. Unsolicited email claiming to be from the IRS, or from an IRS-related component such as EFTPS, should be reported to the IRS at [email protected].

Additionally, clicking on attachments to or links within an unsolicited email claiming to come from the IRS may download a malicous computer virus onto your computer.

Go to www.irs.gov to learn more about identity theft and how to protect your personal information.

You may also report instances of IRS-related phishing attempts and fraud to the Treasury Inspector General for Tax Administration at 1-800-366-4484.

For your tax advice needs, please contact our office for an initial consultation.

Fredric C. Jacobs, Esquire, Board Certified Tax Law
Bach & Jacobs, P.A.

240 S. Pineapple Avenue, Suite 700

Sarasota, FL 34236

941-906-1231

941-954-1185 facsimile

www.bachjacobs.com

 

Simple Will vs. a Revocable Living Trust by Babette B. Bach, Esquire

By Elder Law, Estate Planning, ProbateNo Comments

Simple Will vs. a Revocable Living Trust :
Simple Will:  A very effective tool to designate who gets what after death.  Probate is required but this is not usually a difficult process.  The average cost of probate is 3% of the probate assets and the average length of time to complete is six months.  Many assets are not part of the probate estate such as jointly titled real estate, IRAs, annuities, life insurance policies and jointly held assets.

 

Revocable Living Trusts;   These are more complex documents which provide for the trustee to manage assets while the settler is alive but incapacitated or deceased.  It can hold assets in trust for a variety of reasons after the settlor’s death.  Typical reasons may include, a spendthrift child, a disabled descendent, an income trust for the life of a surviving spouse, then residue to children upon death of surviving spouse, Charitable foundations, Pet trusts, generation trusts and tax planning etc.  There is still administrative work to do to administer a trust. Typical costs run about 2% of the trust estate.  It takes about the same amount of time to administer a trust as to probate a Will.

If you need legal advice for estate planning, Medicaid planning, or VA planning, please contact our office for an initial consultation.

 

Babette B. Bach, Esquire, Board Certified Elder Law

Fredric C. Jacobs, Esquire, Board Certified Tax Law
Bach & Jacobs, P.A.

240 S. Pineapple Avenue, Suite 700

Sarasota, FL 34236

941-906-1231

941-954-1185 facsimile

www.bachjacobs.com