Question: I have just taken over my parent’s trust as the successor trustee. Do I need to apply for an EIN for the trust? Answer: It depends on whether the trust has become irrevocable. If [...]
Q: Do I need an EIN for my revocable living trust? A: No. If you created a trust, funded it with your money, and reserved the right to revoke it, then the IRS does not [...]
Question: A few weeks after having a deed to my residence recorded in the public records, I received a “Recorded Deed Notice” from “Record Transfer Services” in California offering me a copy of [...]
Question: What are the property tax benefits in Florida for the surviving spouse of a 100% disabled Veteran? Answer: If a Veteran dies with a rating of 100% service connected disabled, then all [...]
Question: How much can I give away as a gift without having to pay gift taxes? Answer: For gifts made in 2013 and 2014, the gift tax annual exclusion is $14,000. This means that anyone can gift [...]
Question: What is the 2014 federal estate tax rate and lifetime gift exclusion amount? Answer: For gifts made or deaths occurring in 2014, the estate, generation skipping and gift tax [...]
Question: I want to give gifts to my family. What are the tax rules on giving away gifts during your lifetime? Answer: You are free to give away gifts forming part of your estate while you are [...]
Question: Are the federal income tax incentives for donating conservation easements going to change in 2014? Answer: The “enhanced conservation easement incentive,” which applied to [...]
Question: I want to reduce my taxes for 2013 by making some gifts to charity before December 31. Where can I find information on the rules for charitable giving? Answer: IRS Publication [...]
Question: If I receive a federal income tax refund, could the income from the refund disqualify me for Medicaid? Answer: No, the income you receive from a federal income tax refund, even if [...]
