General Interest Evangeline Giron
IT’S purportedly every taxpayer’s nightmare: the IRS knocking at your door for an audit.
For some, it could create commotion and distress. However, at a time like this, composure and common sense will be your best ally.
Discuss the situation with the professional tax preparer who helped you with the return(s) in question to understand the issues the IRS is focusing on. The golden dictum is "don’t give any more information than what they are asking you for". Answer their question only.
AFTER long planning and excessive delays, you finally did your living trust! You think your assets and loved ones are safe and protected from the dreadful process of probate.
Absolutely not at this point! Not until you have funded the trust.
The trust must be funded: assets must be transferred in the name of the trust. This is a very important step that, most often than not, gets neglected.
TO answer the recurring question that I receive, let us scrutinize the parties involved in a living trust.
The Grantor (also called settlor, trustor, creator or trustmaker) is the person whose trust it is. Married couples who set up one trust together are co-grantors of their trust. Only the Grantor can make changes to his or her trust.
ONE of the most common estate planning strategies is to create a living trust. A living trust is a legal entity which owns property that is controlled by a trustee (usually the person who created the living trust).
After the trustee’s death, the trust distributes the property it owns quickly, directly and simply to the beneficiaries. The most important benefit of a living trust is the avoidance of probate.
WHILE unemployment rate has recently hit 15% in some locales, foreclosures are still on the rise, and job security has never been much a question for the last few decades, financial education has become a necessity for survival.
Amid the economic chaos that beleaguers us, everyone likely will someday face a difficult financial situation, whether large or small, that requires time and money. Having a good understanding of daily cash inflows and outflows in personal finances will help make tough situations less stressful and easier to handle.
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