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Trusts are popular estate planning tools for avoiding lengthy probate. They can also benefit grantors during their lifetime. Irrevocable and revocable trusts have the versatility to benefit individuals at all income levels. Irrevocable trust Irrevocable trusts are...
Every year, Congress makes changes to the tax code, and keeping up with these changes can be challenging even for tax professionals. Therefore, if you complete your own taxes, you may inadvertently make a mistake. This is what happens if you make a mistake on your...
Part of the estate planning process involves naming a legal guardian for your children. This person would step in and care for your children in the event that you unexpectedly pass away. According to the Judicial Branch of California, legal guardianship is a form of...
As you get closer to retirement, you may begin to wonder more about what to do for estate planning. Organizing and making plans for what you want to happen to your assets and savings after your death can help you feel secure. Think about what you want According to...
Tax law is complex, and there are several times throughout your life you may want to seek the services of a tax professional. Here are a few key scenarios where a tax attorney's knowledge is useful. 1. Setting up estate plans Tax attorneys are well-equipped to answer...
Estate planning can be a lifelong process that evolves as your assets grow and your family situation changes. This may lead you to wonder if there is a point at which your circumstances become too complicated to start an estate plan. While many experts recommend...
Understanding how probate works can inform your estate plan. You can make the right choices depending on your goals for your estate, your intended beneficiaries, and other factors. Review these California probate basics if you have been thinking about planning your...
Few life events are more stressful than an IRS audit. After all, not only must you gather tax and other financial records that may be hard to find, but you may also face a stiff penalty when the audit concludes. Put simply, there is nothing wrong with trying to lower...
If you made an estate plan and think this important step is a one-and-done process, think again. Even the most carefully considered plans are not evergreen. Estate plans can become irrelevant by any manner of things. Changes to your assets, fluctuations in family...
After feeling the relief that follows submitting taxes on time, having an IRS letter show up a few months later can be stressful. While sometimes the letter is only for a minor update notification, other letters announce government audits of individual tax returns. If...
