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Tag: estate-tax

  • “Is a Medicaid Asset Protection Trust Right for You?”

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    1. Dolly Parton is known for her philanthropy and has lessons to teach about giving back. 2. Winning a money judgment in court does not automatically provide funds, and there are steps to take to collect the money. 3. Non-citizens in the US do not have the same tax benefits as citizens, especially in estate…

  • Saving Money on Taxes with a Personal Residence Trust

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    1. Dolly Parton is known for her philanthropy and has valuable lessons to teach about doing good. 2. After winning a money judgment in litigation, it’s important to understand that the judgment by a court entitles you to the amount stated, but it does not actually provide you with funds. 3. Non-citizens in the U.S.…

  • 5 Important Facts About Mandatory Mediation and Arbitration

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    1. Dolly Parton is known for her philanthropy and has valuable lessons to teach about giving back. 2. After winning a money judgment in a lawsuit, individuals need to take additional steps to actually receive the funds. 3. Non-citizens in the U.S. do not receive all the same tax benefits and estate planning considerations as…

  • “Is Your Business Ready to be Sold?”

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    1. Contracts should be reviewed and updated to ensure they are conducive to a potential sale, including provisions for assignment, non-compete agreements, and customer contracts. 2. Financial records should be maintained in an organized and accurate manner, including P&L statements, balance sheets, tax returns, compliance with GAAP, detailed budgets, and knowledge of key financial metrics…

  • “Understanding the Advantages of a Family Trust”

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    1. Dolly Parton is known for being one of the most philanthropic celebrities in the world, and there are lessons that can be learned from her passion to do good. 2. After winning a money judgment in a litigation case, individuals are entitled to the amount stated in the judgment, but it does not automatically…

  • Challenging a Will – Understanding Your Rights in Inheriting Property

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    – Dolly Parton is known for her philanthropy and has valuable lessons to teach about doing good. – Winning a money judgment in litigation doesn’t automatically provide funds, and there are steps to take to collect. – Non-citizens in the US don’t receive all the same tax benefits as citizens, especially when it comes to…

  • New York Business Legal Risk Assessment Service

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    1. Dolly Parton is known for her philanthropy and has lessons to teach about giving back. 2. After winning a court case and receiving a money judgment, individuals may wonder what steps to take next. 3. Non-citizens in the US do not receive the same tax benefits as citizens, especially when it comes to estate…

  • “Keep Your Connecticut Business Safe: 5 Steps to Avoid Legal Problems”

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    1. Dolly Parton is known for her philanthropy and has valuable lessons to teach about giving back and doing good. 2. After winning a money judgment in court, it’s important to understand that it entitles the individual to the amount stated, but does not provide immediate access to funds. 3. Non-citizens in the U.S. may…

  • Protecting Your Cryptocurrency for the Future: A Guide by Estate Planners

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    1. Dolly Parton is known for her philanthropy and has lessons to teach about doing good. 2. After winning a money judgment in litigation, it’s important to know the next steps to actually receive the funds. 3. Non-citizens in the US do not receive the same tax benefits and protections as citizens, particularly in estate…

  • How to Finance Buying a Business – Smith Legacy Law

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    1. Dolly Parton is known for her philanthropy and her passion to do good can be emulated by others. 2. Winning a money judgment in litigation does not automatically provide funds and individuals need to take additional steps to collect the money. 3. Non-citizens in the US do not receive the same tax benefits as…

  • Florida Law Gives Spouse a Share of the Estate, Even if Disinherited

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    – In Florida, the surviving spouse has the right to claim a portion of the deceased spouse’s estate, regardless of what is written in the will. – This law, known as the elective share statute, was created in 1975 to ensure that the surviving spouse and children are not left without means after the death…

  • “Updating Your Beneficiary Designations for a Strong Estate Plan”

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    1. Dolly Parton is known for being a highly philanthropic celebrity and has valuable lessons to teach about doing good. 2. After winning a money judgment in a lawsuit, individuals may wonder how to actually obtain the funds they are owed. 3. Non-citizens in the U.S. do not receive all the same tax benefits and…

  • What Happens to Property When Someone Dies?

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    1. Dolly Parton is known for her philanthropy and has valuable lessons to teach about doing good. 2. After winning a money judgment in a court case, individuals may need to take additional steps to actually receive the funds. 3. Non-citizens in the United States do not receive all the same tax benefits as citizens,…

  • “Should You File a Joint Tax Return After Your Spouse’s Death?”

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    – The personal representative of a deceased spouse is responsible for filing an income tax return for the year of death. – Income included on the final return is based on the deceased’s usual tax accounting method. – The surviving spouse can file a joint return with the personal representative or alone if a personal…

  • “Trustee Best Practices: How to Manage Responsibilities Carefully”

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    1. Dolly Parton is known for her philanthropy and has lessons to teach about doing good. 2. After winning a money judgment in a court case, individuals need to take steps to actually receive the funds. 3. Non-citizens in the U.S. may not receive the same tax benefits as citizens, which is an important consideration…

  • Expanding Your Business: How to Avoid Legal Issues in a New State

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    1. Dolly Parton is known for her philanthropy and has valuable lessons to teach about doing good. 2. After winning a litigation case and receiving a money judgment, individuals may wonder about the next steps to obtain the funds. 3. Non-citizens in the U.S. do not receive all the same tax benefits as citizens, particularly…

  • Understanding Your Retirement Account Beneficiaries

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    1. Beneficiaries of retirement accounts, such as 401(k) plans and traditional IRAs, will have to pay ordinary income tax on distributions they receive. 2. Inherited assets like bank accounts and real estate are usually passed to beneficiaries income tax free, but this is not the case with retirement accounts. 3. Distributions from pretax 401(k) accounts…

  • “Protect Your Firearms with a Gun Trust”

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    1. Dolly Parton is a well-known philanthropist and has valuable lessons to teach about doing good and giving back to the community. 2. After winning a money judgment in litigation, it is important to understand that the judgment does not automatically provide funds, and specific legal steps may be required to collect the owed amount.…

  • How to Become a Personal Representative in Florida

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    1. The personal representative of a probate estate in Florida must be at least 18 years old, have no felony convictions, and meet other eligibility requirements outlined in Section 733.303 of the Florida Probate Code. 2. To become a personal representative, one must file a petition for administration with the probate court, including their name,…

  • What to Do If You Get a Legal Order

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    – Dolly Parton is known for her philanthropy and has important lessons to teach about doing good. – After winning a money judgment in court, it is important to understand that it does not automatically provide you with funds. – Non-citizens in the U.S. do not receive all the tax benefits that citizens do, particularly…

  • Life Insurance Basics: Choosing the Right Type for You

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    – Many people only start thinking about life insurance when they get a full-time job and are offered enrollment in their employer’s group life insurance policy. – Life insurance is a contract between an individual and an insurance company, where the company agrees to pay a specified sum of money to the beneficiaries upon the…

  • “Getting Your Court-Ordered Payment: Smith Legacy Law”

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    1. Dolly Parton is a philanthropic celebrity known for her passion to do good and her lessons can be emulated by others. 2. U.S. citizens receive certain tax benefits throughout their lives and even upon their death, which non-citizens do not enjoy. 3. Estate planning is important for every adult, regardless of wealth or age,…

  • Understanding Quiet Trusts: Keeping Your Assets Private and Safe

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    1. Dolly Parton is known for her philanthropy and has valuable lessons to teach about doing good. 2. Winning a money judgment in a court case does not automatically provide funds, and there are additional steps to take. 3. Non-citizens in the US do not enjoy all the tax benefits that citizens do, especially in…

  • Challenging a Guardianship or Conservatorship in Court

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    1. Dolly Parton is known for her philanthropy and has important lessons to teach about giving back. 2. Winning a money judgment in court doesn’t automatically provide funds, and there are steps to take to collect the money owed. 3. Non-citizens in the US do not receive the same tax benefits as citizens, especially when…