Imagine you just completed a full bathroom remodel for a new client in New York. Though you have a signed contract, and you complete the work to their satisfaction, they refuse to pay. You take them to court and win a verdict in your favor. The court enters a judgment. The judge instructs your client […]
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The homestead exemption is intended to safeguard a person’s primary residence from creditors after they declare bankruptcy or upon the death of a homeowner’s spouse. It can also reduce property taxes by lowering your state property tax obligations. A homestead is a dwelling that a person uses as their primary residence, whether it is a […]
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When someone gives you power of attorney, they have given you the legal authority to make financial, legal, or healthcare decisions on their behalf. You can grant power of attorney under predefined terms, limited to specific circumstances and timeframes. Many people grant powers of attorney to a family member, trusting them to act in their […]
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How Married Couples Can Use the Clayton Election and Disclaimer Options to Reduce Federal Estate Taxes Married couples with larger estates face uncertainty about the federal estate tax exemption when the second spouse dies. Currently, the 2024 federal estate tax exemption amount for an individual is $13.61 million. For married couples, the combined exemption amount […]
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What is a community property state? States are classified as either community property states or equitable distribution states. California is a community property state. Community property state: With some limited exceptions, all marital property that either spouse acquires during a marriage in a community property state, such as California, belongs equally to both spouses. Equitable […]
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If you live in one of the 26 U.S. states that have filial responsibility laws on the books, you may be responsible for providing basic needs and medical care if your parents cannot afford it. Filial responsibility describes the obligation or duty an adult child has to their parents. Some cultures, especially those where multiple […]
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What is a Charitable Remainder Unitrust? A charitable unitrust is an estate planning tool that allows the grantor to split the assets in the trust between named beneficiaries and a charitable cause while minimizing capital gains taxes. Also called a charitable remainder unitrust (CRUT), a charitable unitrust can provide for a non-charitable beneficiary throughout their […]
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A family limited liability company, or family LLC, is a type of business entity that provides asset protection and tax benefits for its owners. It can also be used to manage and preserve family properties to allow for intergenerational ownership and management. A family LLC is subject to the same Internal Revenue Service (IRS) rules […]
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Blockchain is defined as a decentralized and distributed digital ledger containing blocks of linked transactional data. New transactions depend on the previous transactions and thus are stored chronologically and securely. Users cannot delete or modify the chain without consensus from the network. Blockchain technology is used to create an unalterable or immutable ledger. Blockchain is […]
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The Corporate Transparency Act is a new law, effective January 1, 2024, that was enacted to help combat money laundering, tax fraud, terrorism financing, and other illegal acts. Owners of certain business entities, such as corporations, limited liability companies, and family partnerships, must file a report with the federal government. This report includes information on […]
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