The Internal Revenue Service (IRS) describes S corporations as “corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes.”
Author Archives: Skvarna Law
09
Sep
Sep
The news that you will be receiving an inheritance is often bittersweet. Sadly, it means that somebody close to you died. However, you might also have mixed emotions about your inheritance for reasons that have to do with the actual accounts or inherited property.
02
Sep
Sep
An annual itemized deduction is available for payment of state and local property, income, and sales taxes. This deduction cannot exceed $10,000, however.
19
Aug
Aug
With a nongrantor trust, the trust maker has given up all power over the trust and has no right to any of the trust’s accounts or property. In many circumstances, the trust maker may not even be a trust beneficiary.
12
Aug
Aug
Unfortunately, some trustees fail to comply to inform. This leaves beneficiaries in the dark about their trust. The reasons for this failure to communicate vary. Some trustees fail to understand their duties.
05
Aug
Aug
n willing (and able) to do what you are asking of them. A complete estate plan includes not only a first choice, but two backups for each of these positions.
22
Jul
Jul
A cold wallet is a physical storage device, such as a USB drive. It stores your crypto offline. The downsides of this option include the cost of the hardware, and that the device may be a small object which may easily be misplaced.
15
Jul
Jul
Expressing your end-of-life wishes during a family meeting helps ensure that everyone stays on the same page when the time comes.
08
Jul
Jul
The first step to protecting your artistic legacy is to catalog your artwork, including pieces you sold. Specify how much to sell each piece for. This information may aid artwork evaluation.
24
Jun
Jun
If you live in one of the above states, the debts your spouse incurred during marriage become your debts. As a result, if you cannot repay an insolvent estate, the court could rule you responsible for repayment.