Don’t leave your children unequal shares by mistake
If you intend to leave your children equal shares of your estate, don’t forget to consider any money or property held jointly with a child. If you have recently added a child to a bank account, own property jointly with one of your children, or have set up a payable-on-death account with a child as […]
How parents can provide for a caregiver child
Taking care of an aging parent can be a full-time job. Adult children may have to give up paying jobs in order to provide care. Even if they don’t, they may still devote hundreds of hours of their time and make sacrifices in many other ways. Often, aging parents want to find ways to compensate […]
How does the new financial overhaul law affect you?
So what’s all the fuss over the new financial reform law? The headline-grabbing law raised quite a furor on Wall Street, but what does it mean for you and me? Here is how the law will affect ordinary folk. The biggest change associated with the new law is the creation of a new federal agency, […]
Harvest some losses to lower your 2010 taxes
Consider the following strategy between now and the end of the year to restructure your investment portfolio in a tax-efficient manner. Taxpayers are allowed to offset capital gains (such as from the sale of stocks) with capital losses. If capital losses exceed capital gains for the year, up to $3,000 of losses can be deducted […]
W-2 reporting of health costs optional for 2011
The IRS and the Treasury are giving employers additional time to adjust payroll systems and procedures to meet the requirement to include the cost of employer-sponsored health coverage on employees’ W-2 forms. This reporting requirement was mandated in the 2010 health care reform legislation and was scheduled to take effect with the issuance of W-2 […]
New restrictions on health accounts
This year a tax advantaged health account (such as a flexible spending account, health reimbursement account, health savings account, or medical savings account) can be used to purchase aspirin, flu medications, allergy pills, cold medicines, and other over-the-counter medications. Effective January 1, 2011, funds from these accounts can no longer be used to purchase over-the-counter […]
Question about filing an LLC
Additional Information: If I start an LLC, and the only employee currently is me, should I file it in MA or a different state? ATTORNEY ANSWER: You would not be an employee of your LLC. Instead, you would be a member of your LLC. You would report your LLC’s activity on Schedule C with IRS […]
How does the executor bill the decedent’s estate for the executor’s services?
Additional Information: Can the executor of an estate bill on a flat fee hourly basis or does the executor charge for their services according to a percentage of the value of the estate? ATTORNEY ANSWER: In Massachusetts (unlike in Florida for example), an executor cannot charge for his/her services according to a percentage of the […]
Florida attorney has custody of Florida Will. Testator moved to North Carolina four years ago. Where to file will?
Additional Information: Florida attorney prepared will and trust for Florida resident. Client subsequently moved to North Carolina. Is there a statute permitting Florida attorney to file will with North Carolina court. Second marriage surviving spouse is not personal representative. ATTORNEY ANSWER: If the decedent moved from Florida to North Carolina and died a North Carolina […]
Do I need to register as a business in order to do freelance marketing work and accept credit cards?
Additional Information: Do I need to register as a business in order to do freelance marketing work and accept credit cards? ATTORNEY ANSWER: You should not be required to register as a business in order to do freelance marketing work and accept credit cards. However, for asset protection purposes, it may make sense for you […]