A trustee of the trust is given legal title to hold and to protect the trust property for the benefit of the beneficiaries. As a result, the person you choose must be someone you can trust – as the position title suggests. Your trustee owes to the trust and to the beneficiaries the following duties:… Read More

The IRS Lifetime Learning Credit (LLC) can offer substantial tax savings for students or their parents, especially for students who have previously completed four years of higher education. If you paid tuition and school fees in 2020 for yourself, your spouse or a dependent, you may be able to claim an LLC of up to… Read More

With more and more people deriving income from a variety of sources, including side jobs, self-employment and “gig economy” work, the IRS has reported a substantial increase in the number of Americans who underpay federal income tax during the year. Underpayment can lead to an unpleasant spring tax surprise, including substantial penalties and interest charges.… Read More

Ordinarily, only taxpayers who itemize deductions may deduct charitable contributions on their federal tax returns. However, the CARES Act allows many people who do not itemize to claim a deduction for 2020 cash contributions to IRS-approved charities. Tax deductions lower a person’s tax bill by reducing taxable income. In general, individuals and couples who do… Read More

Every 2-3 years you should review your Estate Plan.  When your Estate Planning documents were drafted, they were based on the facts, circumstances, and law in existence at that time.  Those facts and circumstance may have changed since you signed them. During the review of your Estate Plan, you should consider the following: (1) changes… Read More

Estate Planning is like an insurance policy for yourself now and an investment in your family for later.  It is also a way for you to have a voice when you need one the most. The moment you turned eighteen, your parents no longer had a say – legally speaking – and you were given… Read More