A revocable trust (sometimes known as a “living trust”) is a will substitute that avoids probate at death. Thus, a lawyer is not needed to prepare and file probate documents with a court. Do you need a lawyer for anything else? Usually the answer is “yes,” at least on an as needed basis. Continue reading
If an IRS examiner is unreasonable or just plain wrong, there is an efficient avenue for obtaining an independent review (albeit by the IRS) of the examiner’s proposed adjustments. This is known as taking the case to the IRS Appeals Office, which will usually reduce the bill to the taxpayer. Here’s how it works. Continue reading
If you are a US resident with foreign bank accounts and foreign rental property, there is a hidden twist that may radically increase FBAR penalties. This problem usually arises when an individual inherits a foreign account and foreign rental property, or owns these items prior to moving to the US. Continue reading
Children born outside of the US who have at least one US citizen parent may be surprised to learn that they are US citzens — and have always been required to file US tax returns, FBAR forms and Form 8938. (They may qualify for FBAR penalty relief under the procedures outlined in IRS release IR-2012-65.) Continue reading
If you divorce, will a future inheritance from your parents be taken into account in determining the award to your spouse? In Oregon, the answer is generally no. Continue reading