Recent content by Tax Counsel

Yes, so long as you're not generating business income and are both alive or until some event occurs that makes the trust no longer eligible to be a grantor trust.

Is the trust a grantor trust (a revocable living trust is the most common type of grantor trust)? If the answer is yes than no federal income tax return will be required because under federal income tax law a grantor trust is a look-through entity like the LLC. All of the income, deductions, and...

Your post tags your state as Texas. Texas is a community property state. That means the spouses together own all the community property they have, even if only one spouse's name is on the deed. If you were to transfer all you interest in the home to the trust without the participation of your...

In general, when a LLC is owned jointly and is formed in the U.S. then for federal income tax purposes it is classified as a domestic partnership. Partnerships file form 1065 to report the income, deductions, and losses of the partnership and show the allocation of those items to each partner...

It's just the way English has developed in this country, as I think you well know. :D Today's English as used by the young often violates the rules of grammar I learned decades ago. I finally stopped attempting to correct them on it and accept that they consider their use to be perfectly fine...

As we bth have noted there's a lot of information we don't know. Normally it would be the actual homeowner I'd look to first as well. But the fact that they are suing the HOA suggests to me that this HOA may have had a direct role in the rentals. For example, in the resort areas not far from me...

It won't ever go into effect. There are already court actions for an injunction to prevent the post office from interfering in voting. This isn't one Trump can win. The USPO has no authority to screen mail and decide which to deliver and which to block other than packages containing illegal...

I see it rather differently. I'd want more details before deciding just how viable the lawsuit is. However, just based on the news article, it is not ridiculous to say the HOA had a duty to at least warn the short term renters of the neighbor's violent history. It knew the man had problems, and...

The ABA simply set model rules that the state bars could follow, or not, as they wanted. While most states followed the ABA model rules on a lot of things, lawyer advertsing was always one where you'd see more variation among the states. Rules regulating ads for a variety of good and services...

Denver also puts ads on its buses and light rail, and a lot of those are lawyer ads. Rafi doesn't say anything that would lead anyone to think he's any better than any other lawyer. But at least his phone number can't missed. I lived in the Philly suburbs for a number of years. That bald...

I know for a fact that this billboard would get the attorney in trouble in my state. We had a couple of attorneys with billboards like that all over town then one week they all disappeared, replaced by much more toned down ads. In my state implying you'll get someone a big award in a lawsuit is...

In my state, attorneys have to have their photos on their ads. Maybe that's the rule in whatever state this guy is located, too. If it wasn't required, I certainly wouldn't put my face on that billboard. I'd be much to embarrassed to walk around in public and have someone recognize me as "that...

One of the well known billboard advertising attorneys here had one of his billboards put up upside down. My guess is that his billboards weren't doing the job like they used to because everyone has seen them hundreds of time. Thankfully I don't need to use billboard ads to get clients.

Fourteen years is a long time and it's possible your friend no longer had it after all those years. Regardless there is no legal action you can take to get it back. You have to rely on the generosity of whomever has it now, if anyone. The first thing you need to do is figure out how your...

Classic algebra math problem. They'll have a closing speed of 150mph and the approximate distance is 790 miles. Time to meet 790m/150mph = 5.27 hours. NY train travels 369 west of NY and the Chicago train travels 421 miles east of Chicago. That puts the train in eastern Ohio, either closer to...