Hyden, Miron & Foster, PLLC Law Blog

Monday, January 13, 2020

What Are Grounds for Contesting a Will?


Successfully challenging the validity of a will is usually very difficult. The testator, the deceased person who created the will, is no longer around to communicate his or her wishes.


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Wednesday, January 8, 2020

Why Hire an Attorney for a Tax Audit?


The dreaded tax audit seems to loom over all of those working to finalize their tax returns for the IRS. If you receive a notice from the IRS that you have been selected for audit, you are most likely stressed out about it. Read more . . .


Monday, December 16, 2019

What Qualifies for 501(c)(3) Status?


501(c)(3) status refers to an organization deemed to be in compliance with section 501(c)(3) of the Internal Revenue Code. 501(c)(3) entities are usually referred to as charitable organizations. A charitable organization that falls under section 501(c)(3) of the Internal Revenue Code is eligible to receive tax-deductible contributions pursuant to section 170 of the Code. The organization may also receive private foundation and government grants as well as tax exemption from several federal, state, and local taxes. These charitable organizations may also benefit from special postage and nonprofit advertising rates, among other discounts.
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Wednesday, December 11, 2019

What Is the Bank Secrecy Act?


In 1970, the U.S. Congress passed the Bank Secrecy Act (BSA). It is also referred to as the Currency and Foreign Transactions Reporting Act or the Anti-Money Laundering Law (AML). The central purpose of establishing the BSA was to aid in the prevention of money laundering.
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Wednesday, November 13, 2019

Gift Tax Returns


If you have a larger estate and have thought about or begun the estate planning process, you may have considered ways to avoid estate tax. Large estates are taxed on their value when the testator dies and leaves his assets to beneficiaries. One way people look to avoid the estate tax is by doing things like gifting assets during their lifetime.

In order to help prevent people from skirting estate tax obligations through lifetime gifts, a


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Friday, November 8, 2019

What Happens During an IRS Audit?


“IRS audit” is a phrase dreaded among most of the United States. Even for those of us who keep the most meticulous of tax records and properly file everything, the prospect of an audit is a stressful one. If you receive a letter in the mail from the IRS notifying you of an audit, panic may have set in. To help assuage some of your anxiety and prepare yourself for what is to come next, it is a good idea to familiarize yourself with what actually happens during an Read more . . .


Wednesday, October 9, 2019

Estate Tax Returns


The executor of an estate is tasked with filing tax returns for the estate, if necessary. The estate of a deceased individual is considered to be a separate legal entity for purposes of federal income tax.
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Friday, October 4, 2019

What Is a Charitable Remainder Trust?


A charitable remainder trust gives you the opportunity to not only donate to a cause close to your heart, but will also provide you and your heirs substantial tax benefits. While this kind of trust may not be for everyone, it is definitely something you should consider for your estate plan.
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Thursday, September 12, 2019

Life Insurance Trust


Trusts are an often overlooked estate planning tool as the main focus goes to wills. Trusts, however, have benefits that do not come with only having a will as part of your estate plan.
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Monday, September 9, 2019

The Benefits of a Living Trust


To set up a trust, you, the trust settlor, transfer ownership of assets to the trust. The trust holds legal title to the property and is managed by a trustee for the benefit of the trust beneficiaries. There are several types of trusts and each has variations that make them unique. For instance, you may wish to establish a living trust. 

A Read more . . .


Tuesday, August 13, 2019

Tax Fraud


Tax fraud is a pervasive crime in the United States that carries harsh penalties. The U.S. government does not take it likely on those looking to defraud them. They will go after the wealthy and those in lower socioeconomic levels if there is suspected tax fraud.
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