Will vs. Trust

  • Robert S. Thomas,
  •   Estate Planning
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What is a Will? A Will or a Last Will and Testament is a written document by which a person for whom a will is written, who is called the testator, states how the testator wants his/her property distributed after his/her death It does not take effect until after the testator dies. Until the testator  … Read more

The IRS Audit Process

  • Robert S. Thomas,
  •   Taxation
  •   Comments Off on The IRS Audit Process

In 2015 the IRS audited a total of almost 1.4 million tax returns, approximately 0.7 percent of all returns filed in calendar year 2014. 0.8 percent of all individual income tax returns filed were audited and 1.3 percent of corporation income tax returns filed were audited (Source: 2015 Internal Revenue Service Book October 1, 2014  … Read more

Deducting Mortgage Interest Payments Made By A Third Person

  • Robert S. Thomas,
  •   Taxation
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The United States Tax Court ruled that paying a siblings mortgage may not be deductible by the party making the payment unless the payor can establish that the payor has assumed the benefits and burdens of ownership of the property (equitable interest). In this case, brother and sister lived together. The brother was the legal  … Read more

Qualified Domestic Relations Orders Explained

  • Robert S. Thomas,
  •   Family Law
  •   Comments Off on Qualified Domestic Relations Orders Explained

A qualified domestic relations order (QDRO) is a court order or judgment that requires that all or a part of a person’s participant retirement benefits be paid to a spouse, former spouse, child or other dependent of the “participant.” Contact my firm for more information. The recipient of the retirement benefits is called the “alternate  … Read more