FAQs

Few individuals fully understand what’s involved in being named as a trustee for another’s estate. Taking on the role of trustee is a solemn obligation and can also bring significant personal liability. Beneficiaries have rights, while trustees have obligations. A trustee’s obligation is known as fiduciary duty, the highest standard of care you can legally…

As a trustee, you have many duties and responsibilities, not the least of which is a fiduciary duty to the trust's beneficiaries. A trustee must always have the best interests of the beneficiaries in mind when executing the terms of the trust, acting prudently, and ensuring the trust assets are appropriately protected. There are times,…

Following the death of a person who had implemented a trust document to dispose of their estate, the trustee may face unexpected claims or allegations from beneficiaries. Trustees have a solemn fiduciary duty when administering a trust. The term “fiduciary duty” refers to the relationship between the fiduciary and the beneficiary on whose behalf the…

Does the IRS Have an Amnesty Program for Foreign Bank Accounts? It is legal for an American to have an offshore bank account, but to do so, it must meet specific laws and requirements. A person with an offshore bank account with a balance of over $10,0000 must file a disclosure each year, and income…

What Do I Do If I am Audited by the IRS? If you are being audited by the IRS, it is imperative you act quickly. The IRS has the legal right to ask for verification of any information you provide to them, and when there is any doubt, an audit can lead to extensive fines.…

What Are the Pros and Cons of Offer in Compromise? An Offer in Compromise may be one option for you to get rid of tax debt, but there are both good and bad aspects of this process. Before making the decision to use this method, it is very helpful to understand what you can expect…