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Although for the purpose of taxation the bankruptcy estate is a separate entity, it is taxed in the same way as an individual. Gross income is reduced by deductible expenses paid or accrued by the bankruptcy estate. It is possible to reduce the taxable income of the bankruptcy estate by certain tax attributes the bankruptcy estate inherits from the debtor. However the debtor cannot claim any deductions for payments made by the bankruptcy estate.
If the debtor has an ownership interest in a partnership of S corporation, then the ownership interest will be part of the bankruptcy estate. Gener
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The issue of estate administration will arise when a person dies without a will or if the will is declared invalid. If there is a valid will, the executor will administer the estate according to the will. However in the absence of a valid will, the court will appoint an administrator. The administrator will deal with the estate as per the provisions of the state intestacy laws.
Before a person is appointed as an administrator, the court will send notices to every entitled to receive a share in the estate under the intestacy laws. If anyone has any objections to the appointment of the admini
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One of the major issues in a divorce is the division of
debt. The same general rules that govern assets also apply to debt.
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You can deal with debt in one of three ways. You can
either:
pay it
all off or
service
it jointly; or
divide
it and each take a share.
Servicing it jointly or dividing it and taking a share
will work only if the spouse part on friendly terms. However these days most
divorces are nasty and if the spouses are
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Issues arise at divorce if you mixed up your community money or assets with separate money or assets or put lots of money or effort during marriage into a property or business that originally belonged to one spouse. Other issues can be confusing, too.
If you are based in a community states, it is important that you distinguish between community property and separate property. If you mix the two, then it will result in commingling. Spouses generally commingle assets during marriage.
When one spouse mixes his or her separate property with the separate property of the other spouse, or with
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The court procedures for change of name vary from state to state. Sometimes the procedures can vary within the state – county to county. Usually you will have to go to the court that has the jurisdiction for ordering the change of name in your state. The generally residency requirement is 2 years. However this can vary from state to state. You must obtain the form for change of name. Some states have residency requirements for change of name. You must meet the residency requirements in such states. The generally residency requirement is 2 years. However this can vary from state to state. Som
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A life estate is a freehold estate in which the duration of ownership over the real property is limited or is measured by the life of a “life tenant,” the individual presently holding the estate. This means that the life tenant retains the right to use, possess and maintain the property throughput his or her life time.
In the valuation of a life estate the problem is somewhat similar in that the heir is taxed upon the "present value" of the life estate. The additional problem is that of determining the term of the life estate. There is no fixed term since it depends upon how long the
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When you are planning on hire a home improvement contractor, you must pay special attention to the home improvement contract. Most home improvement contracts are time and material contracts. This is mainly because when you are remodeling or repairing your home, certain surprises might pop up – something which you were not aware of at the time you entered into the contract. With a time and material contract, the contractor is protected against unexpected expenses once he starts the work.
Home improvement contracts are regulated by state law. In some states a home improvement contract must
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Under a Chapter 12 bankruptcy, a family farmer can reduce the amount of all indebtedness to the value of non-exempt assets owned by the farmer. With respect to unsecured claims, the value of the property to be distributed under the repayment provisions cannot be less than the amount, which would be paid if the debtor were liquidated under Chapter 7, save some minor exemptions. As a result, the farmer can never be more than 100% leveraged; i.e., property value payments to secured creditors are written down to that which would have been paid under liquidation. Any secured claim for an excess of
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Each year taxpayers are allowed to claim itemized deductions or the standard deduction, whichever is larger. They can itemize their deductions from a list of allowable items and subtract the total from their Adjusted Gross Income and any applicable personal exemptions to arrive at taxable income. Itemized deductions include items like medical expenses, state and local taxes, mortgage interest and investment expenses. If they do not want to itemize their deductions, they can subtract the standard deduction for their filing status and any applicable personal exemptions to arrive at taxable incom
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Sole proprietors have unlimited liability and are legally responsible for all debts and actions of the business. The business does not exist as a separate entity. All personal wealth and assets are linked to the business. The looser structure of a sole proprietorship does not require financial statements and maintaining minutes. The lack of financial controls can result in the demise of the business. The sole proprietor is responsible for all decisions and actions of the business. Sole proprietorships usually find it difficult to raise capital. Very few investors take sole proprietorships seri
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