With all the hype around the Powerball $1.5 billion lottery jackpot, a familiar scenario is brought to mind within the probate process when an individual inherits a large sum of money. People all over the country are currently dazed by the dollar signs of what they’d do if they “win big,” but did … [Read more...]
So What’s Next After Divorce?
Once the divorce is finalized, what's next? With all the work and coordination involved in untangling the marriage and the finances, it might be tempting to consider things done once the Final Decree is entered. However, in order to ensure success post-divorce, consider these four steps. Develop a … [Read more...]
Is A Divorce Coming in the New Year?
Typically there is a surge of divorce filings in January every year after a difficult holiday season and think about making big changes in their lives. This recent Market Watch article is a good read for those considering divorce soon. It includes information on how to prepare yourself with … [Read more...]
Ways to Avoid Paying Spouse’s Income Tax
When your client is concerned about the risk of being held liable for taxes on the income of his or her spouse, there are several options to be considered. Married Filing Separate If your client knows or fears the spouse plans to under report taxes due, you may want to recommend that your client … [Read more...]
Understanding Marginal and Effective Tax Rates
Understanding the difference between marginal and effective tax rates is important information for attorneys in the midst of a divorce or family law case. The marginal tax rate is the tax rate imposed on the very last dollar of taxable income. The effective tax for an individual is the average … [Read more...]