Frequently asked questions
Decedent's Estate Tax Return
What is Probate?
What is an Executor?
An executor is an individual, bank or trust company appointed in a Will to collect the decedent's assets and distribute them.
What is a Trust and Trustee?
What is a Living Will?
In a Living Will one gives instructions about withholding or withdrawing life support if one is (1) terminally ill and (2) unable to give instructions. It also contains instructions about organ donations.
What is a Power of Attorney (POA)?
A Power of Attorney authorizes someone else to act for you. They can be used for single transactions, or can apply generally to business and medical decisions for an indefinite period.
What is a Living Trust
A Living Trust is usually created by someone to hold their own property during life and distribute it to beneficiaries at death. During life, the person can change or revoke it. After death the property avoids probate and passes directly to beneficiaries.
Due Dates for Estimated Payments
Affordable Care Act (Obamacare)
In 2019, there are three things to know about the Affordable Care Act.
First, there is no longer a penalty for not having health insurance. As before, if you had health insurance but didn't get an income based premium reduction then you will not owe a penalty.
Second, as before, you will still owe money if you estimated your income would be low, got a premium reduction and the income on your return is higher than estimated. In that case, you will pay some of the reduction back. If your income is lower than estimated, you'll get a tax credit.
Third, as before, if you get an income-based reduction in 2019, we must have your Form 1095-A. The return we prepare will compare your Form 1095-A premium reduction to what your 2019 income qualifies you for, to calculate a penalty or credit.