Toledo Tax Law Blog

The death of a parent or loved one can be a hard and deeply emotional experience. Moreover, it becomes more complicated if there is no will, or one that is poorly written. Experts always advise people to put some real thought into a will and work with an estate law attorney to address issues that go much further than dividing the furniture.

A well-considered will can make it easier on survivors because the important decisions (save those unforeseen issues that arise) are considered and addressed. This can avoid igniting long simmering emotions or highlighting schisms that sometimes form in families. Along with the following tips, an experienced attorney can help guide clients through the decision-making process and help spot potential areas of trouble.

The Foreign Account Tax Compliance Act (FATCA) requires foreign financial institutions to indentify U.S. taxpayers and report information about their financial accounts. The primary aim was to prevent taxpayers from using foreign accounts to commit federal tax crimes.

The law was enacted in 2010, yet it has just now seen its first conviction. According to an announcement by the Department of Justice, former Chief Business Officer and former Chief Executive Officer of Loyal Bank Ltd pleaded guilty to conspiring to defraud the United States by failing to comply with FATCA. The offshore bank has offices in Hungary and Saint Vincent and the Grenadines.

Tim Conway is known for his goofy antics and oddball characters in films as well as on television shows, particularly as a member of the Carol Burnett Show cast. Sadly, the 84-year-old actor now suffers from an advanced form of dementia and lives elder care facility.

There is now a legal battle being waged over his care between his daughter, Kelly, and his second wife, Charlene, who is not Kelly’s mother. The issue is that the daughter claims that the wife wants to move the comedian to a different health care facility that does not have the same high standard of around-the-clock care by registered nurses as well as a full time aid and speech therapist for Conway. The comedian is currently unresponsive, unable care for himself at any level and needs the speech therapy for such basic functions as swallowing.

The world mourned the loss of Aretha Franklin after her long battle with pancreatic cancer. Despite the fact that she was 76 years old and she knew she had cancer, Franklin left no will for her four children. 

According to media source, not only does this leave the estate worth an estimated $80 million in disarray as the children and lawyers take inventory, it also likely exposes the heirs to unnecessary estate taxes – 40 percent of the estate above the $11.18 million threshold will go to taxes, which is due nine months after her death. The estate will need to pay that bill.