Posted in Business & Corporate Law,Tax Law & IRS Defense

The Internal Revenue Service’s (“IRS”) First Time Abate (“FTA”) policy provides for an abatement of certain financial penalties for taxpayers with a record of tax compliance who are current with filing and payment requirements.  It is essentially a streamlined IRS process to abate or remove a first-time tax penalty as a one-time consideration based on a taxpayers’ compliance history.
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Posted in Asset Protection,Probate & Trust Administration,Wills, Trusts & Estate Planning

When a client wishes to leave an inheritance to a minor (a person under age 18), the most important advice is to never leave the bequest outright.  The same notion is true for someone who is disabled as we recently posted about on our Blog at https://www.jacksonlawgroup.com/asset-protection/the-use-of-supplementalspecial-needs-trusts-in-estate-planning/.  The problem with leaving an inheritance outright to a minor is that the court will require the establishment of a guardianship for the minor’s benefit, which can be very costly and overly burdensome. 
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