The City and County of Denver requires that hotels, motels, inns and other establishments collect a lodging tax from patrons and remit such lodging tax to the City and County of Denver. A taxpayer required to collect and remit the lodging tax may do so by filing a monthly tax return (or quarterly tax return) with […]
Often the sale or exchange of property may be between related parties. Losses on the sale or exchange of property between related parties is not deductible. This rule on nondeductible losses applies to both direct and indirect transactions, but would not apply when a corporation distributed property to a shareholder in a complete liquidation of […]
What is the basis in property that you receive via right of survivorship? This is an important question for tax and estate planning purposes. For tax purposes, your basis will impact your gain upon the sale or exchange of the property. For estate planning purposes, you may hold property differently or gift certain property differently […]
Does a revocable living trust provide asset protection? In general, no a revocable living trust would not provide asset protection. If the trust is revocable, and thus the grantor can revoke the trust and reach the assets as they wish, then the grantor could certainly do so for the benefit of their creditors. The video […]
Most people know what a will and last testament is and that a will is used to state your wishes regarding the disposition of your property. However, many estate planning attorneys are still asked questions such as: Who can be in my will? What are the parties in a will? What roles need to be […]
If you filed a tax return with the IRS married filing joint and you were unaware of the issues or matters that eventually lead to a tax debt with the IRS, you may be able to obtain relief from the IRS through innocent spouse relief. The video below has been prepared by a tax attorney […]
What is a testamentary trust? This may be a common question asked of an estate planning attorney, and a testamentary trust may be a common type of trust used by an estate planning attorney when working on a client’s over estate plan. In short, a testamentary trust is a trust that arises or is created at the […]
Generally if you receive property through an inheritance and the value of the property was claimed in the decedent’s estate you receive a step up in basis? So what does this mean? What is a step up in basis? Generally, a step up in basis means that you take the property with a basis at […]
A Non Disclosure Agreement can be used in many circumstances. The video below has been prepared by a business attorney at The McGuire Law Firm to discuss the use of a Non Disclosure Agreement in the context of a potential purchase or sale of a business. Generally, it is recommended that you enter into a […]
You can contact The McGuire Law Firm to schedule a free consultation with a Denver estate planning attorney. We feel it is very important to provide a free consultation to first and foremost meet a potential client, and then of course, discuss your estate planning needs, questions and concerns. The most important questions do not […]