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Selling a Home Owned by an Irrevocable Trust.

September 25, 2021
I’m a trustee selling a home in irrevocable trust for a parent who died. There are two beneficiaries who will get the sale proceeds with a stepped-up basis. I’m filing Form 1041 but do I still have to file a Form 1040 to report anything for the beneficiaries?
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What Kind of Trust Is Right for You?

September 25, 2021
Estate planning is a crucial part of any holistic financial plan, and financial advisors often work with estate planning attorneys for guidance in this area.
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When to Use a QTIP Trust

September 24, 2021
If you’re married, you may consider establishing a QTIP trust, which is short for qualified terminable interest property trust.
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Common Estate Planning Mistakes and How to Avoid Them

September 24, 2021
Even those with the best of intentions can fall into the trap of estate planning misinformation. Estate planning attorneys frequently hear rumors and ill advice disguised as facts.
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What Should I Do with an Inherited IRA?

September 23, 2021
You’ve inherited an individual retirement account or IRA. Now what?
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As the Season Changes So May the Tax Law

August 10, 2021
On Monday, August 9, the text of the Senate Democrats' budget resolution for fiscal year 2022 was released. Specifics of the document are deferred to committees in the House and Senate. The document does, however, include a prohibition on raising taxes on people making less than $400,000 per year, a promise made by President Biden […]
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FAILING TO TIMELY REPORT ACTIVITIES OF A FOREIGN TRUST CAN BE COSTLY

August 9, 2021
One of the initiatives of the Internal Revenue Service (“IRS”) is enforcement for failing to report foreign activity.  The U.S. is world-wide taxing system.  A person must include in gross income, any income recognized during the tax year no matter where earned unless an exclusion otherwise applies. People have tried to use off shore accounts […]
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Nancy Ferraro Featured in Shout Out Miami

August 4, 2021
Ferraro & Mills PLLC is pleased to announce that Nancy Ferraro, Esq. was interviewed by Shout Out Miami. Follow this link to the article: https://shoutoutmiami.com/meet-nancy-ferraro-estate-planning-attorney-and-author/.
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How Do I Stop Heirs from Foolishly Wasting Inheritance?

August 3, 2021
One of the biggest concerns a trust creator might have is that the beneficiary would squander their inheritance or that the beneficiary’s creditor would attach the inheritance to cover the beneficiary’s debt.
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Can You Believe Aging Parents Grow Stubborn and They Know It?

August 2, 2021
Aging parents grow stubborn, and researchers are uncovering the reasons why.
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