income

Feder and Fujishima: When It Comes To Life Insurance and Taxes, Dot Your I's and Cross Your T's

Scott Tippett
January 21, 2012 17:18

Two recent Tax Court decisions illustrate the danger (and cost) of not paying attention to the details when it comes to life insurance policies and taxes.  In each case the taxpayer failed to dot their i’s and cross their t’s, which created adverse estate tax consequences in one...

Perpetual Care and Capital Gains: the government's rainy day fund?

Bill Stalter
January 15, 2012 16:51

For the past few years, some Kansas cemeteries have been getting nasty grams from their regulator about their care fund trustee’s treatment capital gains taxes. Kansas, like most states, requires a portion of each grave space sale (interment right) to be contributed to a fund or trust for the...

Student Loan Management for Lawyers

January 13, 2012 20:32

Stressed about your student loans from law school? On The Legal ToolKit, host Jared Correia, Law Practice Management Advisor with Mass. LOMAP, joins Heather Jarvis, student loan expert and former capital defense attorney, to discuss student loan management. Heather offers her insight on...

Prescription For Doctors

Michael Quiat
December 19, 2011 16:24

Doctors have more problems with disability income insurance claims than most other occupations, because:  * They never read their disability policy until they have to make a claim. * Policy benefits are usually higher because they make more money.  * They are too busy to change coverage...

Taxes and loan modifications: what's the impact?

December 13, 2011 19:17

 How does a loan modification effect a person's taxable income?  1.      The general rule is that when debt for which a person is liable is canceled or forgiven, the canceled amount must be included in a party’s reported income. Generally, if a debt for...