March 2016 - Law Firm of Jeffrey Burr

Mortgaged Real Estate and Trusts

Posted on March 30, 2016 by Clarinda Bui

It is common for a person (hereinafter the “trustor”) to create a living trust to avoid the expense and time of probate. The creation of the trust is not the sole step in avoiding the probate process – the trust must be “funded”. “Funding” a trust is the process of the trustor conveying the title of […]

Form 8971: Consistent Basis Reporting For Inherited Property

Posted on March 16, 2016 by Clarinda Bui

Per recent changes in the law, Executors may have additional reporting obligations. Executors may now be required to report the basis of estate assets to the IRS and the beneficiaries of the estate by filing the Form 8971. Executors will need to complete and file the Form 8971 for estates that are required to file […]

Medical Directives

Posted on March 1, 2016 by Clarinda Bui

Nearly 75% of survey respondents reported they did not have an advance medical directive in a 2014 study conducted by the American Journal of Preventive Medicine. An advance medical directive may be a general power of attorney for healthcare matters, a directive to physicians, a living will, or any combination of those – in essence […]