By now many of you have heard that the IRS issued lengthy and complex rules last December regarding whether an expenditure for tangible property, including real estate, is deductible as a repair or must be capitalized. The new rules will affect many businesses including many of our clients. We at Gray, Gray & Gray are fully conversant with these new rules. The IRS recently held public meetings regarding the rules at which many issues and suggestions were made. We do not know the results of these meetings. Businesses have until December 31, 2013 to make the changes required by the new rules. Continue reading
An increasing number of people are using a revocable living trust instead of a will to transfer their assets to their heirs. The primary reasons are to avoid the expense and delay of probate, and to keep the contents of the estate from becoming public knowledge.
Many people mistakenly believe that if they have a will, they can avoid probate. This is not true as a will, to have any legal effect, must be probated. This adds time and cost to the settlement of the estate, and also exposes the contents of the estate through public records. Continue reading