“It’s not the first “prominent/wealthy family” inheritance battle waged nor will it certainly be the last, but the on-going estate litigation of Potenciano ‘Nanoy’ Ilusorio’s heirs has emerged as one of the longest, nastiest, most public, no-holds-barred litigious family feuds in Philippine history or in the annals of jurisprudence.” That is how the Ilusorio Family…
One gets rid of debt, while the other attempts to collect monies lent I GOT my senior’s week last week. Two different seniors, both over 80 came to see me for different reasons. The first was 83. He was in good health, just a little stooped. Still works full time and receives social security. Wife…
MS. Olivares worked as a dental assistant for Colton Dental Group (CDG) which is owned by dentist, Sam Dason. In May 2011, Dason told Olivares that employees from his San Bernardino office would be attending a dental convention in Las Vegas and invited her to come. After confirming that her coworker, Karen, can join her,…
DON’T let this happen to you! A client of mine said he never saw it coming. Everything he ever wanted in life, he always purchased on credit. The “pre-approved” credit cards just kept coming in the mail and he never said NO to any of them. Buy now and pay later, why not? As long…
1. YOUR legal marital status is determined as of December 31 of each year. Even if you were married for the previous 364 days if you were divorced on the 365th day of the year, you are considered unmarried for the entire year. 2. You can file single only if you receive a final decree…
WE talked about tax consequences of short sales, foreclosures, and abandonments of homes. Let us now talk about tax consequences of cancelled debt on qualified real property – including rental units. Debt forgiven from short sales, foreclosures, and abandonments creates debt relief income – taxable income, taxed at ordinary rates. Hard for property owners who…
I had a wonderful time exchanging notes with the participants of my Family Business Talk last Friday at the Holiday Inn in Makati. It was a sold out event with whole families coming in droves and occupying several tables armed with loads of questions related to governance. To those who attended, many thanks! It is…
CLIENT and husband are the only stockholders of an S corporation that has been doing well for the last 15 years. In fact, it’s still doing well and had a great year last year. What is the difference between and S corporation and a C corporation? In an S corporation, the business income is declared…
YOWAN Yang worked for ActioNet as an information technology technician. ActioNet is a contractor providing technical support to the Federal Aviation Administration (FAA). Cy Tymony was another technician who worked with Yang on the same team. Yang worked four feet away from Tymony’s cubicle. On July 24, 2012, Yang and Tymony had an argument about…
ANALOGOUS to taxpayers showing their earning statements with W2 or 1099, this year taxpayers are asked to show 1095s as their health insurance statements. Without proof of health insurance, they may have to pay a penalty. A 1095 form basically declares who is covered by a health insurance meeting the “minimum essential coverage” defined by…
IT started with a dreaded letter from the IRS. Your tax return has been selected for examination. Lately, the agent has been asking about cash transactions, safety deposit box, foreign bank accounts and even showed up with a second agent. At your doorsteps! Something is wrong. Does the agent suspect fraud? Are you being referred…
BEING in debt and doing nothing about it can have more serious consequences than you think. First of all, it can impact your financial future. Uncontrolled debt can deprive you the opportunity to put money aside for emergencies, save money for a home or college for your children, or perhaps for retirement. Every day I…
YOU must have noticed questions on Schedule E, Part I for rentals: • Were you required to file Form 1099-MISC? • If so, did you or will you file? Very simple yet it is one of the most commonly argued questions among tax professionals who prepare returns for individual owners of rental property. Here’s the…
IN my last article, I explained why it is absolute necessary to qualify for Medi-Cal and get the government to pay for nursing home care for an ailing parent or loved one. After all, how many families do you know who can afford paying $8,000-$15,000 a month for Long Term Care. However, using Medi-Cal for…
ACCORDING to the National Equal Pay Task Force, for every $1 that men earn, women earn only $0.79. This is true for nearly all industries and for most women in any pay grade. Even when female employees are making a lot of money, they are still not making as much as their male counterparts. Consider…
IF you fail to file on time or pay on time, penalties kick in. Here are 10 reasonable causes to abate (forgive) penalties for late filing or late paying: 1. Tax returns were mailed on time. A return used to be considered filed on time if it is postmarked on or before the due date. …
ARE you seriously in debt and thinking of filing bankruptcy as a last resort? Individuals who have accumulated excessive debt are often left to ponder whether they should file bankruptcy in order to get out of debt. Sometimes, these people feel that somehow, they’ve lost, failed, or that they will never have a chance to…
(Part 2 – Basics) ESTATE planning is simply how you want your assets distributed to your heirs after you die with as little time and expense as possible. This can be accomplished by setting a revocable trust. A revocable living trust allows you to establish a simple trust to pass on your assets to your…
Surely as April 15 comes along, some of you will procrastinate in filing tax returns. It can be habit forming as I see the same taxpayers come after April 15 year after year. After four decades of counseling taxpayers, I look back at so many reasons why taxpayers don’t file on time – not having…
Luis Castro-Ramirez was hired to work as a truck driver by Dependable Highway Express (DHE) in 2010. During his hiring, he told DHE that he had a disabled son who required dialysis every day and he (Ramirez) was responsible for administering the dialysis. He requested his employer that he be given driving assignments that would…
Are you feeling stuck and unable to move because of lingering debt problems in your life? Considering bankruptcy but not sure if it’s the right solution for you? For those who are struggling with debt problems, the decision to file for bankruptcy is never an easy one. So they put it off and hope that…
WE believe in preventive and yes, much of that depends on you! Cleaning your teeth after you eat is important, but the effects of good habits also have a lot to do with what you eat. Keep your smile healthy by packing great lunches Eating on-the-go can be problematic. In the morning, grabbing a donut is much…
Both clients seek chapter 7 relief to discharge credit cards THE one true GOD YAHWEH, created man and woman with free will. He gave us free will to choose what we want to do, because our GOD doesn’t force us to do anything that we do not want to. If we love Him, He wants…
NYKEYA Kilby worked eight months as a customer service representative for CVS Pharmacy, Inc. (CVS). During the interview and training process, CVS told Kilby it expected her to stand while she did her duties. Kilby’s duties included operating a cash register, organizing and stocking shelves, cleaning the register, vacuuming, and gathering shopping baskets. CVS did…
OFTEN when someone is injured at work one expects the employer to “do the right thing” by assisting you with the process, making sure that medical treatment is timely provided and to help you get back to work as soon as possible. At first this may be the case, but as a claim matures you…
IF you have not filed your income tax returns by the end of March, chances are you do not expect a refund, your tax records are a mess, or you simply do not want to break tradition. Just remember that filing extensions is not exactly a nice habit. Besides prolonging your worries, it also extends…
THE last few years have been financially difficult for a lot of people. When the real estate marked crashed a few years ago, millions of people found themselves with a mortgage they could not afford. A lot of people simply walked away from their homes out of desperation in some cases, they were forced out…
(Part 1) MAJORITY is concerned with saving money on their taxes, but ignore planning to avoid estate taxes, which can consume at least 40% of a family’s taxable estate before it can be passed on to the children. With proper estate tax planning, you could avoid probate and save wealth in estate taxes. Estate planning…
Last week was a relatively tough but gratifying week for my family as we were practically living in a suitcase for 6 nights while traversing Osaka, Manila and Hong kong. My Family Business coaching work in Japan and a speaking engagement in Hong Kong to celebrate Julie’s Bakeshop’s 35th Anniversary were the highlights of the…
“Never start a business just to make money. Start a business to make a difference”. This quote extracted from an online magazine, successtory.com, best applies to the Chinese business tycoon Wang Jianlin. Known as “The Wealthiest person in China”, he never started business with a motive of quick money during that point of time. The real…
