Difference Between Wills and Trusts A will is a document that provides instructions for how to distribute a person’s assets after death. A will only becomes effective upon the testator’s death, so the
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Before deciding to modify a trust, it is important to consider the tax implications of such action. Modifying a trust could adversely affect income, gift, estate, and/or generation-skipping transfer taxes. Trusts generally are
Historically, Virginia has limited the availability of divorce, requiring that the spouse seeking divorce present evidence showing that the other spouse had caused the marriage to deteriorate. If the court was not convinced
An Employer Identification Number (EIN) is a type of Tax Identification Number (TIN). There are many kinds of TINs, including Social Security Numbers (SSNs). An EIN is like a SSN but is used
Contracts are the foundation of modern business relationships. Contract law as we know it today originated in English common law, but contracts have been around since ancient times. Many of the earliest examples
Business owners must constantly weigh risks versus rewards when evaluating growth strategies. One such example is investing in the ownership of commercial property, which involves more responsibilities and expenses than leasing a space.
What is Form 1023? To be exempt from federal income tax, organizations must receive a determination letter from the IRS. The IRS only gives a determination letter after receiving adequate proof that an
New beneficial reporting requirements under the Corporate Transparency Act become effective January 1, 2024, and will require small business to report information about their owners. Congress’s aim is to prevent criminals, terrorists, and
Cash flow measures how much cash is flowing in and out of a business, and a positive cash flow is one of the strongest determinants of a business’s success. It shows that a
Last week our own Doug Davis was a guest on WNIS radio's "Ask the Expert" show. WNIS has been providing live local news, talk shows and nationally syndicated shows to Hampton Roads listeners
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