November 2011 Monthly Archive
November 29, 2011
Lottery taxes are the downside of winning large sums of money or valuable prizes in state and national games. One thing is certain. If you don't pay the IRS the tax man will be knocking on your door. Just ask Richard Hatch, winner of the reality show Survivor.
If you don't pay lottery taxes when they're due, you'll end up owing the IRS even more. They can assess late fees, penalties, and interest that continuously accrues until it reaches maximum level.
The first thing jackpot lottery winners should do is talk to a financial planner or tax accountant. They could also arrange a meeting with the IRS. The point is to get professional help and eliminate the risk of making costly mistakes.
November 22, 2011 | Comments: 1
A power of attorney template is required whenever one person needs to assign rights to conduct transactions for another person. This could be to authorize someone to oversee personal finances, conduct business transactions, or act as an agent for nearly anything a person does in their daily life.
The power of attorney template makes executing this legal document quite simple. The person writing the POA is referred to as the Principal and the person receiving authorization is referred to as the Attorney-in-Fact, or Agent.
Anyone can be designated as an agent, as long as they are of legal age. It's common to assign rights to spouses, relatives, business partners, realtors, financial planners, lawyers, and accountants.
November 15, 2011
A limited power of attorney is a legal form utilized to appoint an attorney-in-fact to engage in a specific transaction for a specific period of time. The attorney-in-fact is not authorized to perform any acts other than what is stated in the POA form.
A common use of limited power of attorney is to allow another person to engage in financial transactions. Examples could be letting a person manage checking and savings accounts by making deposits, transferring funds, or paying bills. Another use would be to authorize your agent to sell a car or piece of real estate.
Limited POA should not be confused with other types of forms such as durable power of attorney or general power of attorney. These kinds of POA forms grant broad powers that allow agents to conduct many kinds of transactions and have access to sensitive financial and healthcare information.
November 07, 2011
General power of attorney references a legal document that allows one person to engage in a myriad of personal and business financial transactions. It provides broad sweeping powers that essentially allow the agent to conduct nearly any type of activity for an extended period of time.
The person writing the general power of attorney is known as the Principal. They can only authorize their agent to engage in transactions related to property they personally own or to make decisions on their behalf.
Agents are referred to as the attorney-in-fact. This doesn't mean the person has to be a lawyer. Instead, it refers to the authorization they have to engage in transactions that have legal ramifications. For example, agents could apply for financing to buy a house in the Principal's name.
November 01, 2011
A power of attorney form is used for all kinds of transactions that require one person to authorize another person to act as their agent. These forms are an essential component of estate planning, business operations, personal finance, and healthcare matters.
The kind of power of attorney form needed depends on what duties the agent is responsible for performing. For example, a limited power of attorney is used to provide agent privileges to do a specific task during a specific timeframe, while a durable power of attorney grants sweeping rights.
Two parties are involved with each type of POA. Principal refers to the person writing the document and Attorney-in-Fact refers to the person responsible for carrying out tasks. The attorney-in-fact doesn't have to be a lawyer. In fact, they are usually a spouse, relative, business partner, financial advisor, physician, or friend.