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October 2018

What Is A Life Tenant’s Obligation To Pay Down A Mortgage That He Is Not Responsible For?

Charlie married Olga in 1985 and one week before they got married, they signed a pre-nuptial agreement.  The agreement had a clause in it that stated neither party would be responsible for the debts of the other party which accrued before and during the marriage.  After they were married, Charlie then moved into Olga’s home.  This home was solely owned by Olga.

Connecticut Taxes Pass-Through Entities (PTEs)

Income earned by limited liability companies (LLCs), partnerships and S Corporations traditionally passes through to members, partners and shareholders (collectively “partners”). That is why limited liability companies (LLCs), partnerships and S Corporations are commonly referred to as pass-through entities.  Partners pay tax on their distributive share of income from the business and typically make estimated payments for that liability.