Published on: 31 January 2019
Last Updated on: 08 August 2019
A letter from the IRS may seem serious, but the situation that results in the letter may not always be serious. You may find that you’re receiving a notification of a minor error or small sum of money that you owe. Even an audit isn’t causing to panic — the IRS may simply need some additional information in your personal files. Follow these tips to handle communications from the IRS in a calm, sensible manner.
You should always open and review documents from the IRS as soon as you receive them. The IRS will attempt to connect with you by mail to make initial contact regarding any issues with unpaid tax debt, tax filing errors, tax audits, and other issues. The sooner you address the problem, the easier it will typically be to find a satisfactory resolution.
If you ignore letters from the IRS, it is possible for the agency to reach out to you by phone. The IRS recently started working with private debt collection companies to handle unpaid tax debt. Many telephone scams exist as well, and you should be vigilant about confirming any information that you receive by telephone.
Keep Your Tax Documents Organized:
Ideally, you’ll have your tax documents for the last three years safely stored and ready for your review at any time you may need them. These materials include documentation regarding any protections you may enjoy through a third-party tax filing service. Many websites and companies provide audit protection or a guarantee of accuracy, which can give you valuable peace of mind if an audit should arise.
If you do not have these documents on hand, you should take the time to gather them as soon as you’re informed of any type of dispute or IRS audit. Having these documents provides an important sense of security going forward.
Verify the Tax Issue:
Before you make arrangements with the IRS to settle a debt, make sure that the amount of the debt is correct. The IRS may occasionally make errors, so it’s crucial that you check the numbers for yourself and file a dispute if you believe that the figure is incorrect. Contact the IRS immediately if you believe that the agency is operating with incorrect information.
Explore Your Tax Debt Options:
If you owe a debt to the IRS, you don’t necessarily have to pay the full sum immediately. You can explore several tax debt options. Understanding these options can help you avoid panic, particularly if you’re facing a debt too large to pay at once. You may qualify for an offer in compromise, a condition in which you settle your debt with the IRS for a lower sum of money. You can also request that the IRS delay collection or set up a payment plan to handle the debt in a series of installments.
If you hear from the IRS, you should take the time to thoroughly review all communications so that you understand what the IRS requests from you. If you need assistance navigating an audit, tax debt, or other situation, don’t hesitate to reach out to a professional for help.
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Even though the vast majority of price predictions for Bitcoin in 2018 were way off the mark, commentators continue to push their forecasts for Bitcoin in 2019. There is the number of cryptocurrency price predictions out there, and many different factors driving them.
Should you listen to them? Always take price predictions with a grain of salt. As an investor, you have to make your own decisions. One of the soundest investment decisions you can make is to never invest money you can’t afford to lose, especially in more speculative investments like cryptocurrency. However, the price gains that you could enjoy are enormous.
Millennial Investors Will Drive Bitcoin Price Growth in 2019:
How Did Past Predictions Turn Out?
At the end of 2017, there was virtually no limit on Bitcoin price predictions. Some pundits claimed that Bitcoin prices would reach $100,000 or higher, and some pretty colorful language has been used to express confidence in Bitcoin going as high half-a-million dollars in 5 years. Unfortunately, past bullish sentiments didn’t come to pass.
On the other hand, many are now seeing 2018 as the correction that had to happen for prices could bounce back. With the Nasdaq, the second largest stock exchange in the world, vowing to launch a Bitcoin futures exchange, the cryptocurrency is far from dead.
Who’s Driving Bitcoin Investment?
The short answer: millennials. Millennial investors know that the factors driving economic growth today aren’t the same as when their parents were saving for their retirements. Millennials want to invest differently than the way their parents have.
Millennials are more open than their parents to growing wealth through digital currencies, and it’s through them that products like Bitcoin will reach widespread acceptance as an investment vehicle.
2019 Bitcoin Price Predictions:
The real question is, what are the experts predicting for 2019? Depending on who you ask, predictions range from prices hovering near $3,500 to more optimistic predictions that prices will near $10,000 by the end of the year. More optimistic price predictions are grounded in upcoming developments such as the Bakkt futures market and growing interest from institutional investors. Mutual funds getting involved in Bitcoin futures will make a major difference for speculative investors hungry for a new commodity to sink their teeth into.
But there are going to be two essential indices that you should keep on eye on:
1) Will cryptocurrencies start to move in different directions? To date, cryptocurrencies have generally moved in tandem, with Bitcoin leading wider market movements.
2) How will stock markets move? There’s a convincing argument to be made that Bitcoin already resembles gold in a number of ways, and gold has a historic pattern of rising prices when stock markets. If the S&P drops, will Bitcoin follow suit?
Buy Bitcoin Now:
If the 2018 Bitcoin price correction has been good for anything, it’s providing a window of opportunity for new investors. If you want to buy Bitcoin, check out Bitbuy or another cryptocurrency exchange offering low fees and fast ways to buy Bitcoin.
A reliable cryptocurrency exchange is your gateway into the world of Bitcoin. If you’re ready to grow your wealth with a new type of commodity, buy Bitcoin today.
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What are luxury rehab facilities? Are there non-luxury rehab facilities? What is available at the luxury rehab facilities that is not available to the regular rehabs?
Well, a luxury rehab facility offers the highest quality experience for the patient. Whether one is battling drug or alcohol addiction, the kind of experience that one receives while at the facility has a direct bearing on one's recovery.
As such, you may want to find the best facilities for your patient. By visiting the altituderecovery.com website, you can find more information about the luxury rehab facilities available in your area.
What do luxury rehabs offer?
With a luxury rehab, a patient can undergo treatment with cutting-edge facilities. These facilities offer treatment options that include mental health, among others. The good thing about this experience is that patients will have an incredible time that offers them peace of mind in their recovery. There are professional dining facilities and other options.
Advantages of luxury rehab option
Choosing a luxury rehab gives you a better experience, among other benefits. This does not necessarily have much to do with the quality of the medical services that you receive. Here are some of the advantages that you get at the luxury rehab as compared to the regular rehabs:
They are well-staffed when compared to the regular facilities. For this reason, you are sure you can get better-individualized services. The staff can concentrate on specific individuals, which means one has a better chance of recovery and a quick recovery.
These kinds of rehabs offer a better sense of privacy than regular rehabs. This means people who are addicted and want to be treated privately can enjoy the services of these rehabs. For clients wanting to remain anonymous, a luxury rehab is the right place to receive services.
They have better amenities than the regular facilities. For this reason, luxury rehab centers provide extra amenities such as sports facilities, gardening and spa facilities, and so on. As such, clients will enjoy these luxurious facilities, which can speed their recovery process.
Do luxury rehab facilities take my insurance plan?
If you plan to enter a rehabilitation center, you need to know if your insurance company will pay for the cost. What kind of insurance plan do you have, and does it cater to the treatment? While some insurance plans cater for luxury rehabs, others do not. In this regard, you should consult your insurer and ascertain this.
While not all insurance plans cover rehab treatment, some do cover these services:
Medical detox also falls under this to some extent. This means that your insurance can cater to withdrawal management. As usual, the best way to do this is to consult your insurer.
Medications that are necessary to cater to the withdrawal symptoms, as well as for cravings, are included by some insurers. Other relevant treatments include drugs to control cravings for the abused substances.
Some insurance policies also cover residential or inpatient treatments. Even though this may depend on the number of days one spends in rehab, it is always important that you write to or call your insurer to be sure of what they will cover.
What Does Insurance Companies Check In General?
Insurance companies may have particular parameters for the coverage of luxury rehab centers. These include:
Medical Necessity: Normally, the medical need for treatment in a luxury rehab facility is a requisite for most insurance providers. This entails that the right to treatment must be essential for the individual’s physical or mental well-being.
Pre-Authorization: Insurance providers may require pre-approval of luxury rehab centers for insurance coverage. This implies that your insurance provider needs to give the go-ahead before the treatment can begin. Pre-authorization is the process of submitting all your details, which include your condition, your treatment plan, and the particular luxury rehab facility you wish to attend.
In-Network Providers: Insurance companies often have a network of preferred providers, including high-class rehab centers. They can have facilities they are working with and provide coverage. Ensure you get the maximum coverage by checking if the facility is in-network with your insurance provider.
Referrals: Some insurance policies may require a referral from a primary care provider. This is either a specialist or a close member to cover treatment at a luxury rehab center. This shows the treatment procedures used are based on the professional assessment of the patient.
Length of Stay: Insurers may limit the length of stay at high-end facilities they cover. They would need periodic evaluations and documentation to decide on the ongoing medical necessity to be in the said facility.
However, insurance coverage criteria may differ widely among insurance providers and plans. You should contact them directly to understand the specific requirements and criteria for coverage of the luxury rehab facilities, whether it is even part of your insurance plan.
Documents to Keep in Handy?
Insurance providers often demand certain documentation or proof to see if the rehab hospital is medically necessary. The exact requirements may vary between insurance providers, but here are some common documentation that may be requested: The exact requirements may vary between insurance providers, but here are some common documentation that may be requested:
Diagnostic Assessment:
Insurers might thus start demanding a professional assessment conducted by either a psychiatrist or an addiction staff. This evaluation not only permits us to deduce the necessity for treatment in a luxury rehabilitation center but also diagnoses underlying ailments catered to by this specialty care.
Treatment Plan:
A clear outline of specific interventions, treatments, and services an individual will receive while at a luxury rehab center is required. The treatment regimen should be comprehensive, evidence-based, and custom-based to the needs of the individual.
Progress Notes:
Ongoing progress notes or treatment updates from a luxury rehab center could be requested to establish the continuing need for such rehabilitation. Such notes must encompass the progress, response to treatment, as well as changes, if any, in the treatment plan.
Clinical Justification:
Clinical justification is a written piece that a health care practitioner will provide. Therefore, advocating for the treatment to be at a luxury rehab facility because the individual will benefit from the program. The medical rationale should give the specific advantages and outcomes anticipated from the care provision at the center.
Previous Treatment History:
The insurer might want to see the specifics of any previous interventions or rehabilitation programs. Most importantly, how well they worked out. Therefore, this might be an excellent way of showing the necessity for a high degree of care.
Supporting Medical Records:
Medical records relevant to the patient’s condition are necessary. Not only this help to provide an argument but it also facilitates the medical necessity of luxury rehabilitation.
Final Words
Being in touch with the luxury rehab facility and your healthcare providers is crucial. Plus, inform them of the required documents, as they should comply with the insurance provider's rules.
Every insurer may have specific rules and guidelines, so we advise you to contact your insurance provider ASAP!
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2.4 million funerals take place in the U.S. every year. If you're not in the funeral business, this is a sobering thought.
When a parent dies, the grief and pain you are dealing with can often be compounded by financial pressures if you are named as their executor.
In a way, it is flattering to be named a parent's executor. It means they trusted your intelligence, patience, and fairness enough to appoint you the overseer of their property after they are gone.
In other ways, it is overwhelming to consider the number of debts, unknown assets, and contentious relatives you will need to keep a record of.
If you are unsure what to do when a parent dies and you are the executor, take a deep breath, pick up a pen, and begin to approach your responsibilities in an organized, measured way.
What to Do When A Parent Dies and You Are the Executor:
Right after someone dies, there is usually a period of chaos. During this time, the estate needs to be opened, and the executor is appointed to avoid surprises by debt collectors or the IRS. You may have already been appointed the executor in a will.
No one should begin to take or distribute assets yet.
As the executor, it is your job to decide whether or not the will should go into probate, which is the official "proving" of the will in court. If the estate is larger, or if there is some disagreement about the will, probate may be necessary before you can begin carrying out your duties as the executor.
When you go through probate, you will have to file papers with the local probate court, prove that the will is valid, and present the court with a list of debts and assets. You should also explain how they should be distributed. The probate process could take anywhere from a few months to a year.
If your parent set up a living trust, you won't have to go through probate. The person named as the trust's successor will be able to distribute assets according to the will without having to go through the courts.
Your overall responsibility as the executor is to make sure that all debts and creditors of the deceased are paid off. Then the rest of their assets can be distributed according to their expressed wishes.
An executor is different from a power of attorney, who makes decisions about life-sustaining medical treatments while a loved one is still alive. Once they have passed, the power of attorney is no longer valid.
If there are any dependent children or pets, you will need to be certain that guardians are appointed in accordance with the decedent's wishes. These are often complicated things to handle, you might want to enlist the services if an expert right away. Thomas Church, Florida Will Contest Attorney is one of the best Estate Litigation experts in USA.
Get the Right Paperwork:
Your first duty as the executor is to find your parent's will. It could be filed away with important paperwork or in the hands of their attorney. It is usually necessary to file with a probate court, even if it is determined that probate is not necessary.
If there is a will in place, you will receive letters testamentary, which is a legal document authorizing you as the executor to take control over the decedent's estate. If there is no will, you will receive letters of administration. You can then begin your work as an executor.
You should also be certain that a pronouncement of death has been filed. This is a letter filled out by a medical professional stating where and when the decedent died.
A death certificate should become available after the funeral. You can obtain it from your funeral home, county registrar, or health department. About 10-15 copies should be sufficient to cover your administration needs.
You will need the certificate to prove the situation to insurance, credit card, and mortgage companies. If you find you need more copies, they can be obtained from the Department of Vital Records.
It is important to begin keeping a list of assets and liabilities before liquidating assets, paying off debts, and distributing funds among beneficiaries.
Acquiring credit card statements, mortgage statements, vehicle registrations, a social security card, and copies of insurance policies will also make the process smoother.
You should be sure to punch a hole in the decedent's driver's license and passport to help prevent fraud.
Giles & Robinson, P.A. explains that an ancillary administration can take six to nine months to finalize.
Hire Some Help:
An estate attorney, like Verhaeghe Law, can help you avoid mistakes that could cost you money in the long run. A financial consultant can help with asset transfers. An insurance agent can assist with claims forms to help make sure beneficiaries are paid.
The costs of the funeral, as well as getting the decedent's affairs in order, are taken from the estate. Don't be afraid to ask for help to make sure the process goes smoothly and does not end up making you liable for problems that may arise.
Stop Payments:
The decedent's estate is responsible for any debts that arise after death. Heirs and beneficiaries are not responsible, although some feel a sense of moral responsibility to pay them off.
You should notify all credit card companies, government agencies, utility companies, and mortgage banks of the death. This will help you to avoid late charges, and accounts will be transferred to decedent status. Doctors and other health professionals who may be owed fees should also be notified.
Check the decedent's credit card statements and be certain to cancel any payments with "auto-renewal," such as those for magazine subscriptions, AARP, AAA, and clubs. You may want to wait a month or two before closing the decedent's primary credit card so that you can view the companies that need to be notified.
Be certain to contact the three main credit reporting agencies: Equifax, Experian, and Transunion, immediately. They can flag the decedent's account so no one will try to steal their identity. It is also a good idea to check back two months later to be certain no fraud has occurred.
You should be sure to notify Social Security so they will stop payments and you will not be responsible to pay back posthumous checks.
If your parent was employed at the time of their death, you will need to call their employer. You can find out about any payments due to them, death benefits, life insurance policies, and beneficiary benefits.
Pay Off Debts:
Keep a list of how much your parent owed to mortgage companies, credit card companies, car payments, etc. You may need to liquidate assets, such as selling houses or cars, to pay off these debts.
Check with a CPA to see if your decedent's taxes have been paid. Money from the estate can be used to pay any money owed to the IRS.
You will also need to file taxes for your parent from the day of the year they passed until the date of death. If the estate is large, there may also be state or federal estate taxes to pay.
Consolidate Assets:
The executor should open a separate bank account for ongoing bills, as well as incoming checks. Keep valuables safe in a safety deposit box.
You should hire an assessor to see how much their property is worth. It is your duty as the executor to maintain the decedent's property until it is sold or bequeathed to the proper beneficiary.
Distribute Assets and Maintain Healthy Communication:
After all known debts are paid, you can begin distributing remaining funds to the family as specified in the will. It is important to get and keep a signed receipt from each beneficiary after they are paid.
Many arguments and breakdowns during the asset distribution process happen because folks feel that they are being overlooked or marginalized. It is important to let them know what the timeline is so that they will know exactly what is being done with the funds and when they can expect to receive funds that are due them.
It is a good idea to take some time before making investments with estate funds, as grieving can be an emotionally overwhelming time for most.
Close the Estate:
You may be required to file a petition in court before distributing assets and closing the estate. As the executor, your duty is complete.
Take Care of Yourself:
Losing a parent can be one of the most confusing, disheartening times in an individual's life. If you are overwhelmed by the complications of what to do when a parent dies and you are the executor, be sure to enlist the help of qualified professionals.
By keeping detailed records, liquidating assets, paying off debts, and distributing assets, you can be assured that your parent's affairs have been handled properly and you can begin taking steps toward the next chapter in your life.
For more lifestyle advice, read our blog today.
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