Ask a CPA

Children have the legal right to make their own choices at age 18.

Transfers of any property between spouses that are incident to a divorce are treated as tax-free exchanges, and as a result, it is not reportable or taxable.

The transfer of the house to you that was "incident to a divorce" is treated as a tax-free exchange and not taxable.
The cost basis to you would be the original cost, plus improvements made over the years, not the possible appreciated fair market value as of the date of the divorce.
The current law allows an unmarried individual to exclude up to $250,000 ($500,000 married filing jointly)of gain realized on the sale of a residence.
Speak to your local CPA about the divorce settlement and tax strategies involved, that might benefit you.

Whatever monies earned in that IRA during your marriage is considered a marital asset.
As a result, this means that if you get divorced your spouse will be entitled to 50% of the money.
You would also be entitled to 50% of your spouse's retirement money.
This is true even if you did not name your spouse as the beneficiary of the IRA.

As part of a divorce settlement decree or a legally separately decree of separate maintenance, the transfer of a traditional IRA to you is considered a tax-free transfer and not reportable or taxable.

The account balance of all your husband's IRA's at the time of death is included in the gross estate.

A limited liability company, like a corporation, is set up and created under state law. Its owners are referred to as members. The entity gives its members the best of both worlds - Corporate liability protection with the advantages of partnership taxation. Forming a limited liability company is more expensive than forming a corporation and may not be necessary for your situation. Speak to your local CPA in detail to determine if forming or changing your entity status to a limited liability company is the correct choice for you.

Some advantages are: it has minimum legal restrictions; and is easy to discontinue. Some disadvantages are: unlimited liability; your income tax cannot be deferred by retaining profits; and you may not bring in new owners or outside capital contributions. Speak to your local CPA to determine the best entity choice for your needs.

Some advantages are: there is limited liability; and the entity avoids double taxation of profits as is the case with C Corporations.
The profits that are passed through to the shareholders are not subject to SE tax as in a partnership.
Some disadvantages are: that the shareholders pay tax on earnings even if they are undistributed; the contributions limits to a qualified retirement plan are based on shareholder/employee wages, not the overall profits as with a Sole Proprietorship.

The wage base for determining the maximum amount of income subject to social security taxes will be $110,100 for the year 2012.
Maximum 2012 employee Social Security Liability is $4624.20. .042%
For the years 2009 through 2011, the maximum wage base was set at $106,800.