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Practical Planning for Family LLCs AND LPs |
by T. Randall Grove |
A Family Limited Liability Company (LLC) or Limited Partnership (LP) can serve as an effective strategy to accomplish tax and non-tax objectives. However, the IRS has continued to be successful in minimizing or eliminating the tax benefits of this strategy in certain situations. This article focuses on approaches that will minimize the chances of an IRS attack (based on the most recent cases) while accomplishing client objectives. |
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| Probate Frequently Asked Questions |
by Elizabeth A. Perry | |
| Why does Probate exist? The probate process was created because some family members fight over the distribution of an estate. To limit conflicts and make sure things are done correctly, the legislature decided to make the Superior Court Judge the “traffic cop” to monitor the process. The Judge makes sure that the will’s provisions and the law are followed. "The probate of the will" consists of that monitoring process. | ||
| Revocable Living Trust Frequently Asked Questions |
by Elizabeth A. Perry | |
| A trust is an agreement regarding the management of assets. There are many different kinds of trusts. For instance, there are charitable trusts, life insurance trusts, education trusts, etc. The most commonly used trust and the one that most people are thinking of when they refer to a trust is a revocable living trust. | ||
| New
Tax Law Warrants Review of Personal Estate Planning |
by Philip B. Janney | |
| The Economic Growth and Tax Relief and Reconciliation Act of 2001 (the "Act") made substantial changes in the Internet Revenue Code as it effects estates and gifts. The purpose of this article is to discuss some of these changes and how personal estate planning may require modification in light of the changes. | ||
| Estate Planning Checklist | by Elizabeth A. Perry | |
| How do you know when it is time to review your estate planning? Here is a list of questions that will help you decide. | ||
| Opportunities
for Tax-Advantaged Charitable Giving |
by Philip B. Janney | |
| Contributions to charitable organizations are often an important part of many people's personal, financial, and estate planning. Charitable gifts can be as simple as an annual contribution to the charity or charities of your choosing. Donors who desire to achieve tax advantages from their charitable giving should ask three questions. | ||
| Estate Planning
101: Protecting Your Family and Business |
by Philip B. Janney | |
| Estate planning is
more than just a will, power of attorney or other document designed
to distribute your property. It is a process of identifying your
goals and taking steps to achieve those objectives including the
preparation of appropriate documents. However, the process does
not end there; certain additional steps are also required to ensure
that your assets are owned in a manner that will allow your objectives
to be achieved in the most efficient manner. |
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| How to Avoid Going Down With the Ship - Advice to the Owner of a Troubled Business | by Gregory J. Dennis | |
| Everyone associated
with a failing business can expect to suffer some negative effects.
Lenders, suppliers and employees may not receive payment in full.
Generally, however, it is the owner of a failed business who bears
the heaviest burden from the standpoint of emotional turmoil and
potential financial ruin. |
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| Telecommunication Privacy | by Jean M. McCoy | |
| The advent of cell phones, facsimile (fax) machines and computer E-mail have increased our ability to communicate in the business realm. However, the trade-off for convenience of these methods is a decrease in our ability to maintain a strict level of privacy in our communications. | ||
