Business Organization, Wills, Trusts, & Estate Planning, Commercial Law & Contracts

High Net Worth Family Tax Report, Vol. 8, No. 2 -- May 2013

by Loeb & Loeb LLP on 5/18/2013

President’s fiscal year 2014 budget contains numerous tax provisions - President Barack Obama released his proposed budget for the government’s fiscal year 2014 on April 10, 2013, and, not surprisingly, the budget...more

Sweeping Maine Tax Reform Proposal Announced

by Sarah Beard, Jonathan Block, Kris Eimicke | Pierce Atwood LLP on 5/3/2013

A bipartisan group of 11 legislators have proposed an overhaul of Maine’s tax system, including major changes to the individual and corporate income tax, property tax, sales tax, and estate tax. ...more

Taxpayers Wait Too Long For Assignment

by Charles (Chuck) Rubin on 4/11/2013

If a taxpayer owns appreciated property and transferors it to another, and that successor owner sells the property, the gain from the sale is reportable by the successor owner, not the donor. However, if the gift occurs too...more

Personal Planning Can Help Private Equity Pros Save on Taxes

by Bradley Van Buren | Holland & Knight LLP on 4/10/2013

When private equity or venture capital fund principals and managing partners look to roll out a new fund, in addition to reconciling general fund formation issues, they should consider the personal-planning opportunities...more

Maximizing The Value Of Your Business For Your Heirs

by Pepper Hamilton LLP on 4/8/2013

One of the most difficult issues facing the owner of any successful business is how the business, or the personal wealth that it represents, can be preserved for the benefit of his or her family after death. While it is...more

The Founding of Damon Key Leong Kupchak Hastert (1963-2013)

by Robert Thomas on 2/7/2013

Founded in Honolulu in 1963 by Frank Damon, a Hawai‘i-born descendant of missionaries from New England, and Henry Shigekane, the son of Japanese immigrants, Damon & Shigekane pioneered new territory by crossing ethnic lines —...more

Do You Have an LLC? Your Operating Agreement Is a Vital Document

by Ronald Adams on 10/9/2012

In the absence of an operating agreement, the LLC will be governed by the rules set forth in Arizona’s statutes, which are silent on what will happen in many situations. ...more

Advocate's Edge

by Craig Greene on 10/1/2012

McGovern & Greene's Advocate's Edge publication provides attorneys and their clients with valuable resource guides that offer information related to litigation issues....more

Rhode Island Opens Tax Amnesty Window by David C. Morganelli, Esq. and Ryan W. Sawyer, Esq.

by Partridge Snow & Hahn LLP on 8/30/2012

The Rhode Island General Assembly recently passed the “2012 Rhode Island Tax Amnesty Act" which was promptly signed into law by the Governor on June 15, 2012. The Amnesty Act authorizes the Rhode Island Division of Taxation...more

Legal Alert: Discounting of Capital Credits of Deceased Members Upheld in North Carolina

by Sutherland Asbill & Brennan LLP on 8/15/2012

On August 8, 2012, the North Carolina Business Court held that electric cooperatives may lawfully discount capital credits of deceased members when they are retired early. The court also held that electric cooperatives do not...more

Unlike a Ponzi victim, the only one left in a Tontine is sitting pretty.

by Charles E. Rounds, Jr. on 8/1/2012

In a Ponzi scheme, the last man loses. In a Tontine, on the other hand, the last man wins, like musical chairs. Here is a link to Charles E. Rounds, Jr.’s article on the common law aspects of the Madoff Ponzi scheme: ...more

Procrastination on Estate Planning Can Land A Small Business in Probate Court

by Frank Brunetti on 5/14/2012

Procrastination on Estate Planning Can Land A Small Business in Probate Court By Frank L. Brunetti on May 14th, 2012 Many business owners hope that the companies they have built will outlive them and help build a...more

Knowing a Company’s Value is Crucial to Estate Planning

by Joseph Donegan on 4/4/2012

Business valuations are an important component of operating a company, especially for owners who plan to sell or merge with another business in the future. However, some small business owners who do not plan on making...more

Comfort Letters, Rent Insurance and Mortgages

by James McDonough on 4/2/2012

The real estate market, in severe decline over the last few years, has shown signs of life recently. Naturally, the supervising government agencies, lenders, and loan brokers are sensitive to avoiding the mistakes of the past...more

Is Hong Kong Asia's Next Trust Centre?

by Harney Westwood & Riegels on 3/23/2012

Originally published in ASIAN LEGAL BUSINESS - February 2012. Historically, setting up private trusts offshore has been a preferred vehicle for Asia’s wealthy families and individuals to manage their assets as they crave...more

The Lottery Winnings Exception To Federal Gift Taxes

by Charles (Chuck) Rubin on 3/19/2012

An interesting circumstance often shows up with lottery winners. After they have won, it seems that a very high percent of them had arrangements in place before they bought their lottery tickets to share their winnings with...more

Doing Transactions in Mexico - Conducting Due Diligence

by Sheppard Mullin Richter & Hampton LLP on 1/11/2012

Conducting due diligence is a key aspect of any transaction, international or otherwise. Attorneys working on transactions conducted in Mexico or that involve Mexican entities ought to be aware of registration and...more

Guide to Incorporating an Ontario Business Corporation

by Stephen Sweeney on 1/1/2012

Incorporation Guide...more

Mofo New York Tax Insights -- Volume 2, Issue 12

by Morrison & Foerster LLP on 12/6/2011

In This Issue: New York Audit Software Subject to Freedom of Information Law Disclosure; Payments for Telephone Number “Porting” Services Not Subject to Sales Tax; Failure to Serve Notice on Representative Tolls Time...more

The Academics Are Just Plain Wrong: The Trust Is Not a Contract

by Charles E. Rounds, Jr. on 12/1/2011

Since the 1960s, the trust has been under attack on two fronts in the American law school. First, the traditional Trusts course has been down-graded to elective status, a misguided curricular “reform” that Charles E. Rounds,...more

InvestOhio Creates Tax Credit to Benefit Small Businesses - Do you Qualify?

by Dinsmore & Shohl LLP on 11/17/2011

Governor John Kasich recently signed Executive Order 2011-28K, adopting provisions of the Ohio Administrative Code to implement a new tax incentive program commonly known as InvestOhio (the “Program”) enacted by the Ohio...more

Another Attack On Defined Value Clauses Fails

by Charles (Chuck) Rubin on 8/8/2011

In the previous posting on June 23, 2011, we discussed the use of charitable lid/defined value clause planning, and how it had recently been upheld in by the Tax Court in Hendrix. Such planning has now successfully weathered...more

New Florida Durable Power Of Attorney Statute [Florida]

by Charles (Chuck) Rubin on 7/22/2011

Below is a summary of the new law from Mitch Goldberg of our office: Introduction. On May 4, 2011, the Florida legislature passed Senate Bill 670 which substantially revises the Florida power of attorney ("POA")...more

Family Office Exemption Narrowly Defined by S.E.C.

by Thomas J. Handler, J.D., P.C. on 7/15/2011

Following the stock market crash of 1929 and the Great Depression which followed, Franklin D. Roosevelt’s 1932 democratic campaign platform called for regulation of the securities exchanges “to the full extent of federal...more

Business Owners – Is Now the Time to Sell?

by Ronald Adams on 7/1/2011

As business revenues and values have declined over the past number of years, many owners delayed the possible departure from their business through retirement or sale, either waiting for things to get better, or as result of...more

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Business Organization › Wills, Trusts, & Estate Planning › Commercial Law & Contracts