News & Analysis as of

Limited Liability Company (LLC) Estate Planning

Husch Blackwell LLP

Unanimous Supreme Court Determines Company-Owned Life Insurance Increases Fair Market Value

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On June 6, 2024, the Supreme Court held 9-to-0 in Connelly v. United States that company-owned life insurance increases the company’s fair market value for estate tax purposes, and the company’s obligation to redeem a...more

Amundsen Davis LLC

Preserving Harmony at the Family Cottage with an LLC

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For many, Little Red Housethe family cottage holds fond memories, from connecting with loved ones to enjoying some much needed time away. However, without proper planning, the family cottage can become a source of conflict...more

Lowenstein Sandler LLP

How Founders Can Get Paid (and Keep the Cash): A Practical Guide

Understanding market trends and effective planning strategies can yield improved financial results for start-ups and growth companies. Starting your start-up. What type of entity you form impacts your taxes, which hits your...more

Patterson Belknap Webb & Tyler LLP

Your Estate Plan and the Corporate Transparency Act

You may already be aware of a new federal law called the Corporate Transparency Act (the CTA), which became effective on January 1, 2024. The CTA was enacted as part of the National Defense Authorization Act and mandates that...more

Allen Barron, Inc.

The Importance of Succession Planning for Business Owners

Allen Barron, Inc. on

What is the importance of succession planning for business owners? Why should you be concerned about the development and implementation of succession planning if you own a business or a significant interest in an LLC, S...more

Mintz

Compliance with the Corporate Transparency Act Necessary for Many Estate Planning Clients

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Reporting requirements under the Corporate Transparency Act (CTA) will go into effect beginning January 1, 2024. Under the CTA, many business entities formed or registered in the US will be required to provide the personal...more

Warner Norcross + Judd

Passing the Family Cottage to the Next Generations

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As the family gathers at the summer cottage or vacation property each season, the senior generation might think about how nice it would be for these multi-generational gatherings to continue for years to come....more

Husch Blackwell LLP

Common Business Succession Planning Strategies

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Thoughtful succession planning can pave the way for a smooth transition and a thriving future for a company and its stakeholders. Here are a few techniques that business owners should consider....more

Ervin Cohen & Jessup LLP

Nine Ideas to Avoid the Effect of Measure ULA - The New Mansion Tax

The so-called “mansion tax” approved by Los Angeles voters in 2022 and effective April 1, 2023 (Measure ULA) is a misnomer. It establishes a new 4% documentary transfer tax on the sale of any real property priced or valued...more

Kohrman Jackson & Krantz LLP

Will The Corporate Transparency Act Affect Estate Planning?

The Corporate Transparency Act of 2020 (CTA) passed through Congress on Jan. 2, 2021. The CTA was enacted to prevent companies from being able to conceal ownership of businesses where concealment could facilitate illicit...more

Goodwin

New Corporate Reporting Requirements on Trusts and Other Estate Planning Vehicles

Goodwin on

The Financial Crimes Enforcement Network (FinCEN) has issued final regulations setting out the reporting requirements of the Corporate Transparency Act (CTA). The CTA requires the reporting of beneficial ownership information...more

Poyner Spruill LLP

North Carolina Asset and Creditor Protection Planning

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A common concern of estate planning and business planning clients is protecting their assets from a future creditor claim. These claims can arise in the operation of a business, the provision of medical or other professional...more

Rivkin Radler LLP

Wendy and Jen Wreck the Movies: King Ralph (1991), or “The Pumpkin Pie is Better Here”

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What Happened: The entire Royal Family of the United Kingdom dies during a poorly planned family photo session (but as anyone who has sat through a family photo knows, they may have faked it)....more

Rivkin Radler LLP

Moving to the U.S.? Have You Planned for the Estate and Gift Taxes?

Rivkin Radler LLP on

It is a fact that the phenomenon of human migration has been a major force in the history of the world. Indeed, among the themes that have remained constant during my years of practice, there are two that may be...more

Rivkin Radler LLP

An S Corporation’s Sale of Real Property Following the Death of Its Shareholder

Rivkin Radler LLP on

Don’t Do It- There are certain generally accepted “dos and don’ts” of which almost every investor is certainly aware. For example, do not put all your eggs in one basket; if an investment seems too good to be true, stay...more

Adler Pollock & Sheehan P.C.

You Can Relax if Your Estate Plan Includes a SPA Trust

During times of economic and tax law uncertainty, the more flexible your estate plan, the better. As some parts of the country are rebounding economically from effects of the COVID-19 pandemic, other areas continue to...more

Adler Pollock & Sheehan P.C.

Protecting Business Wealth From Creditors

If you’re a business owner, you’ve likely worked long and hard to achieve your goals. It would be a shame if creditors were able to reach your assets before you’ve transferred wealth to the younger generation. Fortunately,...more

Jaburg Wilk

How to Probate-Proof your LLC Interest

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Whether I’m working on a business transaction or assisting business owners with their estate planning, I always look at how the ownership of the LLC is structured. While many business owners have set up a revocable living...more

Farrell Fritz, P.C.

Unsigned, Non-Final Operating Agreemeent Trumps Conflicting Testamentary Bequest of LLC Interest

Farrell Fritz, P.C. on

Ten months ago, we wrote about an unusual case involving an LLC member who documented two irreconcilable membership interest transfers upon death. In Harris v Harris, 2020 NY Slip Op 31570(U) [Sup Ct, NY County Apr. 23,...more

Burns & Levinson LLP

A Family History of the Austens

Burns & Levinson LLP on

Welcome to the story of the Austens — made-up people with a wild accumulation of fictional (but factual) circumstances that raise all kinds of probate and fiduciary litigation issues. What potential problems do you spot here?...more

Patton Sullivan Brodehl LLP

Family Trusts and LLC Membership

LLC members often hold their membership interests in a family trust.  The benefits of trusts are well known — they generally allow assets to be easily transferred after death without the time, hassle, and expense of court...more

Gerald Nowotny - Law Office of Gerald R....

THE ACCIDENTAL ENTREPRENEUR PART IV

Structuring the family business. This is a solution for every taxpayer to triple a Roth contribution. #assetprotection #estateplanning #retirementplanning #employeebenefits #entrepreneur #taxplanning...more

Gerald Nowotny - Law Office of Gerald R....

THE ACCIDENTAL ENTREPRENEUR PART IV

Nowotny On Death and Taxes episode #26, The Accidental Entrepreneur Part IV - Creating the Family Pension Plan speaks to a solution for every taxpayer to triple a Roth contribution....more

Farrell Fritz, P.C.

How to Resolve Competing Estate Plans of an LLC Owner with a Double Life

Farrell Fritz, P.C. on

Corporate shareholder and LLC operating agreements routinely contain provisions addressing the transfer of equity interests upon the death of an owner of a closely-held business. Such provisions are vital for succession...more

Conn Kavanaugh

How to Own Your Vacation Home

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Do you own a vacation home? If yes, do you own it alone or with others? Are you thinking of buying a vacation home? Will you be inheriting a vacation home? Many of us fall in love with an existing vacation spot or the...more

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