Because so many things can change with time, we recommend that our clients review their estate plans every three to five years and update plans as needed. These periodic reviews help to ensure that your affairs are in order,...more
3/20/2024
/ Documentation ,
Estate Planning ,
Estate Tax ,
Fiduciary ,
Life Insurance ,
Power of Attorney ,
Probate ,
Revocable Trusts ,
Transfer on Death Deed (TOD) ,
Trustees ,
Trusts
Succession planning is a critical process for a business owner that can ensure the long-term sustainability and success of a company. Here are just a few of the benefits that can be gained from a well-structured plan....more
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
8/7/2023
/ Business Succession ,
Business Transfer Agreements ,
Buy-Sell Agreements ,
Closely Held Businesses ,
Estate Planning ,
Family Businesses ,
Gift-Tax Exemption ,
Irrevocable Trusts ,
Limited Liability Company (LLC) ,
Non-Controlling Interests ,
Recapitalization ,
Right of First Refusal ,
Succession Planning
Every successful business thrives from careful planning and strategizing. While business owners are primarily concerned with building their business and maximizing their success, it is equally important for them to consider...more
Overview-
Below is an update to our April 6, 2022, client alert discussing the proposed regulations for the Corporate Transparency Act (CTA) and our October 14, 2022, client alert discussing the CTA Final Regulations as...more
A friend, family member, or client has just created an irrevocable trust naming you as the trustee, and you may be asking yourself, “What do I do now?”
Serving as a trustee comes with a lot of responsibility. Here are a few...more
Over the past few years, an unprecedented number of taxpayers have been taking advantage of the historically high estate, gift, and generation-skipping transfer tax (GST tax) exemptions—currently $12.92 million for 2023 or...more
By most accounts, 2022 has been a tumultuous year from a planning perspective: the uncertainty of the midterm elections, stock market volatility, rising interest rates and the highest level of inflation in recent history have...more
12/6/2022
/ AFR ,
Charitable Remainder Trust ,
Estate Planning ,
Estate Tax ,
Gift Tax ,
Grantor Retained Annuity Trusts (GRATs) ,
IRS ,
Qualified Personal Residence Trust ,
Tax Cuts and Jobs Act ,
Tax Planning ,
Transfer Taxes
As interest rates continue to climb, taxpayers will begin to see a greater benefit from strategies that leverage higher interest rates to reduce the actuarial value of a taxable gift. The higher the rate, the more favorable...more
Many estate planning strategies involve leveraging low interest rates in order to transfer the appreciation of an asset to beneficiaries free from transfer taxes.
Generally, these techniques enable senior family members to...more
On September 29, 2022, the Financial Crimes Enforcement Network (FinCEN) issued final regulations implementing the reporting requirements of the Corporate Transparency Act of 2020 (CTA) which will become effective on January...more
The gift tax annual exclusion allows a taxpayer to gift a certain amount to a recipient each year without using any of the taxpayer’s lifetime exemption amount. In 2022, the annual exclusion amount was $16,000, or $32,000 for...more