Many Canadians own US-situs real estate, whether it is in New York, Florida, California or elsewhere in the US. It is often a surprise (or a “trap for the unwary”) to Canadian clients (or for that matter, any non-US client)...more
When business owners have partners and consider their succession planning, the topic of a buy-sell agreement comes up. This post discusses the possible use of an “insurance-only LLC” as part of a buy-sell....more
9/16/2022
/ Buy-Sell Agreements ,
Buyouts ,
Cross-Selling ,
Deceased ,
IRS ,
Life Insurance ,
Limited Liability Company (LLC) ,
Partnerships ,
Redemption Agreement ,
Shareholders ,
Step-Up Basis ,
Trustees
In a contested estate situation, family members are mad, often fighting mad. A common client question is, “When are we going to court?” Perhaps surprisingly, our usual answer to this is, “Only when everything else has...more
In a closely-watched decision, the U.S. Supreme Court unanimously ruled that a beneficiary’s residence within a state alone does not subject a trust to such state’s income tax. In North Carolina Dept. of Revenue v. Kimberley...more
6/26/2019
/ Beneficiaries ,
Due Process ,
Estate Tax ,
Exclusive Control ,
Forum State ,
In-State Beneficiaries ,
Income Taxes ,
Minimum Contacts ,
North Carolina Department of Revenue v The Kimberley Rice Kaestner 1992 Family Trust ,
SCOTUS ,
State Taxes ,
Trust Distributions ,
Trustees ,
Trusts