Who is the Better Planner for Your Affairs: You or the State? Planning for the succession of a closely held business is a lot like making a will. An individual has the opportunity to make a will that directs how the...more
Love may be eternal, but all relationships on this earth are guaranteed to end at some point. In fact, we know with certainty that every marriage is going to end in one of two ways, either by death or divorce....more
Every business should have documentation that confirms its ownership, management, and governance structures. If the business has more than one owner, the documentation should address transfers of ownership interests and...more
Passed by Congress in late 2019, the SECURE Act contained the most significant changes to qualified retirement plans (QRPs) and IRAs since the Pension Protection Act of 2006.
Notably, the SECURE Act eliminated the...more
Avoidance of estate taxes is one consideration in estate planning.
Under current law, however, estate tax issues generally affect only the wealthiest 1% of the population, but everyone should be mindful of income tax...more
Though not a silver bullet for every situation, in appropriate circumstances, a Joint Revocable Living Trust ("Joint Trust") can provide a married couple with significant benefits and simplify the administration of assets...more
Unusual times call for unusual measures.
On May 4, 2020, the North Carolina General Assembly passed Session Law 2020-3 to relax the legal requirements associated with the execution of estate planning and other legal...more
Businesses trying to grow through the stage where they're too big to be small businesses, but not large enough to be big businesses, must focus on four key factors to be successful.
That's what Doug Tatum, chairman of...more
Some of the most heartbreaking situations we see in our closely-held business and estate practices are families torn apart over differences in dealing with family-owned businesses.
When there are problems with...more
Most business owners expect that their company will continue to operate after they stop working. However, successfully transitioning control of a business rarely occurs without thoughtful planning. Consideration must be...more
On December 22, 2017, the President signed into law the Tax Cuts and Jobs Act, which reduces the federal excise tax on brewers for years 2018, 2019, and 2020. A detailed description of how the new law reduces brewers' excise...more
Much press has been given to recent efforts in Congress to reform the federal tax code. The House and the Senate have each proposed their own bills to amend the tax laws, and congressional leaders are fervently trying to...more
• Do you care who will receive your assets upon your death?
• Do you have a minor child or children and want to have a say in who takes care of them if something happens to you?
• Do you care who will take care of you...more
Though not a silver bullet for every situation, in appropriate circumstances, a Joint Revocable Living Trust ("Joint Trust") can provide a married couple with significant benefits and simplify the administration of assets...more