Categories

The Corporate Transparency Act (CTA) faces legal challenges as the Fifth Circuit Court reinstates an injunction, putting reporting requirements on hold. Learn about the latest developments, court proceedings, and what businesses should do to prepare for potential enforcement.

A family holding company is an LLC (limited partnership): Instead of transferring an asset directly into the hands of the next generation, combine family-owned assets into a family holding company and use it as a centralized way of managing the family’s wealth. This ensures assets can be controlled by you, but shifted out of your estate and to your future generations or trusts for their benefit.

What is an estate tax and a gift tax and how are they different? The federal estate tax applies to the transfer of property at death. The gift tax applies to transfers made while a person is living. The generation-skipping transfer (GST) tax is an additional tax on a transfer of property that skips one or more generations.

Discover • What a healthcare agent is and why you need one • How to choose the right person to make medical decisions for you • The power and responsibilities of a healthcare agent Empower yourself with knowledge on healthcare proxies and advance directives

An Intentionally Defective Grantor Trust (IDGT) is a type of grantor trust, which means the grantor pays the income tax earned by the trust. When you hear the term “intentionally defective,” you may think the trust is broken or somehow ineffective. An IDGT is a trust that is “defective” only because it is ignored for income tax purposes. The IDGT is very effective by helping beneficiaries avoid gift and estate taxes.

Passing on your business to the next generation by creating management (how your business will be managed if you are gone) and business succession plans (how your business will be owned) will help you get the most value for your business and hopefully, avoid hurting family and business partners. (Read more...)

Discover when to avoid online estate planning tools and hire an attorney for your estate planning needs. This blog explores 7 key scenarios where hiring an experienced estate planning attorney is advisable, including complex family dynamics, significant assets, estate tax considerations, special needs beneficiaries, out-of-state or international assets, charitable giving, and concerns about will contests.

Of the various charitable planning techniques that people use either before or after an exit, one of the most popular techniques - particularly as interest rates rise - is known as the charitable remainder trust (CRT). In a CRT, you’re giving a portion of your business interest to a trust that ultimately, at the end of the term or your life expectancy, will be paid out to the charity.