The biggest lesson? Contracts, invoices, and good record-keeping are as important with family or related parties as anywhere else. In fact, perhaps there’s a bigger reason for being scrupulous with family and related parties: to save yourself headaches with the IRS. Are you spending any time and money taking care... Continue reading

Doubtless a large motivation behind the formation of many LLCs, as with Limited Partnerships (“LPs”) is that an LLC has so-called “charging order protection”… The charging order is widely misunderstood, so let me try to explain it. Choosing the structure of your business is about more than just taxation. You... Continue reading

In 1972 … Sumner Redstone, who wasn’t yet a global media mogul, made a taxable gift to his children and failed to file a return. At least that’s what the Internal Revenue Service is maintaining 41 years later. The IRS told Redstone earlier this year that he owes $1.1 million... Continue reading

The IRA-to-charity strategy is particularly helpful for people who have accumulated a lot of money in their IRAs but don’t need the money to live on -- and would have to pay a big tax bill when they take their required withdrawals. Not having enough retirement income from your IRA... Continue reading

Nearly 2.5 million Americans died last year, many without signing a will. One of them was apparently Roman Blum, a Holocaust survivor and New York real estate developer who was worth almost $40 million when he passed away in January 2012 at the age of 97 … If, after three... Continue reading

In 1990, in Lawrence Brody’s estate planning seminar in the LL.M. program at Washington University in St. Louis School of Law, Professor Brody mentioned a husband and wife retaining separate estate planning counsel. At the time separate estate planning counsel for spouses struck me as a bit much. I have... Continue reading

Have you been tracking the budget battle storm clouds? Estate planning attorneys are keeping a wary eye cast in the direction of the President’s budget proposal. It targets a number of important estate planning techniques. Continue reading

We all are familiar with the annual family ritual known as “spring cleaning.” With the changes in the estate tax laws, this may be a good time for some “spring estate plan cleanup.” Continue reading

Many surviving designated beneficiaries of a decedent’s IRA do not realize that Required Minimum Distributions (RMDs) have to be taken annually and up to the end, even if the owner died earlier in that year. In fact, the year of death IRA distribution is a requirement that is easy to miss. Continue reading

Trusts can be incredibly powerful tools. They can accomplish many goals and, depending on the type of trust, can secure some legitimate tax advantages. Little wonder ObamaCare may be changing all of that in the hunt for revenue to pay for the program. Continue reading

Have you noticed more and more articles popping up about your “digital assets”? When the background chatter in the media finally catches your attention about something, that is usually a sign to start paying attention. Continue reading

There are a number of “talks” you have with your kids. We all are familiar with the infamous “the talk” – and a few others that are more easily avoided than had. Continue reading

There are some estate planning tools that are just basic and vital, regardless of tax law changes. Unfortunately, some of these tools may be ignored by taxpayers (to their peril) when they appear to be eclipsed by changes in the tax laws. For the prudent taxpayers, however, old standbys like the credit shelter trust should not be swept aside. Continue reading

Planning for the next generation, and for what you will leave them, often varies depending on what you have and what your loved ones will need. In today’s economy, the rising costs of education are leading many families to choose the “gift of education” as a fundamental goal in their wealth transfer planning Continue reading

In many respects, understanding “personal finance” is easy when it is about annual year-ends and accounts balances. On the other hand, it is quite another matter when you look at personal finance over the life of an individual, and yet another still when you become the executor to that individual’s estate. Continue reading

In the alphabet soup of company forms (S-Corp, C-Corp, LLC, LLP, LP, LTD., and so on and so forth) there is a growing turn toward a slightly more obscure acronym: the ESOP. Continue reading

Budgets are set to battle once more on Capitol Hill in the near future. All considered, estate planners are fairly content with the last battle and the federal estate tax laws that went into effect with the American Taxpayer Relief Act (ATRA) at the beginning of the year. Consequently, most taxpayers have been spared the federal estate tax. But don’t forget about what your state has in store for you. Continue reading

What happens to everything on the cloud when you die? Continue reading

Exit planning for your small business isn’t like a light switch – there is no simple on/off switch when it comes to control or ownership. It took time to build the business the right way and so it will also take proper time and planning to leave it on your own terms. Fortunately, you can structure your exit in such a way that you can lay the foundations to flip the switch in the future while retaining management control today. Continue reading

Planning for your end-of-life decisions, let alone coming to terms with the important questions your family will face, can be a difficult process. Fortunately, you can ease the process for all concerned through proper basic legal planning. Continue reading

Living across national boundaries is an exciting life for an increasingly large portion of the population, not to mention a daily reality for immigrants heading one way or the other. That said, if you are skipping back and forth across a U.S. border, beware of the attending financial hurdles and the ever heightened attention of the IRS. Continue reading

The more you have, the more you have to lose. That’s a cardinal rule of asset protection planning. If you have accumulated savings in an IRA, then you should be aware of the asset protection legally afforded your IRA. Continue reading

Marriage is not just “tying the knot,” so to speak. No, marriage by its legal nature includes tying together all of your financial resources and interests. Unfortunately, these days marriage also has a dark side too: divorce. Continue reading

Whether it’s Caller I.D. or the return address on an envelope in your mailbox, no one likes to hear from the IRS. Audits are never good news. And it’s not just income taxes that are subject to them. Continue reading

There may be battles aplenty over the budget, and many more to come. At least we have a set of solid laws set in stone under the recently passed American Taxpayer Relief Act of 2012 (ATRA), right? While it appears safe to breathe a bit easier, many people still don’t trust any tax law claimed to be “permanent” by Congress and the White House. Continue reading