Articles

Tax, Estate, Trust, Real Estate, Business and Corporate Issues

  • Relationships in Business Succession Planning

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    We all know that relationships are very important in our lives. This is true in our family as well as our business lives. In my practice, I have dealt with the various dynamics on the transfer of a family business after the family’s senior generation passes on the business to the next generation hoping that […]

  • Planning Changing of Partners Through a Division

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    At some point in time partners decide to go their separate ways for various reasons.  They may want to add new partners that would make the current partnership economically stronger after the change of partners.  Lastly, they might want to separate assets holdings by spinning them off and change partners at the same time. Most […]

  • Protecting Your Home Thanks to the IRS

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    Since December 2002, the IRS’ regulations allows an individual or couple to transfer their home into a disregarded entity (asset protection) while still be able sell their home and utilize the capital gain exclusion ($250,000 for an individual or $500,000 for a couple) and retain all other income tax benefits. A person’s home is often […]

  • Are You “Active” in Your Partnership or LLC To Save Taxes?

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    The Patient Protection and Affordable Care Act (PPACA) and the American Taxpayer Relief Act of 2012 (ATRA) increased the Medicare tax on earned income and introduced a new tax on the net investment income (NII) of hi-income individuals. The 3.8% tax applies to the extent an individual’s compensation or self-employment income exceeds the specified threshold […]

  • Protection Business Assets Through Reorganizations

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    Often business owners want to segregate the good assets from potential adverse liabilities. In the formation of a new business this can be easily plan for. The challenge is when there was no initial planning and the business is now successful. The problem is that separating the good from bad assets can have possible adverse […]

  • Need to Review Buy Sell Provisions for the Business Owner

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    Buy sell provisions are very common in closely held businesses to control the transfer of shares of stock, partnership and or membership interests depending upon the business entity used by the owner(s). They typically are used to determine the value of the transferred interest based upon various types of formula clauses when a transfer occurs […]

  • What Assets Are Important to My Family and Me?

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    One of the most important things that you should focus on when you meet with your accountant or CPA this tax season is to review which assets now and in the future will be the most important to both you and your family.  Recently, I attended the USC Tax Institute and a nationally known speaker […]

  • Possible Conflicts Under New California LLC Act

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    The California Revised Uniform Limited Liability Company Act (RULLCA) is effective on January 1, 2014, RULLCA.  It revises the rules for formation and operation of Limited Liability Companies (LLCs) in the state of California.   Last month’s article gave a basic overview of some of the key changes. After attending various seminars on RULLCA and its […]

  • C Corporation vs S Corporation Election Considerations

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    Starting in January 2013 because of the American Taxpayer Relief Act of 2012, owners of small businesses face a question regarding using a corporation as a business entity: Should the business elect to be an S corporation, or remain as a C corporation for tax purposes? Today there are higher tax rates than in 2012 […]

  • Business Succession Planning Still Important in 2014

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    In 2014, the estate and gift tax is $5.34 million for an individual and $10.68 million for a couple. That does not mean for the closely held business, succession planning for the next generation and continuing the closely held business is still not very important. There are many non-tax reasons for such planning. The old […]