Articles

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

  • Disposition of Family Residence and Rental Mixed Use

    1,952 Comments

    One of the more attractive provisions under the Internal Revenue Code (“IRC”) permits the gain from the sale or exchange of property to be excluded from income if, during the five-year period ending on the date of the sale or exchange, such property has been owned and used by the taxpayer as his or her […]

  • Family Trusts and Property Tax Considerations

    1,934 Comments

    This article discusses the benefit of using the A-B family trust for property tax purposes when a couple owns rental property or properties that exceeds more than $1 million of assessed value for parent child exclusion. Each parent can transfer to their children either during their lifetime or on death up to $1 million of […]

  • Property Taxes and Legacy Planning For Family Residence

    1,937 Comments

    Last’s month’s article discussed how property tax increases are a major concern for families and business owners who want their commercial or rental properties to be transferred or passed on to their heirs. This is also true for the family residence. I will discuss some of the planning that can be done to avoid property […]

  • Property Taxes and Legacy Planning For Commercial Property

    2,068 Comments

    Property tax increases are a major concern for families and business owners who want their commercial or rental properties to be transferred or passed on to their heirs. This is also true for the family residence. I will discuss some of the planning that can be done to avoid property tax increases either during a […]

  • Commercial Real Estate Planning for Large Estates

    2,267 Comments

    I recently have been involved with a couple of different families that have substantial business interest including commercial real estate. The planning for a larger estate is somewhat different than an estate that is not subject to the transfer tax system discussed below. The similarities between a larger estate and an estate not subject to […]

  • Relationships in Business Succession Planning

    2,438 Comments

    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

    2,388 Comments

    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

    1,883 Comments

    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?

    2,047 Comments

    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

    1,813 Comments

    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 […]