Articles

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

  • Second Generation Wealth Partnership

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    I am currently working with the second generation of a family that utilized a family limited partnership as a means to control the family wealth by their parents.  I represent the two general partners that succeeded their parents.  We are now working on the changes to both the form of the limited partnership and drafting […]

  • Realities in Business Succession Planning

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    Many entrepreneurs intend to pass the family business to future generations. Unfortunately, most family businesses fail to survive into the third generation. Jeff Scroggins, a nationally known authority recent wrote an article about business succession planning. When considering the passage of a family business, there are seven important realities that need to be understood.  I […]

  • Planning for the terminally ill in 2012

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    In today’s tax environment, with transfer taxes as well as income and capital gains taxes slated to rise substantially next year, planning for the terminally ill could yield large savings for surviving family members.  John J. Scroggin a noted author and planning expert outlines the unique planning possibilities that arise this year in planning for […]

  • Planning For Preserving the Family Businesses (Wealth)

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    Family businesses statistically have only a 20% chance of being successfully transferred on to the next family generation.  As I have mentioned before in other articles, the death tax owed on the death of the owner of the business is not the major factor for the loss of the business from one generation. To the […]

  • Need For Flexible Estate Planning

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    If you are like everyone else who has owned both stocks and real estate, the last few years have been terrible.  Most individuals I have talked to have had their dreams changed.  Some have been very dramatic. Younger individuals or couples have a much longer horizon to hopefully recoup their money, while the older generation […]

  • CLAT Charitable 2012 Year End Planning

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    As everyone is painfully aware at this point, the $5.12 million gift tax exemption is scheduled to expire on December 31, 2012.  Naturally, using the exemption before it expires is a very hot topic among high net worth families and their advisors.  Jeffrey A. Baskies published in October 2012 an article regarding a year-end planning opportunity […]

  • Asset Protection Today, Tomorrow and Beyond

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    We are coming to the end of a two years period, through the “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” (“2010 Act”) that a couple could have transferred up to $10 million without having to worry about their estate paying any estate taxes on the death the surviving spouse ($5 million […]

  • Last Year for Favorable Tax Planning Strategies For Estate And Gift Taxes

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    2012 will be the last year where the transfer of wealth between family members will increase dramatically because of the $5 million lifetime gift tax exclusion per person, or $10 million between couples under current law. I have referred to the additional $4 million as “Monopoly money” from Congress due to this unexpected increase for […]

  • Solving Gifting Procrastination for 2012

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    The once-in-a-lifetime opportunity to gift $5 million without gift or GST tax will close on December 31, 2012.  As of January 1, 2013, the gift tax exclusion will revert to $1 million and the gift and estate tax rate will revert to 55%, unless Congress takes action. Given the extremely partisan election year politics, it […]