Category: Estate Planning

ESTATE PLANNING TAX

By , May 25, 2017 1:49 pm

The new post under the link below should be read not only by estate planners but also by LLC lawyers who want to think critically about “death taxes.”

http://www.taxlawforchb.com/2017/05/paying-the-estate-tax/

DISCOUNTS FOR LACK OF MOBILITY (“DLOM”)

By , May 5, 2017 2:20 pm

Estate planners and LLC lawyers interested in DLOM issues will find interest in the post from Peter Mahler under the link below, especially if they practice in New Jersey. Here’s the link:

http://www.nybusinessdivorce.com/2017/03/articles/valuation-discounts/new-jersey-gone-off-dlom-rocker/

ASSET PROTECTION

By , April 10, 2017 1:44 pm

If, as an estate planner or LLC lawyer, you need to deepen your expertise in asset appraisals, you’ll find the discussion in Peter Mahler’s post both interesting and valuable. Here’s the link to the post:

http://www.nybusinessdivorce.com/2017/02/articles/valuation/business-appraisers-spar-tax-rates-market-approach-key-issues-fair-value-buy-case/

LLCS FOR ESTATE PLANNING AND KEEPING THE FAMILY CABIN IN THE FAMILY

By , February 9, 2017 2:26 pm

Mike Smith’s excellent post under the link below, entitled “LLCs for Estate Planning and Keeping the Family Cabin in the Family,” may be useful both to LLC lawyers and to estate planners.

Here’s the link:  https://www.michaelsmithlaw.com/blog/2016/12/llcs-estate-planning-keeping-family-cabin-family.html

WHAT DOES GENEROSITY MEAN IN A FAMILY ENTERPRISE?

By , January 30, 2017 9:44 pm

The issue of what generosity means in a family enterprise is perhaps primarily relevant to estate planners, but it is also relevant to LLC lawyers in drafting and revising operating agreements for these enterprises.  The issue is expertly discussed in the post under the following link:

http://www.familyenterpriseoffice.com/blog/2016/11/14/what-generosity-really-means

SHOULD TRUST AGREEMENTS CONTAIN ARBITRATION PROVISIONS?

By , December 21, 2016 5:06 pm

Under the link below is a post on the issue whether trust agreements should contain arbitration provisions.  The post is likely to be interesting not only to estate planners but also to LLC lawyers and accountants.

Here is the link:

http://www.probatetrial.com/arbitrability-of-will-and-trust-disputes-in-nh/

TAX COURT CASE ABOUT VALUING MINORITY INTEREST HELD BY A DECEDENT IN A PARTNERSHIP FOR ESTATE PLANNING PURPOSES

By , July 28, 2016 2:53 pm

Under the link below is an excellent summary by Lou Vlahos of the FarrellFritz law firm about a recent Tax Court case on how to value a minority interest held by a decedent in a partnership for estate tax purposes.

Here’s the link:

http://www.taxlawforchb.com/2016/06/what-is-it-worth-it-depends/?utm_source=Tax+Law+for+the+Closely-Held+Business&utm_campaign=5699724e6f-RSS_EMAIL_CAMPAIGN&utm_medium=email&utm_term=0_4d5d267118-5699724e6f-73367009

NEW CONNECTICUT CASE ABOUT RIGHT OF ESTATE EXECUTOR TO DISSOLVE LLC

By , June 27, 2016 7:38 pm

A new case about the right of an estate executor to dissolve a family LLC upon the death of a decedent member, discussed in Peter Mahler’s excellent post under the link below, is a Connecticut case, but its ruling is likely to be the same in rulings by courts in other states on any similar issue.

Here’s the link:

http://www.nybusinessdivorce.com/2016/06/articles/family-owned-businesses/executor-deceased-majority-member-appointed-receiver-wind-llc/

REVIEW OF RECENT ARTICLES ON ESTATE AND GIFT TAXATION

By , June 6, 2016 4:24 pm

Even LLC lawyers who don’t do estate planning should have a general sense of what’s happening in the field of estate and gift taxation.  Below are title and first paragraph of an article reviewing recent articles in that field that is noted in Tax Analysts Federal Tax Notes:

Two Years’ Worth of Estate and Gift Tax Law Review Articles

By Bridget J. Crawford

Bridget J. CrawfordBridget J. Crawford is a professor at Pace University School of Law.

In this article, Crawford reviews 10 estate and gift tax law review articles published in 2014 and 2015.

Copyright 2016
Bridget J. Crawford.
All rights reserved.

* * * * *

I suspect that Judge Harry T. Edwards would appreciate most estate and gift tax law review articles. In a recent interview published in the Journal of Legal Education, the senior circuit judge and chief judge emeritus of the United States Court of Appeals for the D.C. Circuit opined that, “In order for legal scholarship to be relevant outside the legal academy, law professors should balance abstract scholarship with scholarly works that are of interest and use to lawyers, legislators, judges, and regulators who serve society through legal arguments, decision-making, regulatory initiatives, and enforcement actions.”1 In this column, I review 10 excellent academic articles published in 2014 or 2015 that do just that. These articles combine deep doctrinal and theoretical knowledge with a desire to improve the functioning of the wealth transfer tax system. The authors write for a larger audience of practitioners, lawmakers, and judges

CHARITABLE BEQUESTS OF STOCK IN CLOSELY HELD COMPANIES

By , May 4, 2016 1:08 pm

The excellent new blog post under the link below addresses pitfalls in charitable bequests of stock in closely held companies.  Obviously, this includes bequests of membership rights in LLCs.

Here’s the link: http://www.taxlawforchb.com/2016/04/charitable-bequests-of-closely-held-stock-tread-carefully/.