Articles

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

  • Business Succession Planning Still Important in 2017

    1,077 Comments

    In 2017 under current law, the estate and gift tax is $5.49 million for an individual and $10.98 million for a couple. However, for the closely held business, succession planning for the next generation and continuation of the closely held business is still very important.  The presidential election is now over and I will discuss […]

  • Property Taxes Issues For Commercial Property

    906 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. I want to explain in this article some of the basic planning considerations of the parent child exclusion amount of $1 million for non-residential property. No matter […]

  • Disposition of Family Residence and Rental Mixed Use

    1,395 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

    2,334 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

    1,158 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

    1,948 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

    948 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

    1,717 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

    1,002 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

    1,918 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 […]