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Search OptionsEstate Planning & Personal ServicesSupreme Court Opinion in Favor of IRS Requires Review of Shareholder Buy-Sell Agreements
On June 6, 2024, the U.S. Supreme Court unanimously affirmed the Eighth Circuit’s ruling that a closely held corporation’s contractual obligation to redeem shares is not a liability that reduces a corporation’s value for purposes of the federal estate tax. With the Court’s recent decision in … Putting the PURPOSE in a Trust: Using a Purpose Trust in a Business Succession Plan
On September 15, 2022, Yvon Chouinard, the founder of the outdoor clothing retailer Patagonia, transferred all his voting stock of the company to a “purpose trust” and his non-voting stock to a private foundation to support environmental causes. Mr. Chouinard’s recent gifts have sparked renewed… Higher Estate and Gift Tax Exemptions for 2024...But How Long Will This Last?
The Internal Revenue Service (“IRS”) recently announced the official estate and gift tax limits for 2024. For 2024, the estate and gift tax unified credit equivalent (“FET Equivalent”) has increased to $13.61 million per individual. With this FET Equivalent, a married couple can give up to $27.22… Avoid Leaving an Inheritance to Someone You've Never Met
Over their lifetimes, and at death, parents make gifts to children under the assumption that those gifts will be the property of that child for life, no matter what. Those gifts are intended to benefit the child and no one else. Unfortunately, the laws in Indiana on the division of marital property… President Biden Issues Executive Order on Artificial Intelligence
On October 30, President Biden issued his Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence, along with a companion Fact Sheet issued by the White House. The Executive Order establishes the federal government’s priorities with respect to Artificial… Chasing the “Worm” – Act Now to Use the Federal Gift/Estate Tax Exemption
It is not too early for individuals and families to start preparing for reductions to the Federal gift and estate tax exemption equivalent (“FET Exemption”) that become effective on January 1, 2026. The FET Exemption has increased through annual inflation adjustment, as well as an effective… What to do with the Cuckoo Clock? Disposing of Tangible Personal Property in an Estate Plan
Years ago we had a probate estate where the final distribution of a few hundred thousand was held up over dispute involving which of three sisters would get the cuckoo clock that hung over the family’s kitchen table. In most estate/trust contests, mediators will do everything they can to avoid… Transferring Florida Real Estate - Tread with Caution
Hurricane Ian focused our thoughts on Florida over the last week. Many of us have family, friends and clients in Florida, living full-time, “snow birding,” or just visiting. As we think about those individuals we are reminded of the various homes, condominiums and other real estate interests they… Website Compliance with the ADA: Is Your Company Compliant With the Latest DOJ Guidance?
While commercial businesses are typically aware of their responsibilities under the Americans with Disability Act (the “ADA” or the “Act”) relative to the maintenance of their physical office spaces and general corporate policies, some businesses have been the recipients of demand letters alleging… Estate Planning for Young Professionals and Families (Podcast)
Krieg DeVault Senior Associate, Micah J. Nichols, provides why it's important for young professionals and families to consider an estate plan. Three Minute Update - Day in the Life of a Business: Will Your Business Continue to Thrive If You Do Not Survive?
Running a family business can be all-consuming, but it is vital for owners to take time to develop and implement a succession plan for death, retirement, or incapacity. Failing to plan for ownership change could affect the long-term survival of the business and the preservation of wealth built by… Overview of New Federal COVID-19 Vaccination Requirements for Employers (Podcast)
Employment Practice attorney Shelley M. Jackson discusses the new vaccination requirements for employers with over 100 employees. |
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