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When starting a business, two of the biggest considerations are often the tax consequences and limiting the liability of the owners. While an explanation of the tax pros and cons of selecting a specific entity can be complex, explaining how to limit one’s liability is fairly straightforward. The most common way to achieve this limitation of liability is to […]
The story released this week about Michael “the Situation” Sorrentino and his tax issues is far too common in the entertainment industry. While in the Situation’s case, it looks like there were more fraudulent actions than a mere failure to pay taxes, but there is still a lesson to be learned for those that are self-employed. […]
When an individual or couple creates a revocable living trust, they typically name themselves as the initial trustee. When they become incapacitated, die, or simply become tired with the role as trustee, a successor trustee is named. This successor usually comes in the form of a corporate trustee, professional fiduciary, or family member. The majority […]
Even for those who don’t follow the NBA, many have heard the news about Donald Sterling over the past couple months. This week, it was reported that Steve Ballmer would purchase the Los Angeles Clippers for $2 billion. Part of what made that sale possible was product of estate planning. Donald and his wife Shelly had […]
Estate planning used to be a niche carved out by attorneys who had been drafting wills and trusts for years. However, as technology has evolved, the options available to those looking for an estate plan have expanded. Not only are more attorneys preparing wills and trusts (which comes at its own risk), but the emergence […]
