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Showing 8 posts from May 2015.
When Making a Large Gift, Don't Forget About the Gift Tax
Gift tax is not something many people think about, and for good reason: it will not affect the majority of taxpayers in any appreciable way. However, it can make a significant difference to wealthy givers who make large gifts in an effort to pare down an estate, and while the exemption is high, it is not limitless. As with most things, it is better to understand the rules and not need to use them than to wind up affected by them when you did not understand them. More >
What are the basics of the patent process? P.1
In recent posts, we’ve been speaking about intellectual property rights, including trademark disputes. Here, we want to speak briefly about some of the basics of the patent application process and how an attorney can help businesses to navigate that process. More >
What factors do courts consider in trademark disputes?
In our last post, we wrote about a trademark infringement case out in California involving a small business owner who is up against a large corporation in protecting a marketing slogan she trademarked. In such David vs. Goliath cases, it is important to work with an experienced attorney to protect one's business interests. More >
The Evolving Duty of Trustee Communication with Beneficiaries
Trustee communications with beneficiaries have followed an interesting legal path in Kentucky. The original Kentucky statute regarding communication with the beneficiaries required that the trustee must keep the beneficiaries reasonably informed about trust activities. This statute, KRS 386.715, did not make a distinction between revocable and irrevocable trusts. The traditional presumption is that a settlor may change a revocable trust at will, and thus the trustee of a revocable trust did not have a duty to notify beneficiaries of trust status, as the identity of the beneficiaries could potentially be in flux. More >
Small businesses need help protecting intellectual property rights
Potential trademark infringement and other issues regarding intellectual property rights are part and parcel of developing and marketing new products in a competitive market. In protecting their own intellectual property, businesses need to be proactive on the front end and determined to protect their intellectual property rights when they are infringed. More >
Midyear Tax Planning
As we approach the middle of the year, this is the perfect time to consider tax planning for your business and whether you need to make any changes to your current tax strategies. More >
Estate tax planning prevents heirs from having to liquidate estate
Readers may have heard that the Housing of Representatives passed a bill last month that would repeal the estate tax. The bill, which passed on a vote of 240 to 179, is largely backed by Republicans, with Democrats mostly voting against the measure. Although the proposal is unlikely to pass all the way through the legislative process, it is interesting to ponder how it would affect small businesses. More >
Member Rights in Kentucky Limited Liability Companies
All members of Kentucky Limited Liability Companies, whether they hold a majority or minority membership interest, have rights under Kentucky statutory and common law, but these rights may be modified, curtailed or extended to a nearly unlimited extent by the provisions of the operating agreement. In this post, we will briefly discuss various rights afforded to members of Kentucky LLCs, which are less statutorily-defined than other corporate rights under state law. More >
