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Showing 89 posts in Business Formation and Planning.
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 >
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 >
Planning for Incapacity
While an estate plan has obvious uses - i.e., planning for the disposition of estate assets after the death of a testator - some of the lesser-known benefits of a well-written plan are the provisions that provide for both management of assets and instructions for personal care in the event of incapacity. More >
Lessons from Law Firm Management: The Multigenerational Workforce
Today one of the more complicated challenges facing law firms is the ability to bridge cultural divides and expectations within a multigenerational workforce. Law firms are often comprised of a wide swath of generations, from partners in their early sixties nearing retirement to young associates in their mid-twenties. The McBrayer group is no different. While our oldest attorneys are Baby Boomers, our newest associates are Millennials, a generation of people who have come of age in the shadow of today's modern technology. To add to this mix is Generation X, sandwiched in between. Each generation brings with it its own life experiences and expectations about the culture of the firm, the amount of work required to be successful within the firm, and what it believes is the appropriate balance between work and life. Often times, these expectations do not appear compatible. However, reflexive leadership responds to these varying expectations and applies these unique generational characteristics in the ways that best serve the firm and its clients. More >
The Basics of Charitable Remainder Trusts
Planning on making a large gift to charity? Rather than making a gift outright, it might beneficial to consult an attorney and set up a charitable remainder trust, an instrument that allows you to donate to charity while still receiving income from the property, as well as providing tax breaks to the settlor and settlor's heirs. These types of trusts can be a crucial element of an estate or financial plan, especially if you are considering making large charitable gifts. More >
Be Wary of Estate Tax Provisions in the Proposed Fiscal Year 2016 Budget
It's time to call your estate and financial planners - new tax provisions in the proposed FY 2016 budget once again show the specter of potentially brutal taxes at death for the moderately wealthy. While these taxes exist only in the proposal stage for now and have to pass through the gauntlet of an opposition Congress, it's never too early to take a look at your estate and plan ahead. More >
Publicly traded companies and the task of succession planning
As we’ve pointed out in previous posts on this blog, succession planning is an important task for every company to ensure its success during and after times of transition. A common theme in all effective succession planning is that it has to be started sooner rather than later and to remain and ongoing task. This is just as true for publicly traded companies as it is for closely-held companies. More >
Bankruptcy doesn’t have to be a defeat, but can be a new beginning
Last week, electronics chain Radio Shack filed for bankruptcy following decline in its wireless offerings and struggles to keep up with online shopping. The company reportedly plans to close at least 1,784 locations across the country by the end of March. In Lexington, several Radio Shack stores will be closing, two by the end of February and one in late March. More >
Floating or Fixed Rates: Considerations in Choosing a Commercial Real Estate Mortgage
When financing a commercial real estate purchase, the devil finds its way into the details in surprising ways. One of the details that can provide a fair amount of headache for developers and investors is the decision to choose either a fixed or a floating mortgage rate. There are, obviously, risks and rewards to each, and there may be times when the safest bet isn't always the best one. More >
In the Uniform Code We Trust: Basic Provisions of Kentucky's Uniform Trust Code
Kentucky recently followed 27 other states in enacting the Uniform Trust Code ("UTC"), which went into effect on July 15th of last year. The sweeping provisions of the UTC will apply to all types of express trusts, even those created prior to the effective date of the law, so it is important for trustees, settlors and beneficiaries to have a thorough understanding of the new law. More >
