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Showing 89 posts in Business Formation and Planning.
What is an Irrevocable Life Insurance Trust?
Life insurance is an important estate planning tool; however, life insurance proceeds can be quickly diminished by taxation. This is due to the fact that a policy's face value is often included in a decedent's taxable estate. For instance, if you own a life insurance policy with a face value of $2 million dollars and you have other assets valued at $4 million dollars, then at the time of your death your estate would be valued at $6 million dollars. Your heirs would be exposed to estate tax liability on the amount exceeding $5.25 million dollars, the current estate tax exemption, (which is always subject to change). Notwithstanding these facts, proper planning can protect life insurance proceeds; one way to minimize the threat is to create an irrevocable life insurance trust ("ILIT"). More >
What Is a Business Incubator?
Business incubation programs can provide an array of benefits to start-up business owners. Think of them as a support service — they provide entrepreneurs with valuable resources. The goal of a business incubator is to "produce" a business that will exit the program and be able to successfully operate on its own. More >
Key Considerations in Your Family Business's Succession Planning
According to Forbes magazine, family businesses are responsible for 50 percent of the U.S. gross domestic product. Moreover, they account for 80 percent of all new job opportunities and make up 60 percent of all American jobs. Some 35 percent of Fortune 500 companies are still family firms. More >
The IRS/Treasury Department Announcement & Estate Planning
On August 29, 2013, the Treasury Department and the Internal Revenue Service ("IRS") issued Revenue Ruling 2013-17. The ruling establishes that the IRS will recognize same-sex marriages for all federal tax purposes regardless of where the couple lives, as long as the couple was married in a jurisdiction that recognizes such marriages. So, for example, if a couple was married in Connecticut (a recognizing state), but now live in Kentucky (a non-recognizing state), they will receive the same federal tax treatment as heterosexual couples residing in Kentucky. The ruling clarifies that a "state of celebration" approach will be used versus a "state of residence" rule. Treasury Secretary Jacob J. Lew says the decision "[a]ssures legally married same-sex couples that they can move freely throughout the country knowing that their federal filing status will not change." It is important to note that, according to the ruling, "marriage" does not include a registered domestic partnership, civil union or other similar arrangement. The ruling applies to all federal tax provisions where marriage is a factor, including: filing status, estate tax exemptions, personal and dependency exemptions, the standard marriage deduction, IRA contributions, earned income tax credits and employee benefits. More >
The Need for a Special Needs Trust for Children with Special Needs
All parents worry about their children's future. When you have a child with special needs, however, that worry is often increased ten-fold. For parents with a special needs child, great care has to be given to not only the child's emotional, mental, and physical health, but also to their financial well-being. More >
The Importance of a Registered Agent for Your Business
Many business owners who are just starting out often overlook the fact that they need to appoint a registered agent. All corporations, nonprofits, limited liability companies, limited partnerships, limited liability partnerships and limited liability limited partnerships must continually maintain a Kentucky registered agent. A registered agent is simply the agent for service of process, notice, or demand required or permitted by law to be served on the business entity. Registered agents routinely receive important mail from the state, like annual reports or statements and tax documents. Service of process is the document which initiates a lawsuit against your company and starts the tolling of the statute of limitations. More >
Is My Business Required to Use E-Verify?
Federal law prohibits employers in the United States from employing individuals who may not legally work in the U.S. Electronic employment verification, or E-Verify, is the system Congress established to allow U.S. employers to determine whether a prospective employee may legally work in the U.S. E-Verify supplements the I-9 process; an employer cannot initiate an E-Verify query for a new hire until after the I-9 process is complete. The internet-based system allows businesses to determine whether their work force is legal. Despite the system being free and relatively easy to use, many business owners still want to know if they are legally obligated to use it. More >
The Sooner, the Better: Not Always True with Trusts
It is a story that estate planning lawyers are all too familiar with: a well-intentioned parent or relative establishes a trust for a child, the child reaches age eighteen - the age of distribution specified by the trust, and bam! The trust funds are gone in a flash; an inheritance spent on cars, clothes, or fancy vacations - not at all what the grantor of the trust had in mind for the beneficiary. More >
Where There's a Will, There's a Way. Where There's No Will, There's Escheatment
Recently, an estate planning failure of epic proportions made national headlines. Roman Blum, a Holocaust survivor and successful real estate developer, died without a will and no legal heirs. This scenario happens from time to time, but there is a twist to this story: Mr. Blum left behind an estate worth $40 million dollars. At the time of his death, he was divorced with no children and no known relatives. More >
Living Wills in Kentucky: The Basics (Part 2)
Last week, general information was provided regarding Kentucky's living will form. Let's take a look at some more information about the document. More >
