Did you know that 47% of people over age 85 are affected by Alzheimer’s disease? The numbers are high enough that any older person planning for their estate should consider the possibility that they may become intellectually incapacitated at some point. Of course, a critical step in planning for incapacity is having a durable power of attorney document in place that allows someone to handle your financial affairs if you’re no longer able to do so.
When actress Audrey Hepburn died in 1993, she owned a storage locker containing memorabilia of her career – costumes, photos, awards, scripts, posters and the like. In her will, she directed that the contents be divided equally between her two sons. But some 22 years later, the two sons (who had different fathers) still can’t agree on how to divide the goods. The older son, who is now in his mid-fifties, has filed a lawsuit and
IRS officials have been indicating for a few months now that they’re about to start cracking down on certain estate planning techniques that have been popular in recent years. But ironically, this might actually help a number of clients to save on their taxes. The issue involves family limited partnerships and LLCs. A technique that many wealthy people have used in the past is to create a family business structure of this type, and then give
A trustee has two important duties – managing the assets in the trust, and distributing them to the beneficiaries according to the donor’s wishes. But it can be hard to find one person who can do both things well. An aunt or uncle might be the perfect person to know how to distribute assets to family members, but might not have a lot of financial acumen. An investment advisor might be very skilled at growing the
When many people hear the words “asset protection,” they think of billionaires with Swiss bank accounts and offshore tax havens. But in reality, asset protection is for everyone. It’s simply a series of basic techniques you can use to help ensure that the wealth you’ve accumulated stays with you and your heirs, and not someone else. Hard-earned wealth can quickly disappear as a result of a lawsuit, a business going under, or a similar event. Asset
Many businesses have a buyout agreement that says that if one owner retires or resigns, the others can buy out his or her interest at a certain price. These agreements are a smart idea for retaining control of a company. But you should keep in mind that they can sometimes be used in ways you wouldn’t expect.
If you provide bonuses, awards, gifts or prizes to employees or customers, it’s important to understand the tax consequences. It’s particularly important if the recipient is going to have to pay a tax – you’ll want them to understand this fact from the start, so they don’t get an unpleasant surprise later. In general, any gifts made by a company to an employee are considered wages. They’re subject to both employment tax and income tax, and
The Duluth Trading Company was looking for a way to promote its men’s Henley-style collarless polo shirts. It thought of Don Henley, the lead singer of the Eagles, whose first big hit in 1974 was called “Take It Easy.” So it created an ad that said, “Don a Henley and take it easy.” Result: The company got sued – by Don Henley.
Companies that are leasing their own space for the first time are often surprised by the terms of a commercial lease – and even companies that have leased space before sometimes overlook important points where they might be able to negotiate matters to their advantage. Here’s a quick guide to what to look for:
The National Labor Relations Board has adopted new, “streamlined” rules for union elections that create additional requirements for businesses and could dramatically shorten the time between when a union files a notice and when a vote is held. Union elections could now be held as little as 13 days after a union files a petition. This means companies will have to scramble to meet very short deadlines, and may have little or no time to respond
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