I don’t have a Great Aunt Edna and if I did, she probably wouldn’t have a Snap account but you, your parents and your children likely have Facebook accounts with cherished family photos and other digital memories. Our burgeoning online activity creates troves of so-called ‘digital’ assets, some of which may be every bit as
Successor Planning
Where there’s a Will . . . You still need to check those beneficiary designations.
By Elizabeth Mullaugh on
Posted in Successor Planning, Tax
Just completed your estate planning? Let’s be sure. You have a Will? Super. Powers of Attorney? Terrific. Living Will? Excellent. Now, have you checked the designations on your retirement plan? Life insurance? Health Savings Accounts?
While a Will remains a critical part of an estate plan, it doesn’t get the whole job done for most…
Changes to the Tax Code Impacting All Tax Partnerships
By Peter Kriete on
New audit rules put into place by the Internal Revenue Service (the “IRS”) at the beginning of this year will have an impact on tax partnerships which may have significant ramifications for some dealers. Historically, many dealers put their dealership and real estate assets into entities that are taxed as “pass through” entities for tax…
The Power of Durable General Powers of Attorney – An Essential Estate Planning Tool for Dealers
By Elizabeth Mullaugh on
Posted in Successor Planning
Having recently advised clients in commercial transactions where one or more parties lacked legal capacity, we were reminded of the essential role of Durable General Powers of Attorney in an estate plan. Though none of us wants to think about ourselves or our older family members losing mental capacity, we have to accept that it…