“I think holidays create so much pressure because people feel they should be having a good time. But you shouldn't.” ― Craig Ferguson We’re well into the most wonderful time of the year. If you having just too good a time, allow me to make a very necessary and somewhat buzz-killing suggestion. If you’re likely to be surrounded by loved … [Read more...]
Lets Talk T&E
Good plans shape good decisions. That's why good planning helps to make elusive dreams come true. -- Geoffrey Fisher Question: When is the best time to start or update your personal estate planning and business succession plans? Answer: Now. “Always” is also an acceptable answer. One good reason to see to it soon is because only about 10 … [Read more...]
The Buy-Sell As Part of Your Exit Plan
Every exit is an entry to somewhere else. -- Tom Stoppard Last week we discussed the importance of drafting a will or trust and exit strategy as part of your business plan and that the Purple Rain will fall on you if you don’t plan for your eventual exist from the building. This should be part of your long-term plan to make sure the business is … [Read more...]
Why You Need a Will and an Exit Plan for Your Business
“Death is a very dull, dreary affair, and my advice to you is to have nothing whatsoever to do with it.” - W. Somerset Maugham Prince was a great artist and apparently was worth an estimated $300 million. An integral part of that came from his publishing company and his control of his intellectual properties. These assets comprised a small … [Read more...]
Sleeping with Your Partner’s Spouse
“Chi ha compagno ha padrone—'He who has a partner has a master.'” – Messr. Morrel – The Count of Monte Cristo Few ideas are as bad as sleeping with your partner’s spouse. The only one that comes to mind on this October afternoon is becoming business partners with your partner’s spouse. Let’s break this out – you are a person who knows … [Read more...]
Preparing for the Mad Rush of Fall
“Determine never to be idle.” —Thomas Jefferson Summertime is wonderful for people. Accrued time off is put to use and mostly everyone is happy to be outdoors. Most businesses are not on vacation, though the sum of their parts may be. It's easy to let the effects of the outside world's affability creep through your doors, turn to the alluring … [Read more...]
Memo from the Front Desk…
“There are no traffic jams along the extra mile” – Roger Staubach Note: This week’s blog post is by Chelsea Burnett who is the new administrative assistant for our firm. But as you’ll see from Chelsea’s account of a recent day in her life, in a small law office everyone ends up getting involved in a variety of ways. As the resident “newbie” … [Read more...]
Lying Lies and the Liars that Lie about the Lie
“When we are planning for posterity, we ought to remember that virtue is not hereditary” – Thomas Paine We have all heard the cautionary tale – don’t go through probate. Probate is bad. Probate is expensive. You don’t need an estate-planning attorney - handle your estate through a trust, through nonprobate assets, through payable on … [Read more...]
Why are You Paying this Optional Tax to the Government?
“For years, the income tax and gift and estate tax laws have been modified and amended to the degree that only tax lawyers and accountants could really make any sense out of them. Now, with the advent of the Tax Reform Act of 1976 and all of its cross implications, not even the tax lawyers and accountants are so sure of themselves.” – Robert S. … [Read more...]
If you Plan on Dying in New York — READ THIS!
“We don't pay taxes. Only the little people pay taxes.” - Leona Helmsley The best parts of my job are the constant learning and the interesting reading. In preparing for this series on tax planning, I reviewed both the income and the estate tax schemes of the Internal Revenue Service in the states in which I practice. I am glad I did, and you … [Read more...]
