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Sep 29

Is your buy-sell agreement up to date?

Over the years I have heard many business lawyers (myself included), tell clients that there are certain agreements that once signed, can be placed in a drawer and do not need to be reviewed until the particular event that is the subject of the agreement… Read More

Sep 23

Clinton Proposes Estate Tax Increase on Super-Rich

As reported in an article from today’s (September 23, 2016) Wall Street Journal, Democratic presidential nominee Hillary Clinton has proposed an increase in the federal estate and gift tax.  She would lower the federal estate tax exemption from the 2016 amount of $5,450,000 per individual… Read More

Sep 19

Estate Planning Isn’t Just About Dying

Over the course of thirty years as a trusts and estates lawyer I have drafted hundreds, maybe even thousands, of wills.  After all, that is what estates lawyer do – we help our clients memorialize the disposition of their assets when we they die.  Wills… Read More

Sep 12

Stay in LLC Structure and Go Public Using an UP-C Structure

In the “old days” if your business was in an LLC classified for tax purposes as a partnership and you thought you wanted to take your company public, you were told by the investment bankers to convert your LLC to a corporation. Many new businesses… Read More

Aug 19

The Olympics, Usain Bolt, and Intellectual Property Law

With the Olympics in Rio, we all enjoy watching the competition, the fanfare and the joy when an Olympian wins gold. As I sit watching Usain Bolt cast his “Lightning Bolt” signature pose after winning yet another gold medal, the intellectual property attorney in me… Read More

Aug 17

Treasury Department Plans to Close Valuation Loopholes for Closely-held Businesses

On August 2nd, the Treasury issued proposed regulations that seek to eliminate the use of several strategies to reduce estate, gift, and generation-skipping tax (“GST”). Specifically, if the new rules are finalized, taxpayers will generally no longer be able to take certain types of voting… Read More

Jul 14

You need a patent! Or do you?

Almost every entrepreneur or startup company that approaches me with an invention starts off by telling me “I need a patent.” They are often surprised when I tell them this may not be the case. When assessing whether there is a benefit to patenting an… Read More

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Jun 30

Material Interest Necessary to Obtain Decedent’s Tax Return

This guest post was authored by Mara Smith, a summer associate with Montgomery McCracken. For the last three years, you have spent one weekend during each of the summer months at your favorite great-aunt’s beachfront home in a swanky community at the Jersey Shore.  Also, you… Read More

May 26

Professional Corporation that does not elect subchapter S – be careful of using yearend bonuses to zero out taxable income

Some professional entities are C corporations.  The case of Brinks Gilson & Lione, a professional corporation v. Commissioner, TC Memo 2016-20, points out the danger in operating a professional entity as a C corporation.  In Brinks, the professional corporation had a substantial number of attorneys… Read More

Apr 05

It’s Tax Time – Wake Up and Think About Taxes!

Sometimes it is better tax wise to rehab space than build new. The Protecting Americans from Tax Hike Act of 2015 or “PATH Act” provided several gifts to the real estate industry that favors rehabbing older buildings.  The PATH Act retroactively restored and made permanent… Read More