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Knowing the Value of Your Business
April 12th, 2013
With the day-to-day demands of running their businesses, most owners put off getting a valuation until a sale is imminent. But some are starting to treat the act of valuing their business as an integral part of running it. Has anyone asked you what y…
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Categories: Current Affairs
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A Million Dollars in Art, but No Money for a Burial?
April 11th, 2013
Despite Mr. Simpson’s collection of museum-quality art, some of it housed in the Manhattan gallery he owned, which is now under lock and key, his family said it lacked the money for a burial. A million dollars worth of art is quite a collection!…
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The Hoopla over HIPAA
April 10th, 2013
In hospitals, nursing homes, doctors’ offices, pharmacies and insurance companies, professionals may cite Hipaa as a reason to restrict information. Some patients even have trouble accessing their own health records, supposedly because of the priva…
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Asset Protection Planning Pitfalls
April 9th, 2013
It is, of course, painfully difficult to call what Reed and Cohen put together anything like valid asset protection planning. Sadly, at a certain low level this is the standard of practice, such as it is, that goes on with mass-marketed asset protect…
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Categories: Current Affairs
Tags: Asset Protection
Succession Planning – A Business Must
April 8th, 2013
The conversation around successions can be [sensitive], because it brings up all the same issues one faces when starting a business — only this time, you’re forced to imagine it without yourself in the picture. When it comes to business, successi…
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Categories: Family Business
International Charitable Giving
April 5th, 2013
One of the most notable trends in philanthropy, according to the 2012 Giving USA Study of charitable giving, is that international giving has steadily grown despite a tumultuous economy. Thinking about going global with your charitable giving? When i…
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Valuation Discounts: The “Art” of Estate Planning for Artwork
April 4th, 2013
Artwork can be really valuable. Thus, it is hardly surprising that artwork will be a contentious matter in estate tax cases. When it comes to estate planning, determining the value of artwork can be disputable and very difficult to pin down. However,…
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Categories: Estate Planning
Don’t Overlook Tax Returns for Your Gifts
April 3rd, 2013
You must report 2012 gifts on Form 709 even if you don’t owe tax. Among other things, that’s so the IRS will know how much of the $5.12 million ($5.25 million for 2013) tax-free amount you have used so far. April 15 is approaching fast, and the t…
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Four Generation Family Business Endangered by Family Dispute
April 2nd, 2013
The silent party to all the fighting is, of course, Luray Caverns. It is not just a U.S. Natural Landmark. It is also a business, and businesses can suffer when their owners are at war with each other. Family businesses have a tough time passing from…
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The Mighty Power of Attorney (POA)
April 1st, 2013
A POA is a legal document that is based on your state’s law that authorizes someone to act on your behalf. A Power of Attorney (POA) is an essential tool for your estate plans, and a mighty strong one at that. In effect, every adult should have one…
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