I occasionally get asked if it is really necessary to hire an attorney to prepare simple estate planning documents. Usually, the answer is NO, however, I find that once I start asking a few questions, most people really don’t need a simple Will and they would be much better served with professional guidance. Let me […]
On July 9, 2013, Pennsylvania enacted new legislation that made significant changes to their inheritance tax law by exempting the transfer of small family owned businesses. (H.B. 465) A qualified family-owned business is defined as a proprietorship or entity with fewer than 50 full time employees and assets less than $5,000,000 at the decedent’s death. […]
One of the trickiest items that we must deal with as estate planners is to help clients transfer illiquid assets. Illiquid assets can include: retirement plans ownership in a family business real estate collectibles (such as artwork, baseball cards and comic books) expensive vehicles and even animals (such as thoroughbreds and show pets) Illiquid assets […]
In 2007, I wrote about the importance of business succession planning. Nothing has changed. Having a clear plan as to how to transfer the ownership of a business is crucial. However, merely transferring your interest in a business to your next of kin is only part of the equation. A good business succession lawyer will […]
I just got back from an interesting lecture sponsored by the Mercer County Estate Planning Council. The keynote speaker was a representative from the New Jersey Department of Inheritance and Estate Taxation. Unfortunately I can’t remember his name, but he mentioned a few things that I thought were important enough to highlight and share. It […]
Some of you may have seen these scary statistics: According to the U.S. Small Business Administration, 90 percent of the 21 million small businesses in the U.S. are family-owned, but less than one-third of family-run companies succeed into the second generation, while only half of that make it to the third. Most often, the lack […]