New York Reserves Right to Subject Real Estate Owned By Single Member LLC to Estate Tax
In a recent New York tax advisory opinion, TSB-A-15(1)M, the Commissioner of Tax and Finance stated that if a single member LLC owns an interest in New York real property, that property can be subject to the New York estate tax upon the death of the sole owner. In this situation, the Petitioner had set […]
Business Succession Planning: FLLC
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 […]
Asset Protection Trusts vs. Family Limited Liability Companies
Occasionally, people who are interested in asset protection ask me what is more appropriate, a trust or some sort of FLC or FLP. Here is my response: An Asset Protection Trust An asset protection trust is more secure than an FLC, but it is also more costly to maintain (high annual fees for an independent […]