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The Tax Court in Estate of Aaron U. Jones upheld the use of tax-affecting in the valuation of gifts made of S corporation and limited partnership interests. The business involved timber, and the income method is typically used to value an ongoing timber business. Tax-affecting is adjusting the value to reflect an after tax value …
A power of attorney is a document in which you give someone else the power to act on your behalf for financial transactions. Texas, like many states, has adopted a statutory durable power of attorney form. The form has a laundry list of transactions from which you can pick and choose from, and you can …
There are three basic types of intellectual property (IP): copyrights, trademarks and patents. Copyrights do not protect ideas, but do protect the way those ideas are expressed. Trademarks protect logos, slogans or other ways a business is identified. Patents protect inventions. IP presents unique challenges for estate and business planning. It is a difficult …
I generally don’t recommend structuring a business as an S corporation. Unlike LLCs and partnerships, the S corporation rules (i) restrict the number and type of owner, (ii) provide no flexibility in allocating income and loss, (iii) do not allow a step up of the assets at death of the shareholder and (iv) unlike other …