Penning Group Blog

The Penning Group blog is written and edited by the advisors and attorneys of The Penning Group, providing practical business, personal, and legal information. To view blog posts by category, choose a topic area from the sidebar menu.

Tuesday, January 19, 2016

Beware The Use of Online Legal Services

A client whom I represented a couple of years ago regarding the sale of her company recently contacted me. This particular transaction involved the buyer purchasing the assets of her company and the new business carrying on in the same manner as it did before the sale. The transaction was a little unusual in that my client also became a 20% owner in the corporation that bought the new business and...

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Tuesday, January 19, 2016

Asset Protection Is for Everyone

When people hear the words “asset protection,” they think of rich individuals with offshore accounts and tax havens. However, in reality, asset protection is for everyone. Using a series of basic techniques, individuals can increase the odds that the wealth they’ve accumulated stays with them and their heirs and not someone else.

Individual’s assets can quickly disappear as a result of a lawsuit, a failed...

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Tuesday, January 19, 2016

When Parents Are Living with Their Adult Children

Did you know that almost 20 percent of the U.S. population, or more than 55 million Americans, are living in households with two adult generations?

Some of these are households in which “boomerang children” have returned home after college. But in a great many cases, the situation may involve seniors who no longer want to live alone (or are no longer able to live alone)...

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Monday, December 21, 2015

Approach Year-End Giving with the Following in Mind

As we approach the end of the year, I often get renewed questions from individuals asking about the rules concerning gifts, taxes and related matters. The following are some important factors to keep in mind as you consider making gifts to family members, charities and other beneficiaries: 

  • Overall, an individual has an estate and gift tax credit of $5.43 million. That...
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Tuesday, December 8, 2015

Business Succession Planning Through Trusts

Many of my clients elect to hold ownership of their business until death, and then provide for a disposition of ownership at that point. There are various issues involved with this approach, mainly depending on factors such as whether or not their children work for the company or if there is a disposition of the business to employees or some other third party. 

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