Firing A Family Member Employee - Can You Fire A Family Member Employee and Still Keep the Family Together?

One of the biggest challenges in managing a family-owned business is firing an underperforming family member. Ideally, all of the family members working in the business recognize and agree to the need for firing a family member. I have found in these situations that it is difficult to engage in a process that can be accomplished in a way that relationships are maintained and where everyone can still attend family functions in the future with no underlying ill will or bitterness remaining between family members.

The Winter of 2014 – Slip Sliding Away ... How Accumulations of Ice and Snow Affect Property Owners' Liabilities to Third Parties

Under most states’ premises liability laws, a landowner owes duty to use reasonable care to protect individuals from unreasonable risks of harm posed by dangerous conditions on the owner’s land. This duty is breached when the owner knows or should know of a dangerous condition on the premises of which the third party is unaware and failed to fix the defect, guard against the defect or warn the third party of the defect.

The “Status” of a Third-Party Visitor to the Premises Dictates the Landowner’s Duty

Year-End Tax Planning Strategies for Individuals and Businesses

Tax Planning is critical at the end of the year. Here are some ideas to contemplate, along with the tried and true year-end tax savings techniques.

Individual Tax Strategies:

1) Game – The Standard Deduction

Put Your Plan in Order. Part 5: Trust Planning - Should You Appoint an Independent Trustee?

Like most attorneys, I was taught Estate Planning either by direct tutoring from my partners or by the traditions of those attorneys teaching seminars and speaking in related educational-type programs. The answer to the question of who should serve as a successor trustee in a trust for the individuals forming the trust (trust makers) is almost always an afterthought – it defaults to the kids, of course.

Put Your Plan in Order. Part 4: Fund Your Living Trust. Strategies for Individuals with Trusts.

The Importance of “Trust Funding

One of the significant benefits of utilizing a living trust as part of one’s estate plan is to avoid the necessity of a surviving spouse or heirs from having to probate your assets with a probate court after your death. However, this benefit is not achieved by simply drafting and signing a living trust. The title to assets actually has to be transferred from an individual and/or their spouse to the trust during their lifetime in order to achieve the goal of avoiding probate.

Put Your Plan in Order. Part 2: Updated Planning for Clients with Married Separate Trusts

Sometimes I’m asked if I’m concerned that changes to federal estate tax law will result in there being less work for me to do in my practice. I reply that I’m not concerned and that the changes to the federal estate tax law just mean that I’ll be dismantling all the planning during the second half of my career that I spent the first half of my career creating for clients.

Put Your Plan in Order. Part 1: Are Your Beneficiary Designations Current?

This week’s article, “Are Your Beneficiary Designations Current?” is the first in a series of four articles discussing key information on estate planning matters. The following articles will also be included in this series:

                Part 2: Updated Planning for Clients with Married Separate Trusts

Kick Off Your Charitable Giving Season: Tax Benefits of Incorporating Charitable Giving Into Your Tax and Estate Planning

Now that Halloween has come and gone and the end of the year is on the horizon, the time is here to plan your short- and long-term strategies for charitable giving.

Depending on who you listen to, the overall economy is still sluggish; however, many individuals still realized significant stock market gains based on bullish market conditions during the course of 2013. Individuals who have enjoyed success in the market this year have realized gains that will increase their gross income, triggering higher taxes.

Dan’s Perspective: It’s a “New Day” for Estate planning, Or Is It? Recent Developments in Federal Estate Tax Law Have Dramatically Changed Estate Planning

In December 2012, Congress made temporary increases on the estate and gift tax credits permanent and adopted further benefits for taxpayers. Those credits resulted in individuals being able to give away during their lifetime, or transfer at death, approximately $5 million in assets to beneficiaries ($10 million for married couples).