There is a concept in estate and tax planning called Discount for Lack of Marketability. Basically, it says that assets in a company are not as valuable as assets owned directly by a person. This can save a family a ton of money in estate taxes if
My cousin came into the office with a map of an elaborate business plan. It had layers of business entities outlined on a sheet. She described her business and then wanted todiscuss all the types of entities she wanted to use. She described how effective she thought
The question of how long a power of attorney lasts has two different answers–a legal one and a practical one. First, the legal answer is however long you set it up to last. If you set a date for a power of attorney to lapse, then it
It may seem impossible to shift taxes to someone else, but it is a long established tax planning technique of the wealthy. Income is moved away from family members in a higher tax bracket to family members in a lower tax bracket. Shifting income is still a
