HK® Bobby Pen & The Pen Pals® Real estate, Wealth, Health

How to Avoid FinCEN Reporting

There are two types of reporting companies – “domestic reporting companies” and “foreign reporting companies.” It is important to remember that reporting companies that were formed or registered to do business in the United States on or before December 31, 2023 are required to comply with applicable “FinCEN” reporting by January 1, 2025 and reporting companies that were formed or registered to do business in the United States during 2024 are required to comply with applicable “FinCEN” reporting within 90 calendar days after receiving notice of such formation or registration.

Connelly v. United States – An Important Supreme Court Estate Tax Valuation Case

“Buy sell” agreements often are funded by life insurance policies. Life insurance proceeds can affect the “estate tax” valuation of a deceased business owner’s ownership interest. And can have material implications for the terms of “buy-sell” agreements, business valuations, and other estate tax liability and estate planning issues.

Moore v. United States – Wealth Taxation Is Still Possible

Relative to its decisions concerning other areas of the law, the United States Supreme Court generally does not issue many decisions concerning tax law. Thus, when the Supreme Court does issue a tax decision, it definitely is noteworthy and deserves attention.

SUCCESSION IN DISABILITY SITUATIONS

Succession is an important issue in estate planning. Usually, succession is discussed in terms of an asset owner’s or business owner’s death. Who should succeed me as owner and manager of my assets or business on my death? A less often discussed, but also significant, issue is succession in disability situations.

HK® Get Smarter Faster® with Bobby Pen & The Pen Pals®

WHY ILLINOIS BUSINESSES SHOULD CONSIDER NOT USING ILLINOIS ENTITIES

Simplicity can be advantageous in making decisions concerning your business. On the important decision of choice of entity, based on simplicity, it may seem appropriate to use an Illinois entity to operate an Illinois business. By using an entity formed in a different state than Illinois to operate an Illinois entity, there will be additional complexity from having to comply with the legal requirements of Illinois and another state. However, for some Illinois businesses, this complexity may be overridden by certain benefits from using non-Illinois entities.

The Advantages Of Protected Series Over Registered Series In Delaware Series Limited Liability Companies

For many years, Delaware has been a leading state in which to achieve asset protection. Besides its broad recognition of tenancy by entirety and “pro-debtor” charging order law, Delaware was one of the first states to authorize the use of series limited liability companies.