Business Succession Planning: Buy Sell Agreements in Closely Held Businesses

In closely held businesses owned and operated by multiple individuals, buy-sell agreements are a common way to address a variety of business succession issues. Usually contained within the governing instruments of the business (e.g., the Operating Agreement of an LLC), they allow the owners to express their goals with respect to future transfer of business interests institutionally. 


The Income Tax Mulligan for Trusts

For those fortunate souls who have not succumbed to the Siren’s call that is the game of golf, a Mulligan is basically a free “do-over.” The term “mulligan” represents an opportunity to have a second chance to do what you wish you had done from the start. In the world of federal income taxes, there are not many chances at a mulligan. There are even fewer chances at a mulligan for wealthy families.

2023 Tax Brackets and Rates

On a yearly basis the IRS adjusts more than 40 tax provisions for inflation. This is done to prevent what is called “bracket creep,” when people are pushed into higher income tax brackets or have reduced value from credits and deductions due to inflation, instead of any increase in real income.

Summer/Fall 2022 Gift Tax Series: Volume 4: The Renaissance of the QPRT

As has been noted in earlier installments of this series, the current estate and gift tax exemption of $12.06mm is at a historically high level and is set to sunset at the end of 2025. This combination of facts means that many high-net-worth individuals are trying to find ways to take advantage of the exemption now before it’s gone. But not everyone has the ability to part with $12mm of investment assets right now!