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The post Attorney Alison Petri – Just the Facts 5/25/22 – Unique Estate Planning Considerations for Adult Children with Disabilities appeared first on Steimle Birschbach, LLC.
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Proposed Regulations on the SECURE ACT
Earlier this year the IRS released proposed regulations on the SECURE ACT. The SECURE ACT made drastic changes to the rules governing inherited retirement accounts, effective January 1, 2020, but there has been little guidance from the IRS on the Act’s provisions until now.
The SECURE ACT seemed to replace the rule that a designated beneficiary must take out a yearly required minimum distribution (“RMD”) based upon his or her life expectancy (the “Life Expectancy Rule”) with a simple
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What’s Wrong with Online Will Forms?
These days there are several websites offering online do-it-yourself legal forms that promise easy, inexpensive legal forms. One such website says “there’s no easier way.” However, the biggest problem with these sites is they cannot provide any advice. When it comes to estate planning or business formation, there is a lot more involved than just filling out forms.
Details Matter. In estate planning, and any other legal documents for that matter, the details matter. Seemingly minor things like whether
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Attorney Gina Ziegelbauer – Just the Facts 3/23/2022
2021 Business Transactions Year in Review
2021 was the busiest year ever at Steimle Birschbach in terms of the number of transactions closed. It was the second highest year in terms of total transaction dollar amounts. We attribute this to a few consistent themes.
First, there was significant concern about a potential change in tax rates. As you may recall, early in the Biden administration, there was talk of modifying capital gain tax rates to equal ordinary income tax rates for anyone with income in
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What Happens To My Belongings When I Die?
By: Attorney Gina C. Ziegelbauer
When someone dies, one of the first things loved ones are faced with is what to do with all of physical things your loved one owned. Sorting through a loved one’s tangible personal property can be an overwhelming task depending on how much stuff there is, the value of the property (monetary or sentimental), the number of heirs supposed to receive the items, and how well the heirs get along. Sometimes the question of
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“Leave the Gun. Take the Cannoli.” Structuring Your Business Purchase to Avoid Taking On Unwanted Seller Liabilities
By: Attorney Samuel J. Spurney
“Leave the Gun. Take the cannoli” is arguably one of the most famous lines in movie history. In the movie, The Godfather, Peter Clemenza – fictional hitman for the Corleone crime family – utters this line after avenging the betrayal of the Corleone family by one of its members.
Asset Purchase Acquisition Structure
The same can be said for business acquisitions structured as an asset purchase – one of the key advantages of acquiring
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Federal Estate Tax Law Changes – Stalled or Dead?
By: Steimle Birschbach, LLC 2021
On September 24, 2021, we posted a blog entitled “Federal Estate Tax Law Changes Are Near” that summarized the provisions of draft legislation approved by the House Ways and Means Committee on September 15, 2021, that would have made drastic changes to the federal estate tax law. Many practitioners and political analysts expected some form of the legislation to be passed before year end. Since our blog post, the estate tax related provisions have
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Attorney Alison C. Petri – Just the Facts 11/24/2021
Farm Succession Planning
Simply transferring a farm to the next generation is quite easy. Successfully transitioning a farm business for the mutual benefit of all parties involved, however, is much more complicated. It takes time, planning and the weighing of a multitude of considerations.
Step One is to identify the successor. Will the farm be transitioning to family or to a third party? If to family, does s/he understand the commitment it takes to own and operate the farm business? Doe s/he
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Planning for Children with Disabilities Transitioning to Adulthood
By: Attorney Alison C. Petri
Parents have many questions when their child with disabilities is about to turn age eighteen (18). Once your child is an adult you will no longer have the same ability to legally access or assist with your child’s financial or health care decision making. What legal documentation your child needs to get assistance with such issues depends on your child’s disability and their capacity to execute legal documents.
The goal is to implement a
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Federal Estate Tax Law Changes Are Near
On September 15, 2021, the House Ways and Means Committee approved draft legislation that, among other things, would increase taxes for high-income individuals and make drastic changes to federal estate, gift, and generation skipping transfer tax laws.
Before the proposed legislation becomes law, the Senate Finance Committee will weigh in, and a bill must pass the House and Senate, and be signed by the President. While this seems like an uphill battle, many practitioners believe that something very similar
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Attorney Gina Ziegelbauer – Just the Facts 9/22/2021
Should I Add My Child to My Bank Accounts?
It’s not uncommon for clients to tell me that they’ve added their adult child or children to their bank account. My next question to them is what they mean by that? Did you add the child as an owner to the account, a signatory, power of attorney, or beneficiary? The answer makes a big difference in what rights, if any, they may have transferred to their child and if their assets will transfer after death. Knowing how the accounts
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Business Owners Beware: Is Your New Hire an Independent Contractor or Employee?
At SB Law, clients regularly contact us stating that they want to hire an “independent contractor” to assist them in their business thinking that is the safest and most efficient relationship to have with their new hire. When considering whether a person will qualify as an independent contractor or will be deemed an employee, it is crucial to understand that such determination is solely based upon the facts and circumstances of each particular situation, and a person is not
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