According to a Gallup Poll earlier this year, only 44% of Americans say they have a will. Unfortunately, from new parents, to one of the world’s biggest music stars, many people believe they don’t need a will; don’t understand why it’s so important; or simply do not take the time to meet with an estate attorney to prepare one.
Articles written by
Michael Giusto
Can Trusts Take Advantage of the Tax Benefits of S Corporations?
When it comes to tax planning, business owners should learn the difference between a C and an S corp trust.
The letters refer to the subchapter of the federal tax code relating to the income taxation of corporate structures. For businesses, S corporations can provide a way to avoid the kind of double taxation that C corporations incur.
Items to Address in Your New York LLC’s Operating Agreement
Under New York state law, business owners who form a limited liability company are required to create an operating agreement which details the procedures by which the LLC will operate.
Despite the requirement, many companies don’t have an agreement in place, or have created a document using boilerplate language without advice from an attorney.
Time To Act on Valuation Discounts For High-Value Estates
For many high-wealth individuals, effective estate planning is largely motivated by the desire to minimize the estate and income taxes their heirs may pay. Reducing estate taxes often means maximizing the benefits of the unified credit amount through the use of valuation discounts.