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Showing 88 posts from 2014.
Work with experienced attorney to set up smart succession plan
Succession planning is something every business owner has to thing about at some point to one extent or another. As we mentioned in a recent post, careful thought and working closely with trusted individuals is important succession planning, as is getting started early. Particularly important is the development of an ongoing process for succession management so that the process is well-established by the time one retires. More >
Helping Those Who Have Served
In fiscal year 2013, spouses, parents, and children of deceased veterans from World War II, Korea, Vietnam, Kuwait, Iraq and Afghanistan received $6.7 billion in Veterans Affairs pensions or payments. Despite this staggering number, there are still many veterans (and families) who are unaware of their potential eligibility for a wide range of benefits through the U.S. Department of Veterans Affairs. It is important for veterans to know that the benefits are available even if the veteran did not directly retire from the military or suffer injuries in the line of duty. More >
A Hollywood Lesson for Everyday People: Trusts
Phillip Seymour Hoffman, an accomplished actor, died suddenly in February at age 46 of a suspected drug overdose. Seymour had a long-term companion, Marianne O'Donnell, with whom he had three young children. Under the terms of his Will, a significant chunk of his $35 million-plus estate was left to O'Donnell. The media and estate planners have examined the Will, which has led to several estate planning issues garnering public attention. His Will was written before the birth of his last two children and never updated; thus, his estate plan is completely silent about his wishes for them. The actor's death also highlights the effect that marriage can have on an estate plan. Because Hoffman and O'Donnell were not married, nearly $14 million must be paid in estate taxes - an outcome that could have been avoided had the couple tied the knot (at the federal level, any property passing to a spouse at death is free of estate taxes, therefore delaying any federal estate tax until the surviving spouse's death). More >
Business succession planning best begun early
Passing on a business is not always an easy thing for business owners to do. Not only must one identify the goals toward which one wants to direct the company itself and the means of getting the company there, one must also identify trusted individuals who share that vision and who are willing and capable of leading the company in the right direction. More >
The Office of Entrepreneurship Is Thriving In Its First Year - Can It Help You?
Just over a year ago, on July 22, 2013, Governor Beshear announced the creation of the Office of Entrepreneurship ("the Office") within the Cabinet's Department for Business Development. Since its inception, the overall goal of the Office has been to develop an entrepreneurial climate for new talent in Kentucky; provide guidance and support to start-up operations; assist existing small businesses with growth opportunities; and create a pipeline of business activity that can be streamlined with the traditional growth opportunities the Cabinet already offers. More >
Merger between Trulia and Zillow has some concerned, others not
Business mergers can be a big deal, ushering in major changes both for companies themselves and for the markets and consumers the companies impact. It can sometimes happen that business mergers end up changing the market itself, and not always for the better. This can occur when the level of competition shrinks as a result of a merger. The recent merger of two real estate companies, Trulia and Zillow, has raised some concern in this area, at least for some. More >
KY Supreme Court Approves Plugging Holes with Others' Piggy Banks
Budget drafting is one of the most challenging, yet essential, functions of state governments. Unlike the federal government, which has the ability to run large deficits and print its own currency, almost every state - Kentucky included - has a statutory or Constitutional framework requiring a balanced budget. Every two years, the Commonwealth's budget drafters utilize familiar methods to balance the ledger: debt restructuring, adjusting tax rates and spending levels, infusing federal funds and taxing new revenue sources. Another option, less understood by the public but increasingly utilized by Kentucky policy makers, is "sweeping" restricted funds. This controversial task has just been made easier thanks to a recent decision by the Kentucky Supreme Court. In a 5-2 opinion, the practice of sweeping regulatory accounts was declared lawful, meaning that lawmakers may continue to transfer fees and fines collected by state regulatory agencies to the General Fund without violating the Kentucky Constitution. The legality of sweeping funds that are generated by a statutory tax (rather than fines and fees) was not directly addressed by the Court, leaving open the possibility that the sweeping of such funds may yet be deemed unconstitutional. More >
GE apparently considering selling venerable appliance unit
Six years after a failed attempt to sell the business division responsible for inventing the electric toaster back in 1905, General Electric is reportedly looking again to negotiate a deal. The division, GE Appliances and Lighting, has brought many modern conveniences forward, including refrigerators, washing machines and stoves, as readers may know. More >
Recap of the Data Protection Seminar
On July 17, McBrayer and Business Lexington presented a panel discussion on new Kentucky legislation, specifically House Bill 5 and House Bill 232, which affects business owners, non-profit organizations, and entities with government contracts who handle personal information. The panel included Trigg Mitchell, a senior associate from McBrayer's Corporate & Business Law Department, and Chris Nolan, a lobbyist and communication specialist from MML&K Government Solutions, among others. The panelists discussed how the laws came about, the definitions and details included therein, and provided real-world advice about how to institute security and breach notification policies and procedures. More >
Choice of entity is important for budding businesses
Choosing a business form with which to organize a growing business is not always an easier matter, especially for those with little experience in business. Selecting a business entity form is important, though, as it can help position a business to increase growth by offering certain protections, particularly in the areas of liability and taxes, as well as trademarks and licenses. More >
