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Showing 4 posts from June 2015.
Trustee Discretion and Liability of an Individual
It's an understatement to say that the role of the trustee is fraught with pitfalls. Often times, a settlor creates a trust to suit his or her needs, but rarely does the settlor take into consideration, the difficulties the trustee will face when administering the trust. The discretion given to the trustee can provide a gateway for added liability, and the creation of a trust should take the twin concerns of trustee discretion and trustee liability into as much consideration as the disposition of the trust assets. More >
Addressing tax liabilities in a business sale an important task
When a business owner is working on selling his or her business, there is a lot of planning that goes into the process. One important aspect of selling a business is to work out a tax strategy. In any business sale, potential buyers are going to want to know about the tax liabilities the company is carrying before they purchase the business. More >
Succession planning best when engaged early and reviewed regularly
Most business owners, if you ask them, probably have a basic idea of what succession planning is all about: deciding how ownership interests will be passed when they or their partners or co-owners leave the company. The problem for many business owners is taking the initiative to get an appropriate succession plan in place. Once the inertia to doing so is overcome, though, getting an effective plan in place doesn’t have to be that hard. More >
Charging Orders on LLCs in Kentucky
The organization of any business as a limited liability company ("LLC") brings with it attendant protections for the members from the liabilities that arise in the course of the business as well as beneficial tax treatment. This protection is not a two-way street, however: the member's financial interest in the LLC does not receive complete protection from the member's personal liabilities. Judgment creditors of LLC members have at their disposal a unique remedy to collect distributions and more from the judgment debtor's membership or partnership interests; that remedy is the charging order. More >
