Placer Law Firm, L.L.C.

01/13/2025

https://www.jdsupra.com/legalnews/5-considerations-for-personal-estate-4434260/

Each new year offers a chance to step back, recalibrate, and plan for the year ahead. Individuals and businesses alike should take the time to ask and...

12/27/2024

FYI business owners!

A motions panel of the 5th U.S. Circuit Court of Appeals issued a stay of a nationwide injunction that would have prevented the Treasury Department from enforcing the Corporate Transparency Act (CTA). As a result, the CTA will be enforceable during its appeal of the injunction. On Dec. 3, the U.S. D...

10/29/2024

Pay attention folks!

What to watch as Tax Cuts and Jobs Act tax rates and deductions expire amid the 2024 presidential election and growing federal deficit pressures.

06/21/2024

For anyone with a closely held business using a buy-sell agreement funded by company-owned life insurance: The Supreme Court has held that the insurance proceeds increase the value of the company for estate tax (and, presumably, buyout) purposes (previously the proceeds and buyout obligation were considered to 'net out').

We encourage you to have your business succession planning reviewed by a competent professional to address how this might affect you.

Connelly v. United States: Redemption obligations are not necessarily liabilities that reduce a corporation’s value for purposes of the federal estate tax.

05/10/2024

It will be interesting to see how this plays out; the FTC is attempting to outlaw employee non-compete agreements.

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10/06/2023

The end of Trump-era tax breaks: Income levies and estate taxes set to rise from 2025

Trump-era legislation brought in by the Tax Cuts and Jobs Act in 2017 brought sweeping changes to the tax landscape.

11/21/2022

When chosen to be a personal representative of someone’s estate, an individual is given a lot of responsibility, including handling assets.

05/17/2022

Hot off the press from Louisiana Medicaid (released 5/16/22) - qualified Long Term Care (LTC) insurance can be disregarded in resource counting and protected from Medicaid recovery.

11/16/2021

Obviously there are caveats, but this is useful:

Somewhere between a corporation and a partnership lies the limited liability company (LLC). This hybrid legal entity is beneficial for small-business owners and is also a powerful tool for estate planning. If you want to transfer assets to your children, grandchildren, or other family members—but ...

11/16/2021

Relevant information for 2022:

The changes will apply to income tax returns filed in 2023.

09/04/2021

06/03/2021

Food for thought...

Looking for a way to transfer wealth to the next generation but still want the option of yanking it back if you change your mind? Consider a “529” education-savings plan, financial pros say.