The fact that a trust cannot be changed (irrevocable) doesn’t mean that changes cannot be effected if the trust agreement or state law permit it. But even if change is possible, care must be taken to consider the tax consequences of these changes. A recent private letter ruling addressed trust division issues. In PLR…
James Brown Estate Lessons: Brown left an amazing legacy of music and good deeds, but sadly family problems too. Some valuable lessons can be learned by all from those problems. “Papa Don’t Take No Mess”, but Papa seems to have left a mess, as the partner (widow, according to some press reports) of the…
If you’re a partner (or possibly a second or later spouse) in a situation like Tomi Rae, there are many steps you can take to avoid the problems and legal entanglements facing Brown’s estate: √ Write a will that clearly explains what your partner will be left, what her rights are, and so on….
FLP/LLC Audit: Is your FLP/LLC audit ready? An IRS audit of an estate owning an LLC asked for the following items: List of all owners since inception (legal documents should support any member joining/leaving the LLC, more owners may support the business purpose of the LLC). o Distributions to owners since inception…