Summary: So Junior wants to spend his inheritance faster than you can earn it and has his eye on a new red Lamborghini. What can you do to assure that Junior won’t burn through his inheritance faster than a meteor hitting the Earth’s atmosphere (for you science buffs re-entry temperatures can reach as high…
Summary: Palimony is an equitable type of support awarded when a long term non-marital, but spousal-type relationship between unmarried parties terminates. This remedy is intended to achieve substantial justice in light of the realities of the relationship. It is significant for all non-married partners to consider. “You’ve Come A Long Way Baby”. That…
Summary: A recent Tax Court case, Thomas Holman, 130 TC No. 12, 5/27/08, has some several important lessons for planners and taxpayers using family limited partnerships (“FLPs”) and limited liability companies (“LLCs”), especially for gifts. Last month’s lead article provided an overview and analysis of the case in Part I. This month’s Part II,…