Success in business requires planning, commitment, and a strategic approach. Many new businesses take at least two or three years to turn a profit and twice as long to truly hit their stride.
If you’ve created a business, you know that success doesn’t happen overnight. But do you know what will happen to your business if something unexpected impacts you or when you decide to step away?
By: Theresa M. Skaine, Esq.
Corporate Planning to Acquire, Merge Businesses, or Close Out
As a business owner and corporate law planner, I’ve witnessed the excitement and potential pitfalls involved in buying or selling a business. Whether you’re looking to expand your portfolio through acquisition or considering selling your hard-earned venture, there are important legal aspects to consider before diving in. Proper legal planning can make all the difference in ensuring a smooth transaction and protecting your interests.
The Business Planning team at Pierro, Connor & Strauss would like to inform you about the recent enactment of the Corporate Transparency Act (CTA) and its implications for business entities. The CTA, which went into effect on January 1, 2024, is a significant development aimed at enhancing corporate transparency and preventing illicit financial activities.
2022 was a tumultuous year. Amid a continuing pandemic, tense midterm elections, and a war in Ukraine, we have grappled with more than our fair share of grim news. However, with 2023 in motion, there are some silver linings — in particular for seniors.
Although inflation is generally nothing to be pleased about, the IRS recently announced inflation-adjusted changes to the annual gift tax annual and estate tax exclusions for 2023. If you are considering wealth transfer tax planning, these are welcome increases.
Collecting art or other valuable items can be a passion for many people. Sometimes the passion is about investments because the art world has enjoyed enormous appreciation over the last few years. But more often it’s about enjoying the art or the medium itself than about ensuring financial gain. However, once you have accumulated a sizable collection, what do you want to happen to it after your death?
Running a small business can keep you busy, but it should not keep you from creating an estate plan. Having a valid, legally enforceable and well thought out plan in place is important for everyone to make a priority, especially small business owners. Not having a plan in place can cause problems for your business and your family after you are gone.
The opportunity to make proper use of the present $11,700,000 Federal Gift Tax exemption, and the opportunity to fund and sell to Grantor Trusts, form and fund Grantor Retained Annuity Trusts, fund Qualified Personal Residence Trusts and other planning techniques, may be gone in a matter of days.
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Public benefits enhance the quality of life for people with disabilities yet eligibility for SSI or Medicaid is based on the financial value of assets the persons possess. So what if parents or grandparents wish to set aside additional financial resources for a child or adult with a disability while maintaining their loved one’s eligibility for public assistance?
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