A major shift during the 2017 Trump Tax Cuts was a creation of the doubling of the federal estate tax exemption to $11.7 million (as of 2021). However, contained within the Trump Tax Cuts was a sunset provision. The estate tax exemption would be reduced in 2025 to pre-2017 levels, i.e., $5 million per person. […]
The House Ways and Means Committee recently introduced a wide variety of potential changes to the tax code. The Committee specifically proposed rolling back the 2017 Trump Tax Cuts. One of the potential tax law changes, that would take effect at the beginning of 2022, is a reduction of the Federal Estate Tax Exemption. The […]
Compliance with securities laws involves a thorough understanding of the Securities Act of 1933. For example, if you have a private fund you need to be aware of two main exemptions from registration with the Securities and Exchange Commission (“SEC”): The first exemption is listed under Rule 506(b) of Regulation D. This rule states that […]
A Private Placement Memorandum (“PPM”) is a document used to inform and provide all the legally required disclosures for potential investors when offering the sale of a security. The Securities Act of 1933 provides that all offerings of securities must first be registered with the Securities and Exchange Commission (“SEC”). Exemptions to Registration There are […]
As a Trusts and Estates Attorney, I hear many questions about estate planning strategies — including Trusts. There are several misconceptions about Trusts and how Trusts can be used to with a person’s estate planning strategy. This article will address five common questions about Trusts in Ohio. Do You Have to Give Away Control of […]
One of the most common ways to create intergenerational wealth is through family businesses and enterprises. However, there’s a common adage about family businesses and enterprises — the first generation starts the business, the second generation grows the business and the third generation loses the business. Unfortunately, this saying often turns out to be true […]
One very important aspect to be aware of as an executor or trustee has to do with the managing of estate assets. Whether you are a trustee of a trust or an executor of a probate estate, you are sitting in a fiduciary capacity. Fiduciary capacity is a legal phrase which means that you must […]
Occasionally, families will have a conversation with me which will start similar to the following: “Our son (or daughter) is married to someone who we do not entirely trust. He (or she) has made numerous bad business and financial decisions. He (or she) has borrowed money a handful of time and never paid us back. […]
There are a lot of questions surrounding ERISA (Employee Retirement Income Security Act) fiduciary duties. Namely, who is a considered a fiduciary under the Act can sometimes be unclear. Generally, ERISA protects a retirement plan’s assets by requiring persons who exercise “discretionary control or authority” over plan assets. However, this fiduciary duty can extend to […]
2020 has been a difficult year for all people. When our country was faced with a global pandemic at a level not seen since 1918, Congress went to work and passed a series of legislation aimed at helping Americans and the small business community. These legislative acts included the Families First Coronavirus Relief Act and […]