Family Limited Partnerships & LLCs

Tax Bill – More on the New 20% Pass-Through Deduction

As I noted in a prior blog post, the new tax bill (TCJA) creates new Code Section 199A that provides for a 20% deduction for the non-wage portion of pass-through income. NOTE: The deduction is limited to 50% of an entity’s W-2 wages for married joint filers with income over $315,000 and single filers with income over $157,500. This deduction sunsets after 2025. Continue reading

Tax Bill Passes Senate; Great News for Real Estate Developers

By a slim margin of 51-48, the Senate passed the tax reform bill on December 19th. Included among the provisions is a hidden benefit for real estate developers. The bill contains a 20% deduction for qualified business income (QBI) from pass-through entities under new Code §199A. QBI generally is defined… Continue reading

Launching Your Business Video 4 – Choice of Entity

Please join Wayne M. Zell, Esq. for this fourth and final video segment of Episode 1: Launching the Business, which focuses on considerations in choosing the right form of entity for your business. Continue reading

Treasury Withdraws Valuation Discount Regs!

On October 2nd, the Treasury Department announced that it is withdrawing the proposed regulations under Code Section 2704 (introduced in August 2016) that would have adversely affected taxpayers’ ability to use valuation discounts in transferring closely held business interests to family members and trusts for their benefit.

As stated in… Continue reading

Advanced Estate Planning, Case Study and Valuation Regulations, pt. 7/8

Please join Wayne M. Zell, Esq., for this video presentation of his Estate Planning Bootcamp for Financial Advisors, Session 5, part 7 of 8. This video continues focusing on various tax planning strategies using a comprehensive case study and includes a discussion of the proposed valuation regulations. (Recorded on 9/14/2016)

 

Advanced Estate Planning Techniques, Case Study, pt. 6/8

Please join Wayne M. Zell, Esq., for this video presentation of his Estate Planning Bootcamp for Financial Advisors, Session 5, part 6 of 8. This video focuses on various tax planning strategies using a comprehensive case study and includes a discussion of the proposed valuation regulations. (Recorded on 9/14/2016)

Advanced Estate Planning Techniques, pt. 5/8

Please join Wayne M. Zell, Esq., for this video presentation of his Estate Planning Bootcamp for Financial Advisors, Session 5, part 5 of 8. This video focuses on various tax planning strategies, including irrevocable life insurance trusts (ILITs), qualified personal residence trusts (QPRTs), and family limited liability companies (FLLCs).

Legislation Introduced to Prevent Enactment of Valuation Rules

Sen. Marco Rubio (R-Fla.) and Rep. Warren Davidson (R-Ohio) reintroduced legislation to prevent the IRS from enacting its highly controversial estate valuation discount proposed regulations introduced in August 2016. The proposed regulations were purportedly designed to stop abusive practices where valuation discounts were being used solely as an estate tax… Continue reading

Estate Planning Alert-Valuation Discounts for Family Entities to Disappear after 2016

On August 4, the Treasury Department issued Proposed Regulations under §2704 of the Internal Revenue Code that eliminate almost all valuation discounts for family-owned businesses and investment entities. This will significantly impact planning strategies, and you (and, for advisors, your clients) must take action by year end if you/they… Continue reading

Today’s Channel 8 Broadcast on Lotteries and LLCs

Here is a recording of the live broadcast on 1/13/2016 on Good Morning Washington! on News Channel 8 discussing the use of LLCs to hold lottery winnings (in case you missed it)!