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Getting Your Clients Ready for 2021

Posted by Robert L. Arone This year is quickly coming to a close. For many of us, December 31 cannot come soon enough, as 2020 has been anything but a walk in the park. The first quarter of 2020 brought a worldwide pandemic. Not only did this raise concerns about everyone’s health and safety, but it also fundamentally changed the way we all live. Many people found themselves either working from home or out of work. Additionally, the pandemic created market volatility that impacted many people’s investment and retirement accounts. Along with the pandemic, many areas of the country experienced severe natural disasters such as hurricanes, earthquakes, and fires, leaving many without homes. Lastly, the 2020 presidential election proved to be just as unprecedented, with many states taking days after the election to count all of the votes. While there is reason to be optimistic that 2021 will bring a

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Which Incorporation Is Best For You: Comparing LLPs and LLCs

By: Eric P. Rothenberg, Esq. If you are a small business owner, or considering starting your own business, it has always been important to know your options for creating a new entity with limited liability. The uncertainty and financial stresses of COVID-19 and the subsequent recession make decisions about incorporation even more important. In this article, I will review two common types of new entities for small businesses: limited liability partnerships (LLPs) and limited liability corporations (LLCs) Limited Liability Partnerships (LLPs) In a limited liability partnership there must be more than one partner. Each of these partners (called “partners”) receive personal liability protection as a result of creating the entity under the Secretary of State. Governance of an LLP is shared equally among all partners, as are profits and losses, like a general partnership unless the operating agreement provides otherwise under the Uniform Partnership Act. An LLP is also taxed

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Election Update: Planning under the Biden Administration

Posted by Robert L. Arone After several days of counting ballots, Joe Biden has been declared the winner of the 2020 Presidential election by many major news outlets. Although we await the official certification of the election by each state, an official concession by President Trump, and the outcome of several pending lawsuits–which could take us into December or even January–the 2020 election and its aftermath promise significant changes in how our clients will be taxed. While it is unlikely that every proposal discussed during President-Elect Biden’s campaign will become the law of the land, we can still glean essential details from all the campaign rhetoric to help us prepare to weather these possible changes. Proposed Policy Adjustments under a Biden Presidency Here is what we know so far about some of President-Elect Biden’s key proposals that are most relevant to our clients’ estate planning: Estate, Gift, and Generation-Skipping Transfer

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Helping Couples Plan for Their Future

Posted by Robert L. Arone October is one of the most popular months for couples to tie the knot in the United States. While wedding planning most often includes tuxedos, dresses, rehearsal dinners, guest lists, and the honeymoon, an overlooked part of pending nuptials is estate planning. For younger couples beginning a life together and getting married for the first time, estate planning may not be a terribly complicated endeavor. With minimal property and savings, simple wills, financial powers of attorney, and healthcare directives may be sufficient and prudent planning for the first years of marriage. The age at which couples are getting married for the first time continues to creep upward, however. It is therefore common for individuals to accumulate significant amounts of property, savings, and investments during their single years. When couples with property beyond the most simple items marry, estate planning becomes much more urgent. It is

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Protect Your Clients from Lawsuits with a Domestic Asset Protection Trust

Posted by Robert L. Arone Conversations with family, friends, and colleagues can sometimes wander into the topic of lawsuits, divorces, bankruptcies, and other threats that put one’s property at risk of loss to a creditor. Such conversations often leave people shaking their heads, asking what the world is coming to, and feeling vulnerable and frustrated. However, an important tool has become increasingly available to even those of modest means to protect their property from such threats at a reasonable cost and with relatively few hoops to jump through. The Domestic Asset Protection Trust A domestic asset protection trust (DAPT) is a legal structure into which a client (as the grantor or trustmaker) can transfer accounts and property such as a home, cash, stocks or other investments. Once transferred into the DAPT, the property is legally protected from future lawsuits, divorcing spouses, bankruptcies, and similar threats. Although the client has transferred

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