Succession Planning

Scarinci Hollenbeck’s Tax, Trusts & Estates practice group regularly provides content on succession planning. To receive our attorneys' succession planning articles please subscribe to our email list.

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Scarinci Hollenbeck remains committed not only to providing top-tier legal services but also to regularly providing information and resources to our client base and internet following. Client Alerts provided by our attorneys supply businesses, municipalities, and more with the latest and relevant legal updates that may impact them and how they might be able to proceed.

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The Probate Doctrine of Substantial Compliance: In the Matter of Anton

Substantial Compliance The state probate code was amended in 2004 to permit documents that were intended to have testamentary effect but were not executed in accordance with the statutory requirements. The new probate code’s doctrine of substantial compliance holds that if a document was not executed in compliance with the statute, the proponent may establish […]

Author: James F. McDonough

October 30, 2015

The Accidental American

The imposition of penalties asserted against holders of undeclared offshore accounts has received much attention. Coupled with criminal prosecutions, including foreign banks, such as Credit Suisse and two of its bankers, should convince American citizens of the importance of compliance. The compliance obligation also applies to resident aliens and this is not surprising. The untold […]

Author: James F. McDonough

March 30, 2015

Is Your Shareholder Succession Plan Subject to ERISA or Not?

Up to now, many firms could not conceive of a succession plan as being subject to ERISA. Fortunately, the Fifth Circuit, in Cantrell v. Briggs & Veselka Co., confirmed a 2-1 decision after a rehearing and held that deferred compensation provisions in two employment contracts did not constitute a plan under ERISA. This decision does […]

Author: James F. McDonough

November 12, 2013

ERISA

Case of Tax Planning for the Undead

An Ohio man appeared in court seeking to reverse the 1994 declaration of his death. The declaration of death (“Declaration”) resulted from his disappearance from his home eight years earlier. Ohio law prevents a court from reversing such a Declaration after three years from its entry. The Ohio man is seeking to reclaim his social […]

Author: James F. McDonough

October 29, 2013

Tax Planning

Joint And POD Accounts: Weapon of Choice Of Transferees When Exerting Undue Influence?

Will contests alleging undue influence are not uncommon. A will was, for many years, the only means of transmitting property from a decedent to an heir. Will contests alleging undue influence are not uncommon. A will was, for many years, the only means of transmitting property from a decedent to an heir. New forms of […]

Author: James F. McDonough

October 1, 2013

Succession Planning Is Definitely On the Mind of Microsoft's CEO

Do you think that Microsoft got it right in terms of their CEO Succession Planning? Steve Ballmer’s recent announcement that he was stepping down as Chief Executive Officer of Microsoft Inc. made headlines across the globe. According to his open letter to Microsoft employees, Ballmer will stay on the job for the next 12 months […]

Author: Kenneth C. Oh

September 5, 2013

Key Questions to Ask During Business Succession Planning

Succession planning is an essential component to business continuity, a smooth transition, and effective estate and tax planning. Succession planning is an essential component to business continuity, a smooth transition, and effective estate and tax planning. However, when there are several individuals under consideration for the job, making a decision can be challenging when there is […]

Author: Scarinci Hollenbeck, LLC

August 30, 2013

Tax Planning

Farmers, Ranchers Lobby for Better Estate, Gift Tax Legislation

Many farmers and ranchers that are nurturing hundreds of acres of property were relieved when lawmakers announced the 2013 estate and gift tax legislation Many farmers and ranchers that are nurturing hundreds of acres of property were relieved when lawmakers announced the 2013 estate and gift tax legislation, which made it significantly less costly to […]

Author: Scarinci Hollenbeck, LLC

July 22, 2013

Gifts Should be a Crucial Part of Your Business Succession Plan

Many small business owners want to keep their legacy intact by passing down their companies to family members. Many small business owners want to keep their legacy intact by passing down their companies to family members. A viable succession plan is essential for these owners in not only passing down assets, but also doing so […]

Author: Scarinci Hollenbeck, LLC

July 10, 2013

Gift Tax

Don't Leave Gift Taxes Out of Estate Planning

When individuals and business owners begin estate planning, establishing a will and testament is often their first priority. In cases of high net-worth households and those who plan to pass business assets onto the next generation, a trust is also another popular element of estate planning. However, one of the most underutilized components that too […]

Author: James F. McDonough

July 3, 2013

Gift Tax

Domestic Asset Protection – Why State Legislation Is Not Set In Stone

The State of Nevada spent considerable time and effort in crafting its asset protection and dynasty trust statute. Nevada worked hard to attract trust business to the state in an effort to broaden its economic base and decrease its reliance upon tourism and mining. Yet, one amendment to a piece of legislation nearly upset years […]

Author: James F. McDonough

June 19, 2013

Procrastinating Succession Plan Can Leave You Open to Costly Mistakes

Running a business requires a great deal of time and commitment, and owners who are operating a busy enterprise may sometimes make the mistake of putting their succession plan on the back burner. However, an accident or unexpected medical disaster can change a business owner’s circumstances quickly, making it imperative that they plan for the […]

Author: Scarinci Hollenbeck, LLC

June 10, 2013

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