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2012 Tax UpdatePosted on February 10, 2012In today’s world where our Congress has demonstrated the inability to decide issues of importance, we are left with uncertainty when trying to determine what the tax law will be next year and beyond. The result is the need for “contingency” planning and making clients aware of potential issues and opportunities. Given the current state of the laws, some items to consider are as follows: Wealth Transfer Planning: Buy-Sell AgreementsPosted on February 13, 2012Summary A Buy-Sell Agreement (“BSA”) is a legally binding contract in the which the owners of a business establish when, to whom and at what price an owner can sell his or her interest in a business. BSA’s are a necessary element of any solid business plan in order to provide a smooth continuation of a business after the occurrence of a triggering event. BSA’s are also a valuable estate planning tool to provide liquidity needed for payment of a deceased owner’s estate taxes. Overview Bernie Kent's Forbes.com Blog Post: "Mark-to-Market for Multi-Millionaires?"Posted on February 16, 2012Finally, an op-ed article on tax policy in The New York Times that isn’t horribly flawed! In a piece last week entitled “The Zuckerberg Tax”, tax attorney David Miller proposes a new tax on the ultra-rich. He would apply the tax to taxpayers whose income exceeds $2.2 million or who own publicly-traded securities worth more than $5.7 million. |
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