Continuing protection: converting a limited liability structure raises key insurance issues
Article Abstract:
Many firms miscalculate the probable impact on their liability exposure and insurance of making the increasingly popular conversion to organization as a limited liability partnership or corporation. LLC and LLP status do not reduce the need for professional liability insurance, as they do not affect the firm's or named individual's liability to judgments. They do, however, shield the personal assets of other partners. More arcane concerns include possibly losing rights held under the UK's Policyholders Protection Act.
Publication Name: ABA Journal
Subject: Law
ISSN: 0747-0088
Year: 1995
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Carrying the remainder: courts breathe new life into popular estate planning technique
Article Abstract:
Estate planners can again sell remainder interests without violating the tax code after the 1997 Wheeler v. United States and 1996 Estate of D'Ambrosio v. Commissioner decisions. The courts in those cases considered the income from selling the remainder as being part of the taxable estate, negating arguments that estate taxes are reduced from the sale. Planners should consult IRS valuation tables to derive their tax savings.
Publication Name: ABA Journal
Subject: Law
ISSN: 0747-0088
Year: 1998
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