Advantages of using a limited liability company in an estate plan

Article Abstract:

Tax and nontax benefits of limited liability companies (LLCs) make them preferable alternatives to other forms of business for estate plans. Simplicity of management, limited liability, and protection of assets for beneficiaries are among the benefits of LLCs. Estate planning practitioners using the limited liability form should pay attention to state laws regarding valuation discounts and check-the-box entity classification regulations.

Planning, Limited liability companies

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Recent partnership changes affect estate planning

Article Abstract:

The Taxpayer Relief Act of 1997 contains provisions limiting the availability of tax benefits through the use of family partnerships. The provisions may result in IRC section 351(e) investment company treatment of such partnerships and gain recognition on formation property transfers. Further problems arise from that section's amendment to include a broader definition of what constitutes securities.

Tax Law, Public Finance Activities, Partnerships, Estate Planning, Taxation, Investment companies, Partnership

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