Partner Lou Harrison shares considerations for the possible liquidation of a closely held entities in a ACTEC Trust and Estate Talk on January 24, 2023. The

Partner Lou Harrison presented Overtime: Considerations in the Possible Liquidation of a Closely held Entity and Other Alternatives. Click here to read the presentation outline.

Our very own Lou Harrison shares his recommendations for attorneys trying to accomplish work-life balance in firms working to keep young attorneys ACTEC Trust and Estate

When a business owner desires to pass on an operating business to loyal and key employees, there are several available alternatives to evaluate.

Review by Louis Harrison, partner at Harrison & Held, LLP.

In developing an estate plan, practitioners regularly use irrevocable trusts (versus the typical revocable living trust) to assist clients in achieving tax and non-tax estate-planning goals.

Partner Lou Harrison was recently featured in the American College of Trust and Estate Counsel’s (ACTEC) podcast “Understanding Serious Mistakes and Estate Planning Implications in the Smaldino Tax Court

Our very own Lou Harrison discussed the recent IRS ruling about GRATs on ACTEC Trust and Estate Talk on January 25, 2022. Listen to the podcast below.

The Journal of Passthrough Entities In 2014 and going forward, income tax planning in estate planning will be parallel in importance to estate tax planning.

Journal of Passthrough Entities Percolating out there in estate planning since 1984 has been the concern about retitling assets to allow the funding of the

Tax Article In valuing minority interests in C corporations, appraisers will typically start with a variable related to earnings on an after tax basis. C

SNEPC There can be no better test of an estate planner’s skill than with creative, focused drafting of estate planning documents to achieve client specific

Journal of Passthrough Entities Insurance is often touted to be one of those rare assets free of estate tax. Not exactly. It is not free

Journal of Passthrough Entities This article examines an additional strategy that has become increasingly popular for gifts in the husband and wife scenario. Read entire

Trusts and Estates A family limited partnership (FLP) and a family limited liability company (FLLC) are two entity choices frequently used by estate planners to

Journal of Passthrough Entities One of the least discussed and reasoned decisions in entity planning for discount purposes is whether to use a limited liability

NWSBA Understanding the legal and emotional aspects to billing and collecting for legal services. Read entire article here.

ESTATE PLANNING What to do when there’s not enough bucks to take care of the financial damage. Read entire article here.

Heckerling Institute Boilerplate provisions are not created equally. Though typically disregarded by your clients as insignificant, these provisions are a key to having excellent documents.

Journal of Passthrough Entities An individual that incurs these fees will deduct these as a miscellaneous itemized deduction (MIDs) — deductible only to the extent

Trusts and Estates Beyond goldfish crackers, it’s also going to be a Supreme Court ruling deciding if trusts can fully deduct investment fees. Rich folks

Journal of Passthrough Entities Much discussion has been had since Estate of Strangi (“Strangi II”), on that mysterious section, 2036 (a) (2) of the Code,

Journal of Passthrough Entities Much discussion has been had since Estate of Strangi (“Strangi II”), on that mysterious section, 2036 (a) (2) of the Code,

Journal of Passthrough Entities From prior articles, we know that the Grantor Retained Annuity Trust (or “GRAT”) is one of the leading estate tax strategies

Journal of Passthrough Entities Joint trusts-avant garde and often confused with that horrible species of instruments known as a “joint Will”-have been shunned as an

Journal of Passthrough Entities Scattered throughout the Code are archaic estate and trust tax sections crying out for change because of their inappropriate applications in

Financial And Estate Planning This article will describe and set forth examples of various fiduciary income tax planning strategies that are available after the Tax

TAXES The Tax Magazine In gift and estate tax planning, sophisticated planning strategies are used to achieve different goals. Read entire article here.

Massachusetts Law Review The phase in of the Massachusetts estate tax to a “pickup” tax system was completed in 1997. Under this system, each estate

Michigan Bar Journal The Michigan estate tax imposes a tax on the transfer of the estate of both residents and nonresidents. On its face, the

Journal of Asset Protection Here is a full discussion of strategies for reallocating assets that can minimize estate and income taxes while providing protection to

ESTATE PLANNING Although a donor often wishes to be trustee of a trust to which he or she has contributed property, this can cause tax

South Carolina Lawyer The South Carolina estate tax, S.C. Code Ann.§ 12-16-10 et seq, imposes a tax on the transfer of the estate of both

TAXES The Tax Magazine An individual’s death does not terminate federal tax return filing requirements. In fact, subsequent to a decedent’s death (“postmortem”) income tax

The Florida Bar Journal The Florida estate tax imposes a tax upon the transfer of estates of both resident and nonresident decedents. On its face,

Probate & Property As client pressure to minimize legal fees continues to mount, estate planning lawyers must reexamine their billing practices. Increased computer capability has

PEPPERDINE LAW REVIEW The Internal Revenue Code imposes taxes in addition to the income tax. One type, referred to as the federal estate tax, taxes

The Journal of Taxation The possibility of appreciation, the value of a reversionary interest, and the opportunity cost of alternative gifts all must be considered.

Taxation For Lawyers This article explains when estate planning fees are deductible and what practitioners can do to help taxpayers support such a deduction. Read

Illinois Bar Journal This article offers suggestions for drafting estate planning documents based on the Illinois estate tax and provides guidance for determining when and

Syracuse Law Review Prior to Chapter 14, a commonly-recommended estate tax reduction strategy was what practitioners and others referred to as “corporate estate freezes.” This

ESTATE PLANNING The credit for state death taxes plays an important role in minimizing the overall burden of death taxes. This article examines drafting to

ESTATE PLANNING The second set of Proposed Regulations on Chapter 14 focuses on adjustments relating to retained interests and on lapsing rights and restrictions. Although

DePaul Law Review Since 1983, estate planning advisors have been confronted with substantial congressional activity limiting many traditional and worthwhile estate planning strategies. Read entire

Illinois Bar Journal This article analyzes provisions of and amendments to the Illinois General Not-For-Profit Corporation Act of 1986 that increase the level of fault

ESTATE PLANNING Recent limitations on estate freezes have caused greater reliance upon alternative lifetime giving strategies. Now, however, the IRS, in its rulings, has created

Community Economic Development Law Project An Attorney’s Guide to Obtaining 501c3 Status for Economic Development Organizations. Read entire article here.

TAXES The Tax Magazine A grantor retained income trust (GRIT) is an irrevocable trust established by the grantor (the “contributor” of funds to the trust)

SUCCESSFUL ESTATE PLANNING IDEAS AND METHODS An individual who is already in a taxable estate situation and who owns property which may appreciate in value

TRUSTS AND ESTATES A hanging power, whereby the “taxable” part of a beneficiary’s power to invade corpus is carried over until it becomes nontaxable, can

ESTATE PLANNING A buy-out agreement that provides for the installment purchase of a decedent’s stock can protect the availability of the Section 6166 election to