Revenue Ruling 2023-2

Equity Strip

Revenue Ruling 2023-2 is Nothing New The IRS ruled in Revenue Ruling 2023-2 that assets in an irrevocable trust outside the taxable estate of the grantor, do NOT get a step up in cost basis when the grantor dies. Although this ruling has received some attention and disagreement in the media, it is nothing new…

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Business Limited Partnership

Business Limited Partnership

Business Limited Partnership vs. Family Limited Partnership For many years the “Family Limited Partnership” has been used an both an estate planning and asset protection tool.  There have been a number of catastrophic failures of such entities.  Most often, the reason for the failure is the absence of a business purpose or a failure to…

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Limited Partnership – Legal Services

Limited Partnership - Legal Services

Limited Partnership (LP, LLP, LLLP) With rare exceptions, when we form a LP, we prepare complete documentation as needed for the LP to operate, function, and carry out its intended business purposes.  Often, a Business Limited Partnership will operate as a “Family Bank” and serve as a parent entity to own other assets and subsidiary…

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Statutory Agent or Registered Agent Options

Statutory Agent A “statutory agent” or “registered agent” is an agent located within the state to receive service of process and notice or demand required or permitted by law on behalf of a company or entity. It is the law in all states that every business entity must designate a person or qualified entity to…

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