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This installment discusses how to use benefit laws that have been on the books for over 30 years to fund not only death benefits but also alternatives to deferred compensation for business and estate planning purposes for pass-through entities.
Part I of this article (in last month’s issue) identified the proposed changes in partnership tax law as proposed by the Biden Administration and implemented by a Democratic Congress. The proposed changes are intended to simplify the tax law and permit the IRS to be able to audit and collect taxes in a more effective and efficient fashion. We showed how using benefit laws that have been on the books for over 30 years we can provide a seamless platform for owners of pass thru entities to reduce income estate and transfer taxes. This installment discusses how to use this platform to fund not only for death benefits but also for alternatives to deferred compensation for business and estate planning purposes for pass-through entities.
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How Attorneys Can Have Their (Hybrid) Cake and Eat It, Too
By AshLea Allberry
No one would have predicted hybrid operations — but hybrid is here to stay. Firms have a lot to gain in terms of creating a new culture that attorneys love but that new culture will be built on flexibility and dynamism only technology can manage.
Amending (or Terminating) Deferred Compensation Plans Without Penalties
By Lawrence L. Bell
This article reminds readers of §409A’s draconian penalties and specific guidance of amending modifying, amending or terminating existing nonqualified deferred compensation plans.
The Case for Having A Lawyer as Your Financial Planner
By Bryce Sanders
The accounting industry picked up on this idea years ago when the big accounting firms set up subsidiaries offering management consulting services. Lawyers are in an ideal position to offer impartial investment advice because they are fiduciaries.
By Alex Geisler
The New Reality, for which law firms are scrambling to equip themselves, is that law firms no longer define their own service levels. Now it’s the clients, and they have clear expectation parameters.
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