LEGAL BUDDY NEWSLETTER: BUSINESS AND TAX TIPS AMG Counsel Attorneys & Advisors
Understanding Trusts: The Roles of Trustees and Beneficiaries
Trusts are a vital part of the wealth planning process. A trust can facilitate the efficient transfer of wealth from one generation to the next, as well as enable a family to reduce estate taxes, avoid the probate process and meet philanthropic goals.
The most effective trust relationships start with a clear understanding of the roles and responsibilities each interested party assumes with respect to the trust. The person establishing the trust (the grantor) obviously plays a significant role, as the grantor is responsible for setting the trust up and funding it. However, the trustee and beneficiary are also tasked with ensuring the terms of the trust are followed and respected at all times.
4 Important LLC Tax Benefits in 2022
An LLC is the most common type of business entity, mainly due to the liability protection and tax benefits that it offers. LLCs have the flexibility to choose the tax status that will provide them with the most financial perks at tax time.
10 Tax Tips for the End of 2022
Tax planning between now and the end of the year can have a significant impact on how much tax you have to pay next April.
Financial decisions you make between now and the end of the year can have a significant effect on how much tax you have to pay next April. This is particularly true if you’re saving for retirement, itemize deductions, or hold investments outside a retirement account.
But time is running short. It will be too late to cut your tax bill using most of the tips we’ve assembled below after we ring in the new year. So check out our list right away and get cracking!
Understanding Waterfall Provisions in LLC Agreements
When establishing a new business, business owners typically want to ensure that any agreement they enter with other partners can offer them adequate legal and financial protection. A standard legal agreement between business partners is likely to contain waterfall provisions, which outline the distribution of assets and money between its owners.