Resources
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Joint Tenancy Account as a Will Substitute
Question: With most of my estate consisting of cash in a bank account, I am considering retitling the account in joint tenancy with my daughter who is my only child. Isn’t this much simpler than preparing a Will and having my assets probated?
Changing a commission plan is no shoe-in
Unscrupulous principals might originally plan to pay the agreed-upon commissions to their reps, and will perhaps honor the contract terms for a while, or at least until the orders start coming in reliably.
Ghost of Steinbeck haunts decades of litigation over his works
So in our pride we ordered for breakfast an omelet, toast and coffee and what has just arrived is a tomato salad with onions, a dish of pickles, a big slice of watermelon and two bottles of cream soda. —John Steinbeck
When John Steinbeck penned, in his 1952 novel “East of Eden,” that “I believe there are monsters born in the world to human parents,” few readers could have envisioned that he might someday become one of those parents.
Avoiding Penalty Taxes on IRA Distributions with Periodic Payments
Question: I recently lost my job and need to withdraw funds from my somewhat sizeable individual retirement account for living expenses. Since I have not yet attained age 59 ½, is there a way to avoid the 10% penalty tax on my IRA distributions?
From Toothless to Tigers: A Look at State Sales Rep Statutes
“Hey, Adam,” begins many an incoming office call, “the principal who owes me back commissions didn’t remember that our contract says Tennessee law (or Utah, Colorado, New Jersey, Georgia, etc.) applies. I can get triple commissions, right?”
“Well,” begins the formal, technical response to many such calls, while stalling for time. Then, the very first legal phrase taught in law school is invoked: “That depends.”
Many independent reps are familiar with sales rep protection statutes. These state laws are generally intended to help level the playing field with their principals when a commission dispute arises.
Tax Consequences of Terminating Cross-Purchase Buy/Sell Agreement
Question: I am unwinding the cross-purchase buy/sell agreement I have in place with the other 50% owner of my corporation. What are the tax consequences when we receive back from each other the policies of insurance on our lives?
‘Miss-conduct,’ revenge and litigation form a toxic mix at Ole Miss
The University of Mississippi football team will not appear in a bowl game during the upcoming 2017 season.
This punishment, which includes forfeiting millions in Southeastern Conference post-season revenue, was self-imposed in response to a hard-driving and expansive NCAA investigation of the Rebels program.
Protecting Business Real Estate from Creditors and Taxes
Question: I intend to purchase real estate for the business operated by my S corporation. Should I purchase the property in the corporation’s name?
754 Basis Adjustment Upon Purchase of Membership Interest
Question: I am buying a minority interest in a three member limited liability company which owns appreciated real estate. If the property is sold, will I be taxed on the appreciation that occurred prior to my purchase?
A tale of two cases: Prosecutors find nothing beats sufficient proof
Schemes involving lawyers improperly compensating non-lawyer referral sources are all too common and are frequently brought to light in the form of professional disciplinary actions. Far less common are reports of illegal referrals involving physicians and hospitals.