By Royce Lanning | Published October 27, 2015 | Posted in Uncategorized | Leave a comment
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Royce Lanning
The Carrot Mightier than the Stick – Using Incentives in Your Trust
Frequently people approach estate planning with their most challenging child in mind. This is a natural and integral approach to constructing estate planning documents. It allows parents to consider and approve planning that is directed toward their specific circumstances and goals. However, it is important to remember that many times a positive motivator (i.e. a Read More
Read MoreThe “Basis” for Good Planning: Using “Stepped-Up” Basis to Reduce Taxes
In recent years, it has become increasingly important to consider the income tax implications of gift giving and not just the estate tax implications. For the majority of people, estate taxes are a non-issue due to the increase in the exclusion amount for US citizens. However, income tax continues to impact everyone. Therefore, an estate Read More
Read MoreBeware of Unintended Partnership: Planning your Business Relationships
A partnership is the default business arrangement between two or more individuals that go into business together. Therefore, the failure to define the understood business arrangement between two or more people can result in litigation asserting that a common law partnership was formed. Indeed, partnership litigation often catches at least one “partner” completely off guard Read More
Read MorePlanning Parent II: Fit your Plan to your Families’ Strengths
Every employer knows that different employees have different strengths and weaknesses. Likewise, most parents will concede that each of their children have different strengths and weaknesses. Successful employers look for an employee’s strengths and weaknesses and match the employee’s strengths to the needs of the company. Conversely, if you take that same employer and place Read More
Read MorePlanning for Your Children’s Success: Concerns of a Business Owning Parent
According to the Family Business Institute, only 30% of family businesses survive beyond the first generation. [https://www.nytimes.com/2012/04/05/business/smallbusiness/how-they-beat-the-odds-to-keep-family-businesses-healthy.html?pagewanted+all&_r=1&]. While there are a variety of reasons why family businesses fail in subsequent generations, it is generally agreed that careful and intentional planning is a key component to reducing that risk. [https://hbr.org/2012/01/avoid-the-traps-that-can-destroy-family-businesses/ar/1]. An early consideration is whether your Read More
Read MorePlanning for Your Children’s Success: Concerns of a Business Owning Parent
According to the Family Business Institute, only 30% of family businesses survive beyond the first generation. [https://www.nytimes.com/2012/04/05/business/smallbusiness/how-they-beat-the-odds-to-keep-family-businesses-healthy.html?pagewanted+all&_r=1&]. While there are a variety of reasons why family businesses fail in subsequent generations, it is generally agreed that careful and intentional planning is a key component to reducing that risk. [https://hbr.org/2012/01/avoid-the-traps-that-can-destroy-family-businesses/ar/1]. An early consideration is whether your Read More
Read MorePlanned Parenthood: Using Your Estate Plan to Guide the Next Generation
People often think of estate planning as an exercise for the wealthy or elderly. The reality for parents is that estate planning is your opportunity to decide how the assets you gather during life will be utilized to shape your family’s future. Your estate planning opportunities are not limited to cookie-cutter gifts to your spouse Read More
Read MorePick Your Fights (and Battlefields) Wisely: Negotiating Forum Selection Clauses
A venue selection provision is a provision in a contract that sets the geographical location where any disputes arising under the contract must be litigated. Venue selection provisions can be very helpful where the parties to the contract are located (or have locations) in more than one county or state because they can settle not Read More
Read MoreWill v. Living Trust (Part II): Common Uses for Living Trusts
If living trusts are not always cheaper and faster in Texas when would you use one? To understand the common uses for living trusts in Texas it may be helpful to understand some basic concepts for how a living trust works. First, a trust expressly states who will be controlling the property that is held Read More
Read MoreWill v. Living Trust (Part I): Living Trusts Don’t Solve Everything
A common misconception is that a living trust (a trust created during life) is a better option than a will that creates trusts after your passing. Generally, this idea is generated by friends, relatives or legal professionals from states like California where the probate system is onerous, time consuming and, therefore, expensive. However, as discussed Read More
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