Business Planning

A Guide to the Corporate Transparency Act

January 1, 2024 will bring a major change to the business world as the Corporate Transparency Act (CTA) officially goes into effect. The CTA aims to create a database of companies’ beneficial ownership information (BOI) to aid in government investigations of criminal activity that shell entities would otherwise shield. Businesses must report their BOI to […]

The Powerful Tax-Planning Strategy You’ve Probably Never Heard Of

Often overlooked, the Section 1202 Qualified Small Business Stock gain exclusion is a powerful tool that business owners should consider when starting a new business. In essence, Section 1202 allows individuals to avoid paying taxes on up to 100% of the taxable gain recognized on the sale of a Qualified Small Business Stock (QSBS) that […]

Estate Planning for the Family Business

Business owners are playing with fire without a business succession plan. A business succession plan is key to the continuity of operations of a family business, and an estate plan should integrate the succession plan for a family business with estate planning. Many people recognize the need for such a plan, but they struggle with understanding why […]

Potter Update: Informal Business Succession Planning Takes Another Twist

The rules regarding estate planning through business agreements are changing again. As this blog discussed in 2021, the Maryland Court of Special Appeals held that the operating agreement of a Maryland LLC could not control the disposition of a member’s interest after their death. Potter v. Potter, 250 Md. App. 569, 252 A.3d 17 (2021). […]

Maryland Could Become the First State to Provide a No-Fee Option for Filing Annual Reports

Last month, in continued efforts to make Maryland friendly to business, Maryland Governor Larry Hogan announced legislation to eliminate the filing fee for businesses that submit their annual reporting online. This would put Maryland in the unique position of being the first state in the country to provide a no-fee option for yearly filing of […]

Estate Planning Isn’t Just for Boomers: A Guide for Millennials and Gen Z

Adults in the U.S. now span five generations, ranging from Gen Z (1995-2012) to the Silent Generation (1945 or earlier) – with Millennials, Gen X, and Boomers in-between. Each generation has a unique value system, especially with money. It’s not surprising that the concept of estate planning is not top of mind for younger generations; […]

The Art of Gifting: Deciding What Strategy is Best for You

In the spirit of #GivingTuesday, we want to discuss some of the important considerations and options as it pertains to gifting. Use It or Lose It — Annual Gift Exclusion The annual gift tax exclusion amount is the amount a person can gift to several recipients without a gift tax consequence. This amount is $15,000 […]

Two Wives, One Operating Agreement, Zero Estate Certainty

A recent Maryland case, Potter v. Potter, reminds estate planners to stress to our clients the importance of updating legal, estate, and business documents upon significant life events such as divorce, marriage, and death. In Potter v. Potter, a member of an LLC died. The operating agreement of the LLC stated that if his death […]

Preparing for Tax Policy Changes in 2021

2020, a year we will never forget, is behind us, and we are already three weeks into 2021. As we approach the inauguration of a new president and hope and pray for the division in this country to abate, I want to remind everyone that we anticipate significant tax policy changes for 2021. The election and fiscal stimulus […]

Congress Agrees to Covid Relief Package

Lawmakers have agreed to a $900 billion Covid-19 relief package intended to help businesses and individuals and provide money to deliver vaccines. Some of the key components of the proposed legislation: This legislation would extend aid by providing another round of stimulus checks. Adults earning less than $75,000 will receive a $600 check, and couples who […]

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