In two recent estate tax cases—Estate of Powell and Estate of Cahill—the Tax Court sided with the IRS and included assets in a taxpayer’s estate that had been previously gifted to family members. These cases have significantly altered planning considerations for family limited partnerships (“FLPs”) and family limited liability companies (“FLLCs”). CEC Newsletter-Major Tax Court […]

On April 23, 2015, North Carolina’s state fiduciary income tax was held to be unconstitutional as imposed upon the income earned and accumulated by an out-of-state trust in the case of The Kimberly Rice Kaestner 1992 Family Trust v. North Carolina Department of Revenue by the North Carolina Business Court.

While your middle-market business may be thriving, you must act to preserve and protect your accomplishments with an eye on the horizon.