Tag Archives | Naples attorney

Fund their College while Helping Your Estate

A 529 college savings plan is the ideal way to help fund your child’s future college 529expenses AND a valuable estate planning tool.  A 529 college savings plan provides an opportunity to help transfer some of your wealth as part of the overall estate plan.

529 College Savings Plan Rules

All 50 states allow the use of a 529 college savings plan.  Also referred to as qualified tuition programs, these investment opportunities offer parents numerous tax benefits and are overseen by the state’s treasury department. Continue Reading →

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Trust Beneficiaries Have Rights, Too!

A trust is a legal arrangement through which one person, called a “settlor” or “grantor”, gives assets to another trusteeperson or institution, called a “trustee.”   The trustee holds legal title to the assets for another person or institution, called a “beneficiary”.  The rights of a trust beneficiary depend on the type of trust and the type of beneficiary.

While it may feel like it at times, trust beneficiaries are not at the absolute mercy of the trustee.  Depending on the type of trust, trust beneficiaries may have rights to information about the trust as well as the right to ensure the trust is properly managed. Continue Reading →

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Not All Trusts Are Created Equal

In a previous Acorn, we looked at the holding in Mikel v. Commissioner, a Tax Court case in which the IRS lost yet trusteeanother attempt to defeat Crummey powers.  “Crummey powers” (so named after the landmark 1960’s tax case,
Crummey v. Commissioner) you may recall, are withdrawal powers built in to a family trust that permit one gift tax annual exclusion to be claimed for each trust beneficiary. Continue Reading →

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The Best Partnership for Your Business

Business planning starts with determining what type of entity your business will be.  The legal definition of a
partnership is an association of two or more persons to carry on as co-owners of a business for profit.  There are two basic types of partnerships, partnershipgeneral partnerships and limited partnerships.

While creating a partnership agreement isn’t required, it’s a smart thing to do.  A written partnership agreement helps to avoid misunderstandings between partners.  Failure to have a written agreement will result in default rules based on the states statute.  Establishing a written agreement is the perfect opportunity for partners to discuss various aspects of the business and expectations of each partner. Continue Reading →

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Oakstone Law
1415 Panther Lane, Suite 439
Naples, Florida 34109
Tel: 239.206.3454