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The answer to the title question depends on a few factors, but, in general, yes —your trust can own your business after you die. There are several factors to consider, including the type of business and the type of trust. Is your business a limited liability company (LLC), a partnership, a corporation, or a sole proprietorship? Another consideration is how your business is managed; is your business managed as an
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It is crucial to get important estate and financial planning documents done, but it is just as important to store those documents in a safe place that your survivors can easily access. Estate planning documents like your will, living wills, powers of attorney, trusts, medical directives, and financial information are needed during the biggest emergencies, and they also need to be kept safe in the meantime. Additionally, you need to
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New Tax Savings Opportunities Wondering about the new Section 199A deduction in 2018? The deduction became effective on January 1, 2018, but guidance on how it would be calculated has been the topic of much speculation. Congress delegated the job to the Internal Revenue Service (IRS), and it’s finally coming to light. For months, we’ve had no specific guidance to work with but now things are becoming more clear. Tax
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As you may know, the state of Nevada has implemented a “Commerce Tax” on all entities engaging in business in the State (not personal trusts), for the privilege of doing business in Nevada. In general, if your business earns primarily passive income (interest, dividends, etc.), or less than $4M of business income, you will not owe anything. However, you are still required to both register your entity (providing various types
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