WealthCounsel Staff

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Current Developments in Estate Planning and Business Law: August 2022

By WealthCounsel Staff on Aug 12, 2022 10:00:00 AM

monthly-recap (1)

From the Internal Revenue Service’s extension of time to use the simplified method for electing portability to the enforceability of modifications to click-wrap agreements, we have recently seen significant developments in estate planning and business law. To ensure that you stay abreast of these legal changes, we have highlighted some noteworthy developments and analyzed how they may impact your estate planning and business law practice.

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Lessons from the Court: West Dakota Oil, Inc. v. Kathrein Trucking, LLC

By WealthCounsel Staff on Aug 5, 2022 10:00:00 AM

Lessons From The Court-Blog

Piercing the corporate veil is a legal concept that involves separating the business entity from its owner, allowing the owner to be protected from personal liability for the business’s debts. The applicable law can be nebulous, and protection against personal liability may not always be available, especially if a single owner of a business uses personal funds to run the company—or uses the business’s funds for their own purposes. A recent legal case from North Dakota illustrates some of the factors that determine whether the business is operating separately or merely as the alter ego of its owner. Read on to learn more.

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Requesting Portability Election Relief Just Got Easier

By WealthCounsel Staff on Aug 3, 2022 10:00:00 AM

SECURE ACT - IRS1The Internal Revenue Service (IRS) recently extended the time to elect portability of the deceased spousal unused exclusion (DSUE) amount for estates not otherwise required to file an estate tax return. After getting swamped with extension requests from taxpayers who missed the two-year deadline, the IRS announced that it would allow five years to make a late claim on portability. Read on to learn more about this change and how it applies to your estate planning clients.

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