Trusts are common techniques used to protect assets and to transfer the contents of an estate to the next generation. Importantly, trusts are taxed differently than individuals, and are subject to different tax guidelines. It is important for estate planning professionals to be mindful of the tax implications of trusts and to work to ensure that their clients’ assets receive the best available and most appropriate taxation per the IRS guidelines.

Piercing the veil is an important concept for any business planning attorney to understand. Piercing the veil originated in the corporate context, but has been increasingly used by courts to hold members of limited liability company (LLCs) liable for the entity’s debts. What does it mean to pierce an entity’s veil, and what we can do to protect our clients from the risk of this occurring?

One of a small business owner’s primary goals is frequently asset protection. Small business owners are often wisely counseled not to “get into bed” with a potential business partner without conducting proper due diligence. The financial consequences should there be a fall-out in the business relationship or failure of the business could be devastating.