LLC, S corp—or Both? What is Best for your Business?

December 19, 2014

Have you been considering whether creating a Limited Liability Company (LLC) or an S corp is the right choice for your business? Consider the case of Mike Turner, owner of Front Street Brokers, a real estate agency based in Boise, ID. INC magazine featured the story of how Mike came to the decision that combining […]

Read the full article →

LLC Costs Idaho Charity Property Tax Exemption

December 18, 2014

A Limited Liability Company (LLC) can be an effective “pass-through” vehicle for many businesses, and can offer a great deal of tax savings. But an LLC must also be structured properly, and must be the “right tool for the right job.” Peter J. Reilly, a contributor to Forbes magazine, writes about an Idaho charity that […]

Read the full article →

Could your LLC Cost Your Child $100,000 in College Aid Eligibility?

December 17, 2014

Many business owners use LLCs, S corporations, or partnerships as “pass-through” vehicles in order to avoid the “double taxation” of a C corporation. But Troy Onink, a contributor to Forbes magazine, warns that using one of these pass-through vehicles in order to avoid the taxes of a C Corp may result in a bigger bill […]

Read the full article →

California FTB Tries to Collect Taxes from an Iowa LLC—and Loses

December 16, 2014

Swart Enterprises, a corporation based in Iowa, received a tax bill from the State of California, although it did no business in California. The Franchise Tax Board (FTB) of California decided that because Swart Enterprises invested in $50,000 in Cypress Equipment Fund XII, a California LLC, Swart was liable for taxes and interest penalties totaling […]

Read the full article →

“Piercing the Veil” of an LLC

December 15, 2014

A recent article in Forbes magazine tells the story of Western Echosystems Technology, Inc. (Western) provided consulting services to GreenHunter Wind Energy (“the LLC”), which operates a wind farm in the state of Wyoming. But the LLC did not pay Western for its services, and Western decided to sue GreenHunter for breach of contract.  Western […]

Read the full article →

What Five Oscar Winners Can Teach Us About Estate Planning: Marlon Brando

December 5, 2014
Thumbnail image for What Five Oscar Winners Can Teach Us About Estate Planning: Marlon Brando

This week, we have taken a look at the estate plans of five Academy Award winners, including Philip Seymour Hoffman, Elizabeth Taylor, Heath Ledger, and Frank Sinatra. Today’s “star” is Marlon Brando. Some of these celebrities had very successful estate plans, and others had plans that could have included some further information. Danielle and Andy Mayoras write […]

Read the full article →

What Five Oscar Winners Can Teach Us About Estate Planning: Frank Sinatra

December 4, 2014
Thumbnail image for What Five Oscar Winners Can Teach Us About Estate Planning: Frank Sinatra

Frank Sinatra was known for many things, including singing, acting, and his connections in and out of the entertainment world. “Ol’ Blue Eyes” also had another hidden talent—estate planning. Danielle and Andy Mayoras write about five estate planning scenarios of five Oscar winners in a 2014 article for Forbes magazine. Frank Sinatra, Best Supporting Actor […]

Read the full article →

What Five Oscar Winners Can Teach Us About Estate Planning: Heath Ledger

December 3, 2014
Thumbnail image for What Five Oscar Winners Can Teach Us About Estate Planning: Heath Ledger

Heath Ledger won an Academy Award in 2009 for his portrayal of “The Joker” in The Dark Knight. 2008.  But in sad twist, his parents and sister flew from their native Australia to accept Ledger’s Oscar due to his untimely death in 2008 at the age of just 28. A bit of trouble regarding Ledger’s final […]

Read the full article →

What Five Oscar Winners Can Teach Us About Estate Planning: Elizabeth Taylor

December 2, 2014
Thumbnail image for What Five Oscar Winners Can Teach Us About Estate Planning: Elizabeth Taylor

Elizabeth Taylor is still with us in many ways—you may even have seen her featured on a commercial for her “White Diamonds” perfume line. The commercials still run to this day, although she left us in 2011. It may seem that actors like Dame Elizabeth Taylor will live forever, but like all of us, they […]

Read the full article →

What Five Oscar Winners Can Teach Us about Estate Planning: Philip Seymour Hoffman

December 1, 2014
Thumbnail image for What Five Oscar Winners Can Teach Us about Estate Planning: Philip Seymour Hoffman

While celebrities may seem immortal, they most certainly are not. Very often, celebrities also make extreme amounts of money, which adds to their concerns in regard to estate planning—especially if they have children. Authors Danielle and Andy Mayoras write about five estate planning scenarios of five Oscar winners in an article that appeared in Forbes […]

Read the full article →