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Obama Budget – Estate Tax

Robert Keebler has read the president's 2013 budget. He reports it seeks to restore the gift and estate tax rates to 2009 rates. The 2009 rates were: Gift tax exclusion $1M and Estate tax exclusion $3.5M with tax rates of 45%. If this is a worst case scenario for 2013, then maybe it won't be too bad. As it now stands, the gift and estate tax exclusions are scheduled to drop from…

Single Member LLCs – Be Careful

LLCs are a hybrid of partnership law and corporate law - they can have the liability protection of a corporation and the informal flexibility of partnerships (no requirement for corporate minutes and partnership profits can be allocated as partners see fit). Single member LLCs (LLCs owners are "members") are an anomaly. They are a partnership with only one partner. The concept is to give single owner LLCs the same protection as mult-…

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