Updating Previously Executed News Today

Consider Reviewing and Updating Previously Executed LLC Agreements and Partnership Agreements After the flurry of estate planning activity at the end of 2020, particularly the transfer of entity interests, such as limited partnerships and limited liability companies, we want to revisit the issues raised by the Tax Courts decision in Estate of Powell v. Commissioner. In this decision, the Tax Court agreed with the IRS that a donors retention of certain powers over distributions in a limited par...

Wednesday, January 20, 2021 Consider Reviewing and Updating Previously Executed LLC Agreements and Partnership Agreements After the flurry of estate planning activity at the end of 2020, particularly the transfer of entity interests, such as limited partnerships and limited liability companies, we want to revisit the issues raised by the Tax Courts decision in  Estate of Powell v. Commissioner. In this decision, the Tax Court agreed with the IRS that a donors retention of certain pow...