Investors in small closely held businesses looking for ways to reduce their tax liability might want to consider taking advantage of Section 1202 stock, also known as Qualified Small Business Stock. Section 1202 of the Internal Revenue Code offers a
O'Neil, Cannon, Hollman, DeJong & Laing S.C.
O'Neil, Cannon, Hollman, DeJong & Laing S.C. is a Wisconsin-based law firm that provides legal services primarily to businesses and their owners. The firm covers a broad range of practice areas including litigation, business law, mergers and acquisitions, banking and creditors' rights, tax planning and controversy, trust and estate planning, labor and employment, inheritance litigation, family law, and real estate and construction. Their publications focus on legal updates, practical guidance, and analysis relevant to these fields, often addressing recent legal developments, regulatory changes, and case law impacting employers, businesses, and individuals in Wisconsin.
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https://wilaw.com
Latest from O'Neil, Cannon, Hollman, DeJong & Laing S.C. - Page 5
Ex-Attorney Convicted of Stealing More Than $800,000 from Elderly Victim with Dementia
The United States Attorney’s Office from the Southern District of Ohio recently issued a press release that highlights how elderly individuals suffering from dementia may be vulnerable to financial abuse. The press release can be found here.
As the…
Tax & Wealth Advisor Alert: The Pitfalls of Payable on Death Accounts
By Kerry Dwyer
Payable on Death (POD) accounts are offered by banks and other financial institutions to permit an account owner to designate a beneficiary to receive the funds in a savings, checking, CD, or similar account, upon the account owner’s death. If…
Tax & Wealth Advisor Alert: Powers of Appointment – A Tool to Add Flexibility Into an Estate Plan
By Carl Holborn
A power of appointment is a legal instrument that grants an individual (the “appointee”) the authority to decide how a particular asset or assets will be distributed upon the death of the individual who created the power (the “donor”). The…
Employee Retention Credit (ERC): Maximizing COVID Relief by Supplementing PPP
The Paycheck Protection Program has been commonly heralded as the foremost source of financial relief for businesses during COVID-19. However, the Employee Retention Credit or “ERC,” is a lesser-known replacement or supplement for PPP that has remained largely unleveraged by…
Tax & Wealth Advisor Alert: Selecting a Fiduciary – One of the Most Important Decisions in an Estate Plan
By Carl Holborn
When creating an estate plan, one of the most critical decisions you will make is selecting a personal representative and trustee, also known as “fiduciaries.” A fiduciary is a person or institution entrusted with the responsibility of managing assets and…
Tax & Wealth Advisor Alert: Charitable Remainder Trusts, A Dynamic Estate Planning Tool to Reduce Taxes and Do Good
By Carl Holborn
Charitable Remainder Trusts (CRTs) are a powerful tool for those looking to support their favorite causes while also securing a steady income stream for themselves or their loved ones. These trusts are essentially a way to give cash or other…
Tax & Wealth Advisor Alert: Donor-Advised Funds, a Great Way to Do Charitable Giving
By Carl Holborn
Donor-advised funds, or DAFs, are a popular way for individuals to support charitable organizations they care about while also receiving potential tax benefits. A DAF is essentially a charitable investment account that allows individuals to make a tax-deductible donation and…
Tax & Wealth Advisor Alert: Qualified Personal Residence Trusts – A Planning Technique to Save the Family Home from Estate Taxes
By Carl Holborn
A Qualified Personal Residence Trust (QPRT) allows a homeowner to transfer their personal residence to a trust for a specified period of time, after which the residence is transferred back to the homeowner or to a designated beneficiary. QPRTs are…
Tax & Wealth Advisor Alert: Irrevocable Life Insurance Trust, a Technique to Eliminate Estate Taxes on Life Insurance Proceeds and to Provide Liquidity to an Estate Plan
By Carl Holborn
An Irrevocable Life Insurance Trust (ILIT) is a special kind of trust that is designed to own life insurance. The key characteristic of an ILIT is that it is irrevocable, meaning that it cannot be changed or dissolved once it…