Monthly Archives: July 2006
Family Limited Partnerships
The Family limited partnership (“FLP”) has become an increasingly useful tool for planning larger estates. The FLP also has drawn plenty of attention from the Internal Revenue Service in recent years. Usually an FLP is created by an individual and his or her spouse (often… Continue reading
Latin Lovers ’99 – (Reader Beware!)
Caveat Emptor – let the buyer beware! This famous maxim has been part of our common law (taken from the English, who adopted it from Roman law) going back to colonial days. Until recently, with the advent of consumer protection legislation and a general shift… Continue reading
Changes in the Durable Power of Attorney
A very effective and popular estate planning device over the past decade has been the “durable” power of attorney. A power of attorney is a document a person (the “principal”) executes to give authority to another (the “agent”) to act on the principal’s behalf. The… Continue reading
Watch For Those Trust Fund Taxes!
If you operate a small business and have employees, you should be familiar with the rules regarding the collection and payment of trust fund taxes. If you are not careful, you could become personally liable if these taxes are not properly accounted for and… Continue reading
Property Rights in Surface Water
When our country was first settled, the most ideal land upon which to build a home or business was usually next to a body of water, whether it be a lake, river or stream. As towns grew and access to water diminished, determining who… Continue reading
Staying Incorporated
Corporations are formed for many reasons, but perhaps the most common reason advanced by small business owners is to obtain the shield of limited liability for corporate obligations. With certain exceptions, liability for the obligations of a corporation is limited to one’s investment (capital… Continue reading
The Bait/Switch Referral Sale Pyramid Scheme
What do the above consumer scams have in common? They were all made illegal by Pennsylvania‘s Unfair Trade Practices and Consumer Protection Law (“Consumer Law”). The Consumer Law declares unlawful: Misrepresenting a product’s brand. Misrepresenting the source, sponsorship, or certification of a product or… Continue reading
Year-End Tax Tips
It’s not too late to plan for your 1999 individual income taxes. Between now and December 31 you can take steps to change your 1999 tax picture significantly. Some ideas: If you are debating whether to donate stock or cash to a qualified charity, you… Continue reading
Latin Lovers
In a recent trip to London, I discovered that Latin phrases are more prevalent in Great Britain, especially in connection with matters of royalty. It seems many of the buildings occupied by the royal family (including Buckingham Palace) have the letters “ER” displayed prominently, as… Continue reading
Collection — Get Your Money’s Worth (Anatomy of Successful Collection)
An entire industry has grown up around the collection of debts. In fact, this industry had gone to such extremes in the past (such as calling a debtor from the emergency room of a local hospital, telling him a loved one is injured, and then… Continue reading