IRS has set all-time low interest rates for loans made in August, 2012. If you loan money — even to a family member — you don’t have to charge an interest rate higher than 0.25% (!) for a loan of three years or less. For a loan that runs nine years, the minimum interest rate would be 0.88%. Read more
Some people think that buying a business is a cinch, as easy as buying a candy bar. It’s not. You can’t say, “Here’s X dollars; give me your computer and the key to the office (or to the truck, or whatever); and go enjoy the rest of your life.”
It’s the same if you want to sell a business. You can’t say, “Pay me X dollars right now, I’ll hand you this key and the computer, and then I’m outta here.”
You want a clean purchase and sale, right? Without any bad after-effects. So figure on resolving a bunch of matters up front. Read more
Maybe it’s the business protection version of “How much does a pound of feathers weigh?” The clients asked, “If a limited liability company is a great way to protect assets, then why is it limited?”
Great question. Read more
An update from our original post.
Remember John Goodman, the Florida billionaire who adopted his 42-year-old girlfriend to shield his assets? He anticipated that the parents of the boy he killed were going to sue him. Well . . .
The parents settled with him for $33 million. And his girlfriend is still his adopted child. Go figure how this one will untangle. Presumably they’re still dating. Read more
The law may not permit or forbid something, but consequences can snare you – or is it divine justice? Consider: if you could legally adopt your girlfriend, would you really want to?
That was what 48-year-old Florida mogul John Goodman did. You remember him? In February, 2010, after a night of serious drinking, Goodman blew through a stop sign at 63mph and smashed his Bentley into a Hyundai driven by a 23-year-old heading home to his parents’ house. Read more
- What good is a “satisfaction guarantee” from an online will company when the problems with the will don’t become clear until you’re dead?
- Why buy an online will kit from sellers who warn you that the content of their site is not guaranteed to be correct, complete or up-to-date?
I was recently presented with a will prepared through an online service. The person who downloaded it, filled in the blanks, and signed it would never know the problems created by the online form, as he had passed away. But now, upon review of the document following his death, the problems with it were becoming clear to his family. Read more
Getting tax write-offs for purchases you make through your business is a good deal. And if you do business as an S corporation, you know lots of tax benefits flow through your business to your personal tax return. You can write off all sorts of things and save yourself and your business a lot of money.
But you can’t write off an item the business isn’t using. Read more
A number of CPAs still resist filing a separate partnership return for husband-and wife-owned LLCs. We recommend doing the separate return, for both IRS reasons and liability-shield reasons under Georgia law. Here’s more detail about why. Read more
The caller was so excited about the email: somebody in Kuala Lumpur had died with the same last name as hers! Who left a $10 million estate! And the email’s gracious writer was happy to help my caller in finding out what part of the $10 million would be her inheritance.
She asked my advice on how to handle this, and was crushed by my answer: “Just delete it.” She didn’t email much, and I told her this was just the first of many inheritances, lost accounts in foreign countries, et al. that she’ll hear about.
And then I thought she might be helped by a composite of the email cons which lay ahead. And so . . .
Santa and Mrs. Claus know we’ve been good this year, so they stopped by for a visit. (Some law firms get lumps of coal.)
Happy holidays from our lawyers and staff.