The Counsel's Corner

The annual gift tax exclusion amount, currently $19,000, is a means of siphoning off assets to give tax-free money to a relative, usually a child, but sometimes a grandchild.

An irrevocable trust can offer real planning benefits, but moving assets in or out later usually requires careful steps. Learn the basics before you meet with counsel.

Decisions about ownership, governance, and succession affect both the future of the business and the family legacy attached to it. When structured carefully, an LLC can serve as a flexible vehicle for transferring wealth incrementally, preparing the next generation for ownership, and minimizing disruption to operations.