Greetings!
As we soak in those last rays of summer, let us turn our focus to back-to-school and fall planning for our families and loved ones. Hoffman & Associates is here to help with all of your estate, business and tax planning needs. Wishing everyone a restful and memorable end-of-summer full of family time, barbecues and afternoons by the pool!
Mike
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The IRS is at it Again
Family Limited Partnerships (FLPs) and Family Limited Liability Companies (FLLCs) have long been used for a variety of purposes, including centralized asset management, creditor protection, efficient legacy planning, and implementing legitimate discounting and freezing techniques for estate planning purposes......The IRS began a campaign of attacking FLPs back in 1997. Court decisions have generally rebuffed various tactics and positions taken by the IRS in the family limited partnership area.
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Single Member LLCs, Revocable Living Trust and Term or Permanent Insurance
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Single Member LLCs
At Hoffman & Associates, we advise many of our clients to form limited liability companies, known as LLCs, to hold and protect their assets. In general, an owner of an LLC interest, or a "member" of the LLC, will not be responsible for any debts of the LLC, which is a win-win situation for the client. Read More
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Revocable Living Trust
As Georgia based attorneys, we are very comfortable with the Will-based estate plan. Georgia probate courts are friendly and easy to work with, and Georgia law allows a Testator to waive the requirements of a bond, inventory and reporting to the court. Read More
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Term Insurance or Permanent Insurance?
Many of our clients wrestle with the decision to purchase term insurance or permanent insurance. The premiums for term insurance are cheap, particularly when you're young, while permanent insurance generally provides a level premium with more certainty that a death benefit will be paid. Read More
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