Governor Vetoes Bill Eliminating Customs Duties in U.S. Virgin Islands

By | Virgin Islands Law Blog | February 24, 2017
U.S. Virgin Islands Governor Kenneth Mapp recently vetoed legislation that would have eliminated customs duties, while at the same time transferring money that would have been collected through a different provision in the proposed bill. The bill, sponsored by Sen. Kurt Vialet, would have mandated the Bureau of Internal Revenue to create and present a report to the legislature with suggestions for appropriate changes to excise taxes upon import within 90 days of the bill’s implementation. View Full Post
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POLST Form: Do I Need One?

By | The Fiduciary Advisor | February 23, 2017
You may have heard of something called the POLST Form (“POLST”) and wondered if you need one. The POLST (Physicians Orders for Life-Sustaining Treatment) is a relatively unknown and certainly underutilized document which can assist with advance care planning for seriously ill individuals.  When planning for end-of-life medical care, most people think of an advance directive (also known as a living will) or the health care power of attorney (a document which appoint a health care proxy). View Full Post
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California Wage and Hour Lawsuits Spreading to Mom’s Living Room

In a recent post, we discussed the hazards, from a tax reporting perspective, of erroneously treating California caregivers as independent contractors as opposed to employees.  If a caregiver is an employee (as is often the case), her employer also must comply with the various wage and hour rules that apply to the employment relationship. View Full Post
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The Water Cooler

By | MATTERS of TRUST | February 21, 2017
The Water Cooler A. M. Publishing recently released its quarterly Trust Performance Report, which tracks the trust industry’s asset and revenue data. The following are a few highlights: Asset growth rates are improving. Revenue growth rates are also improving although revenue growth rates lag asset growth. According to the 2016 Fiduciary Earnings and Expenses report, investment in training remains low. View Full Post
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Should a Family Business Owner Make a Charitable Gift of Her S Corporation Stock?

Should a Family Business Owner Make a Charitable Gift of Her S Corporation Stock? worldOwners of family businesses are often looking to support charitable causes, while also seeking to obtain the most tax efficient outcome from such donations.  Generally, a charitable contribution of appreciated property allows a donor to deduct the value of property without having to report the inherent appreciation as income.  View Full Post
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Changes in Latitudes-What to Do When Your Trustee Moves Away from Tennessee

By | Tennessee Estate Planning Law | February 16, 2017
Today, one of my clients called me because his Trustee is moving to Colorado.  Five years ago, he established a Tennessee Investment Services Trust, a/k/a asset protection trust.  The creditor protection provided by these trusts is dependent upon the Trustee being a Tennessee resident or trust company. View Full Post
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Lessons Learned in Selling the Family Business

We have represented hundreds of family businesses (as well as other privately-held businesses) in negotiating and completing successful mergers and acquisitions.  We have seen important lessons learned by families selling their businesses.  Over the course of the next few months, we will be discussing some of those lessons learned.  View Full Post
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