In review, here are the five Blog Posts from this past week for your convenience. I welcome your feed back regarding any of these posts and your input regarding any of these areas of practice which you would like for me to address.
That an entity has been effectively organized, and recognized by the IRS as tax exempt is no guarantee that it is being operated as a charitable entity. A good rule of thumb is that a charitable entity’s general and administrative expenses should not exceed ten percent of its total revenues.
Weird berries. Capsules of unpronounceable supplements. Yoga or tai chi. Crossword puzzles. Such amulets, we’re told, may ward off disability — which is the real fear that accompanies aging, isn’t it? Not the sheer number of years that will have passed, but the things we’ll no longer be able to do.
Elijah Smith said he wanted to be an organ and tissue donor when he applied for a driver’s license in September. But his family didn’t find that out until he was declared brain dead by doctors on July 4 after being struck in a hit-skip crash while riding his bicycle the day before.
At the most recent meeting of the She Owns It business group, the owners discussed succession planning. The topic is of particular interest to Susan Parker, owner of Bari Jay. She and her sister, Erica Rosenfeld inherited Bari Jay from their father, Bruce Cohen, who had never created a formal succession plan. In fact, neither of his daughters knew he planned to leave the company to them.
Are the proceeds of life insurance policies owned first by a taxpayer’s wife and then owned by a family trust, includible in a taxpayer’s gross estate?