Succession Planning for businesses has several components. The focus that receives the most attention is the owner’s exit plan and whether the owner plans to sell the business or pass it down to the next generation. However, other aspects of succession planning are just as important, if not more important, than long-term and big-picture issues.…
At the end of 2010, Congress passed legislation authorizing the transfer of unused spousal estate/gift tax exemption to a surviving spouse. As with most tax laws, the devil was in the details, and it was left to the IRS to work out the details. After years of fits and starts, backtracking, and plugging holes, the…
You may have noticed a collective sigh of relief coming from the estate tax planning community over the last few weeks. In its early drafts of the Build Back Better legislation, Congress had been flirting with some fairly dramatic changes to the U.S. transfer tax system. However, it looks like those changes have now been…
John Clough received the 2021 Bar Register of Preeminent Lawyers™ award from Martindale Hubbell. This award is given to attorneys ranked among the highest in professional excellence by their peers for their legal expertise, communication skills, and ethical standards. Click here to learn more about John and his areas of focus. To contact John, please email jclough@pselaw.com or call 937.223.1130.
Understanding the SECURE Act Effective January 1, 2020 is a new spending bill called the SECURE Act (Setting Every Community Up for Retirement Enhancement Act of 2019). Prior to 2020, most participants were required to take RMDs (required minimum distributions) from employer plans or IRAs by age 70-1/2; however, for those who have not reached…
We are pleased to announce that attorneys Alan B. Schaeffer, and John E. Clough and Donald G. Schweller have been selected by their peers for inclusion into the 2020 edition of The Best Lawyers in America. Alan B. Schaeffer, is included in The Best Lawyers in America in the Real Estate Law section. Alan a is…
