Attorneys Carl D. Holborn and Britany E. Morrison were recently published in the Taxation of Exempts, a Thomson Reuters journal. There is a big unresolved public policy issue in the philanthropic world—private foundations and their use of donor-advised funds (DAF). Specifically, the issue is whether distributions made by private foundations to donor-advised funds should be treated […]
This the 4th of 11 articles based on our firm’s book The Art, Science and Law of Business Succession Planning. In the last article we discussed the five essential objectives a good succession plan needs to address. In this article we will discuss the first objective in more detail–maximizing the value of the business. Number 1: Maximize […]
O’Neil Cannon is pleased to announce that eighteen lawyers have been named to the 2020 Edition of Best Lawyers, the oldest and most respected peer-review publication in the legal profession. Best Lawyers has published their list for over three decades, earning the respect of the profession, the media, and the public as the most reliable, unbiased […]
In a recent Private Letter Ruling the IRS declared that sales of property between spouses and the spouses’ grantor trusts do not trigger income taxation. This ruling validates a planning technique using special trusts called Spousal Lifetime Access Trusts (SLATS) and transactions between the spouses and these trusts. This type of planning is used to […]
In our last article we discussed why a well-constructed succession plan is necessary. In this article, we review the five essential objectives the plan needs to address. The five objectives are: 1. Maximize the value of the business; 2. Minimize taxes; 3. Provide for the continuity and survival of the business; 4. Treat your children […]
(This is second of our 11-part series of articles based on our book The Art, Science and Law of Business Succession Planning. Complimentary copies are available to the clients and friends of the firm.) “Why do I need succession planning?” “Can’t I just hand my business over to my children?” “Why can’t I just leave […]
O’Neil Cannon is pleased to announce that 20 lawyers have been named to the 2019 Edition of Best Lawyers, the oldest and most respected peer-review publication in the legal profession. Best Lawyers has published their list for over three decades, earning the respect of the profession, the media, and the public as the most reliable, unbiased […]
If you own a family business, you should be thinking about your succession plan, whether you plan to sell the business to fund your own retirement or pass it on to your descendants or other key employees. To get you started, below are six questions to ask yourself. We answer each in our book, The […]
Attorney Carl Holborn gave a presentation on advanced estate planning concepts at the 19th Annual Children’s Hospital of Wisconsin Tax and Charitable Planning Conference. Carl assists individuals, executives, professionals, and business owners with estate and business planning, as well as trust and probate administration. He also specializes in estate, gift, and income taxation. Carl is […]
For the second consecutive year, OCHDL proudly sponsored the Catholic Relief Services (CRS) reception at the Wisconsin Club. This was a very special year, as the humanitarian group celebrated its 10th year here in Milwaukee. As always, a very well received event and powerful message was presented. The Milwaukee chapter of CRS, which includes OCHDL Shareholder Carl […]
