Discussion:

Your client comes into the office and tells you he is forming a new business with three others. They each will put up cash to get the business going. He wants to know what issues he should be concerned about when getting into business with two others. As each is married with small children, he is particularly concerned about what would happen if one of them gets disabled or dies. What do you advise be structured to deal with this concern?

Short Paper:

Prepare a succinct letter to a client (no more than 3 pages) explaining the difference between tax basis and stepping-up basis on death. Explain the planning concerns that arise because of the difference between the maximum federal estate tax rate as compared to the federal income tax capital gain rate. (ignore for this writing any recapture items). Consider as well explaining how property is categorized.

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Discussion:

Bayesian Belief – Find a real-world situation where a strategic risk might have been influenced by a prior event.


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