Most Recent Attorney’s Blog Posts

  • Which State’s Law Applies in a Lawsuit?
    We frequently hear from clients who have been told by others that they should incorporate in Nevada (or other states outside of their home state) in order to take advantage of their favorable laws.   We have seen many individuals persuaded into incorporating in a state outside of their home, only to complain about the cost and complexity of the structure which ultimately had to be unwound. This is not to say that incorporating an entity in Nevada or Wyoming should never be considered as part of an asset protection strategy. One primary reason for incorporating a Nevada or Wyoming entity ... read more
    Source: KKOSLawyersPublished on 2017-02-14By Lee Chen
  • What Is a “Holding Company” and When Could It Make Sense to Have One?
    We have lots of clients who come to us after dealing with promoters and would-be practitioners who have recommended elaborate (and usually expensive) entity structures for their businesses. This “up-sell” approach tends to happen whether the business sells cheeseburgers or invests in buy-and-hold rental properties. One of the structures that is almost always included in these intricate structures (especially when real estate is involved) is something called a “holding company.” Simply put, a holding company is a business entity that exists solely to own other business entities. In our practice, we see this most often in the form of a ... read more
    Source: KKOSLawyersPublished on 2017-02-07By Justin Brault
  • The Roth IRA Re-Characterization Eraser
    Are you having second-thoughts about your Roth IRA Conversion? Did the value of your IRA decrease after you converted it? If so, you may be in luck as you can re-characterize your Roth IRA back to a traditional IRA and you can avoid the taxes due too. Given the ups and downs of investments, this may be an excellent strategy for those whose account has decreased since their conversion in 2016. If you have converted a Traditional IRA to a Roth IRA in 2016, you can reverse the conversion by doing what is called a Roth IRA conversion re-characterization. Under a re-characterization, ... read more
    Source: Mat SorensenPublished on 2017-01-30By Mat Sorensen
  • Roth IRA Conversion Re-Characterization: One “Do-Over” the IRS Allows
    Are you having second-thoughts about your Roth IRA Conversion? Did the value of your IRA decrease after you converted it? Are you unable to pay the tax on the conversion? If so, you’re in luck as you can re-characterize your Roth IRA back to a traditional IRA and you can avoid the taxes due too. Given the ups and downs of investments, this may be an excellent strategy for those whose account has decreased since their conversion in 2016. If you have converted a Traditional IRA to a Roth IRA in 2016, you can reverse the conversion by doing what is called ... read more
    Source: Mat SorensenPublished on 2017-01-30By Mat Sorensen
  • Court Rules Against California Franchise Tax Board on Overreaching Franchise Tax
    On January 12, 2017, an appeals court in California ruled, in a closely watched case of Swart Enterprises, Inc. v. Franchise Tax Board (Appeals Case F070922), that a non-resident of CA was not “doing business in California” and therefore not liable for California Franchise Taxes merely because it owned a passive investment in California.   Although this ruling may not have much impact on California residents who own and direct investments from California, it does signify the Court’s willingness to impose some limitations on California’s ability to tax under its expansive definition of “doing business in” California. California imposes a minimum ... read more
    Source: KKOSLawyersPublished on 2017-01-23By Lee Chen
  • “Piercing the Veil” – Are you Appropriately Maintaining your LLC or Corporation?
    Our law firm takes the position that an entity (such as an LLC or corporation, etc.), if properly maintained and used, can serve an important function in terms of liability protection, in addition to other forms of risk management such as insurance. This may be a business owner looking to put some distance between him and his business operations, or it may be an entity which forms subsidiaries or has sister companies setup for legitimate operational reasons. However, there are limits to how much liability protection an entity can serve to provide. Even though the presumption is that a legal ... read more
    Source: KKOSLawyersPublished on 2017-01-17By Kevin Kennedy
  • GAO Report on Self-Directed IRAs Concludes IRS Lacking in Three Key Areas
    The Government Accountability Office (“GAO”) concluded over a year of research and investigation on self-directed IRA’s and 401(k)’s with a report to Congress called Retirement Security: Improved Guidance Could Help Account Owners Understand the Risks of Investing in Unconventional Assets. Self-directed IRA’s and 401(k)’s are accounts that may be invested into “unconventional” assets. The most common “self-directed” assets are real estate, LLC’s, start-ups, venture capital, private funds, and precious metals. The self-directed IRA industry has tripled over the past ten years and the demand and interest from retirement account holders continues to grow. The GAO was tasked to research self-directed ... read more
    Source: Mat SorensenPublished on 2017-01-16By Mat Sorensen
  • 5 New Year’s Resolutions to Make Your Business Great (or Great Again)
    The dawn of a new year is traditionally a time for self-reflection on what we need to do to improve our lives.  Many of us focus on goals to make ourselves better physically, mentally, spiritually, and yes – even financially.  For those of you who own a small business, it’s also a great time to apply some mental capital to figuring out ways to improve that business.  In that vein, here are five ideas for New Year’s resolutions that will help you make your small business great (or great again): 1) Get Started! – This resolution has lots of possible ... read more
    Source: KKOSLawyersPublished on 2017-01-09By Jarom Bergeson
  • Estate Planning After a Spouse’s Death
    It’s hard to consider the grief and sorrow that comes when a spouse passes. However, the year following the death of a spouse is an important one for the surviving spouse as there are number estate planning considerations and decisions to be made. This article is primarily concerned with those who survive the deceased, specifically the “surviving spouse”.  Here are a few estate planning items for the surviving spouse to consider: Take care of your deceased spouse’s estate. Hopefully the deceased spouse had all of his/her assets inside a trust or through other means of avoiding probate court, such as joint ... read more
    Source: KKOSLawyersPublished on 2016-12-28By Kevin Kennedy
  • The Law of Christmas Light Displays according to the Hon. Clark W. Griswold
    According to a 2011 survey, Americans spend in excess of $6 billion per year on Christmas decorations – and there’s no truth to the rumor that more than half of that number was spent by Clark Griswold for his annual Christmas light extravaganza. What is true is that displays get bigger and more expensive every year, and the desire to have the best and brightest Christmas display in the neighborhood (or maybe in the town, the state, or even the country!) could land you in a lawsuit if you’re not careful.  Let’s take a look at three of the biggest ... read more
    Source: KKOSLawyersPublished on 2016-12-20By Jarom Bergeson
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