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Key Employee Retention Plans for Closely Held Businesses

In rewarding key employees of a closely held or family-owned business, it is important to develop a key employee retention plan and to develop such a plan in the context of developing an owner/manager exit strategy so the two plans complement one another rather than conflict with one another.

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529 Plans As Estate Planning Tools

529 Plans are special accounts that one family member can create for the benefit of another family member to fund educational expenses. Once created, the appreciation in the account is not taxable to either the account owner or the beneficiaries, provided any distributions from the account are used for qualified educational expenses.

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President Biden’s 2021 Tax Proposals

President Biden has proposed a $6 trillion 2021-2022 Federal budget which includes his proposed infrastructure and American Families Plan. This is by far the largest Federal budget in history. In order to pay for it, the President has proposed Federal corporate and individual and estate tax changes which allegedly impacts only big business and wealthy individuals and families but may affect others both directly and indirectly.

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The New York Forward Loan Program

As New York State is beginning to reopen, the Governor announced a new state loan program, “New York Forward Loan Fund (NYFLF)”. Per the Governor’s statement, the NYFLF is a new economic recovery loan program aimed at supporting New York State small businesses, nonprofits, and small landlords.

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Impact of the Corona Virus on Contractual Obligations

How will the virus impact your contractual obligations moving forward?

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The CARES Act Impact on Real Estate Ownership

How can the CARES act impact you and your business

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Corona Virus (COVID-19) Federal Legislation

On Wednesday March 25, 2020, the Senate passed the Coronavirus Aid, Relief and Economic Security Act (CARES ACT) The House approved the statute on Friday, March 27, 2020 and the President announced he would sign the law into effect as soon as he receives it.

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Stock Buy-Sell Agreements

Stock purchase agreements or buy-sell agreements are one of the two basic ways a buyer can purchase a business or interest in a business. The other is an asset purchase agreement.

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