Without a doubt, this Fall will be a decisive period for the United States as it relates to national cannabis policy. Voters in five states, Massachusetts among them, will have the opportunity to dictate whether cannabis will be legalized for recreational use, joining...
PLDO Law Blog
Month: September 2016
RI Supreme Court Provides Long Awaited Guidance on Trust Attorneys’ Duty to Beneficiaries
In December of 2015, the Rhode Island Supreme Court provided guidance on the duties an attorney advising a trustee owes to the trust's beneficiaries. Audette v. Poulin, 127 A.3d 908 (R.I. 2015). Audette, the beneficiary of a trust, brought claims of negligence and...
Florida Court Rules Invalidated Will Does Not Revoke Prior Will
A Florida Court has recently applied the doctrine of dependent relative revocation to uphold a prior will where the later will was procured by undue influence. In re Estate of Murphy, 184 So. 3d 1221 (Fla. App. 2d Dist. Jan. 20, 2016). The testatrix, Virginia Murphy,...
HOW LIFE INSURANCE PROCEEDS COULD AFFECT A COMPANY’S VALUATION FOR ESTATE TAX PURPOSES
A recent case brought to light the impact that a stock-purchase agreement and life insurance proceeds may – or may not - have on the valuation of a closely held company for estate tax purposes. In this case that caused a split between the 8th and 11th Circuits, the...
HASTE MAKES WASTE . . . CASH THE CHECK.
One never knows what corner the grim reaper lies behind. A final illness can often accelerate quickly and deprive a donor of adequate time to complete gifts for tax purposes that he intended to make. In a recent federal court case, the Third Circuit Court of Appeals...
ATTENTION SNOWBIRDS: DO YOU PASS THE DOMICILE TEST?
“A person doesn't know how much he has to be thankful for until he has to pay taxes on it.” This anonymous quote is timely. It is rumored that the Rhode Island Division of Taxation (“the Division”) is reviewing its procedures for determining whether a Rhode Islander...
HOW CLOSELY HELD BUSINESSES CAN PREVENT MANAGEMENT DEADLOCKS
Differences in opinion on how to achieve a stated goal in a closely held business can lead to disputes that block the enterprise from moving forward. Closely held businesses are characterized by a limited number of shareholders and a lack of public trading. The...
WHY ESTATE PLANNING FOR BUSINESSES IS CRITICAL (NOT OPTIONAL)
Owning your own business can be extremely demanding. From your customers to your employees, there’s hardly enough time in the day. While most entrepreneurs are consumed by the day-to-day challenges of running their businesses, they often neglect the critical task of...
