Law Office of Brenda Vassaur Taylor, P.A.

01/05/2023

For a close-knit family, estate planning is crucial to ensure that everyone is protected when one of them dies or becomes disabled or incapacitated. We hope that examining some of the issues a family would need to address as they prepare for such circumstances will encourage you to consider how these issues impact your own family.

For a close-knit family, estate planning is crucial to ensure that everyone is protected when one of them dies or becomes disabled or incapacitated.

08/09/2021

“Basis” is a term used frequently in tax law. But for many, the term is unfamiliar and intimidating—perhaps something they feel is better left to a certified public accountant to worry about. Nevertheless, a basic understanding of the concept can be very helpful for understanding important estate planning strategies used by your attorney and financial or tax advisors.

“Basis” is a term used frequently in tax law. But for many, the term is unfamiliar and intimidating—perhaps something they feel is better left to a certified public accountant to worry about.

06/24/2021

Establishing and running a successful small business is an extremely rewarding experience. Deciding to sell the business can be complicated, but if you are guided by the right experts, you can smoothly transition ownership of the small business you spent your lifetime building —and you can begin the next chapter of your life.

Deciding to sell the business can be complicated, but if you are guided by the right experts, you can smoothly transition ownership.

05/24/2021

Do you know that, according to the National Association of Home Builders, May is National Home Remodeling Month? Many people associate spring with cleaning out the old, brushing off the dirt accumulated from the long winter, and starting projects around the house that have been neglected for far too long. Perhaps, however, your home is fine as is and you need a remodeling project for something other than your home. Estate planning is one area that often goes unexamined and neglected. Is it time to remodel your estate plan? If so, is that something that you can (or should) do on your own?

Estate planning is one area that often goes unexamined and neglected. Is it time to remodel your estate plan? Is that something that you can do on your own?

04/08/2021

When reading through a will or trust agreement, you may see language that grants a right to an individual to purchase certain property from the estate or trust at “fair market value.” At first glance, this phrase may seem a perfectly reasonable method of setting a suitable purchase price for a property to be sold at a later date. But a recent court case out of Virginia teaches an important lesson to those who have a will or a trust that relies solely on the term “fair market value” to set a future price of property.

If property is to be offered at “fair market value,” a concrete valuation method should be clearly spelled out in the relevant estate planning documents.

03/04/2021

Forming and running a business is hard regardless of whether the business provides products or services. As a business owner, you are likely to make mistakes, but you can learn from them. Awareness of the following common business formation mistakes may help you avoid them and increase your chances of building a successful and lasting business.

Awareness of the following common business formation mistakes may help you avoid them and increase your chances of building a successful business.

12/28/2020

New law. COVIDTRA clarifies taxpayers whose PPP loans are forgiven are allowed deductions for otherwise deductible expenses paid with the proceeds of a PPP loan...

COVIDTRA clarifies taxpayers whose PPP loans are forgiven are allowed deductions for otherwise deductible expenses paid with the proceeds of a PPP loan.

11/20/2020

One key element of the PPP is loan forgiveness, but business owners who received PPP funds must apply for loan forgiveness. If you received funds and are in the process of requesting loan forgiveness, the Small Business Administration and the Treasury Department have introduced new guidance and changes to assist both lenders and PPP borrowers of $50,000 or less with the forgiveness process.

A new loan application has made it easier for business owners to apply for PPP loan forgiveness by removing some of the confusing elements.

11/11/2020

10/19/2020

If the election results in a political party change, it could mean not only lower estate and gift tax exemption amounts, but also the end of the longtime taxpayer benefit of stepped-up basis at death. To avoid the negative impact of these potential changes, there are a few wealth transfer strategies it would be prudent to consider before the year-end.

If the election results in a political party change, it could mean lower estate and gift tax exemption amounts. To avoid the negative impact of these potential changes, there are a few wealth transfer strategies it would be prudent to consider before the year-end.

09/08/2020

The saying “luck favors the prepared” is especially true for business owners hoping to survive life’s emergencies. Our team of knowledgeable attorneys is experienced in helping businesses like yours create and execute plans that mitigate risk during uncertain times. To develop a plan that meets your business’s unique needs, call our office to schedule an appointment today.

"Luck favors the prepared" - In light of this uncertain period, it is essential to take proactive steps to prepare your business for an emergency.

08/28/2020

Allowing an heir or beneficiary to mentally spend an inheritance before receipt can be dangerous. An estate may have to settle a number of expenses that can cause the amount an heir or beneficiary ultimately receives to differ significantly from what was expected.

An estate may have to settle a number of expenses, that can cause the amount a beneficiary receives to differ significantly from what was expected.