Family Business

IRS Wins FLP Case: Not All Timber Barons Are Teflon

Although we wish it were otherwise, taxpayers don’t always win FLP cases.  In fairness, the IRS ought to win a case from time to time, given that they’re usually the party making the decision to settle or litigate.  When the facts are as unfavorable to the taxpayer as they were in Estate of Malkin v. [...]

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Substantial Win for “Buy and Hold” FLP – Murphy Oil Heirs Are Smiling (But the IRS Isn’t)

 It’s possible KYEstates readers are focused on the Paul-Grayson Senate race, or the Louisville mayoral race (see latest polls here, and here, respectively). If you want a break from politics, however, we can take you back to the normal state of things (i.e., all transfer taxes, all the time) with a report on a truly resounding taxpayer [...]

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Breaking News: The Delta Has Closed

KYEstates has received first-hand eyewitness reports today that after nearly 47 and a half years of operation, The Delta Restaurant and Lounge has closed its doors.  The restaurant was an institution for Louisville’s legal community in general and for the T&E Community in particular.  A notice posted on the door cites the owner’s desire to [...]

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Timmberrr…Another Taxpayer FLP Win!

At KYEstates, we don’t want to hex ourselves, or taxpayers, but the fact is that we’re on a little bit of an FLP roll here and here. The good news for taxpayers continues with Estate of Shurtz, T.C. Memo. 2010-21 (Feb. 3, 2010). Even though the taxpayer showed up at the Tax Court with mixed [...]

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Heirloom Stock + Predator Creditors = Family Limited Partnership Win for Taxpayer

KYEstates is pleased to share welcome news of a taxpayer win in Estate of Black v. Comm’r, 133 T.C. No. 15 (Dec. 14, 2009). Black involved (you guessed it) a family limited partnership, and prominently features all four Big Themes of estate planning: favored and disfavored Family members, really large amounts of Money, and correspondingly [...]

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Breaking News: E.On Considering Sale of LG&E

KYEstates is an advocate for locally owned, locally headquartered businesses in Kentucky.  Significant news hit the wires this morning: E.On, the German parent of LG&E, is considering selling LG&E and KU.  Potential bidders include Duke Energy, PPL, AEP, and Southern Co.  

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Nonprofit Directors in T&E Community: Take Note of Incentive Funds

T&E Community – although KYEstate$ focuses on T&E law matters, when we learn information useful to our readers, we will pass it along.  Many KYEstate$ readers serve as directors of nonprofit boards, or work in fundraising or planned giving for nonprofits, and that’s why we think this Business First article will be interesting.  The article [...]

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Vermont Author's Heirs Snarled In Estate Battle

 At the The Wills, Trusts & Estate Prof Blog, Gerry W. Beyer recently wrote an interesting post on the fiduciary litigation in the estate of the beloved late children’s author and illustrator, Tasha Tudor.  KYEstate$ readers who read to their children, or who were read to as children, may recall some of her titles, including [...]

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Machiavelli: Family Business Management Consultant?

You were not needing your morning cup of coffee to stay awake while reading this New York Times article last week featuring George Cloutier.  The article’s title says it all: “Fire Your Relatives. Scare Your Employees. And Stop Whining. ” If the reporter on the story, Kermit Pattison, hasn’t considered law as a “Plan B” career [...]

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