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valuation discounts

Valuation Discounts and Estate Planning

Entrepreneurs Face a Challenge in Valuation Discounts and Estate Planning America is a nation of entrepreneurs. And for many, the equity they’ve established in their businesses represents a substantial portion of their net worth. Unfortunately, owners of closely held businesses face a daunting challenge in the high tax rates of the federal transfer tax system. […]

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Handling Advance Legal Fees

Advance Fee is Predicated on Actual Ownership Simply put, accounting for an advance fee is predicated on actual ownership of the funds. For most purposes, an advance fee remains client property until it is actually earned by the lawyer. Thus, it should be deposited in a trust account and withdrawn as it is earned. Of […]

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Avoiding Ethical Concerns with Client Funds

Ethical Minefield Trust (or escrow) account management is a potential ethical minefield for attorneys and law firms. Weak internal controls can lead to funds being diverted, and even an innocent accounting error could result in allegations of a trust account violation. Ultimately, a fiduciary responsibility exists for attorneys in possession of client funds and property. […]

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