Q: I heard from a promoter that Family Limited Partnerships are the ideal way to set up a family business in most cases. Is this true?
A: No. Many promoters push their product having very little knowledge of the subject content that they are selling. It would be like saying that a high top, tennis shoe is the only shoe you will ever need. The other bad part is that many families that set up FLPs tend to avoid the details that are critical to make the FLP work for estate planning issues.
Q: I currently have employees that do not carry health insurance. What should they do?
A: Because the insurance exchange websites are up and running as of October 1st, it is recommended that they at least visit healthcare.gov for their state and follow the instructions to see if they will qualify for Medicaid or insurance under the exchanges.
Q: What does the government shutdown mean for me?
A: Unfortunately, the government shut down as of 12:01 am, on Tuesday morning. It means a bunch of things to many businesses. If you need to deal with the IRS or any other governmental entity at the federal level, you will face a longer wait time and more hassle. The healthcare exchanges are up and running as planned for those in need.
By: Basi & Basi at the Center for Financial, Legal and Tax Planning for Transworld M&A Advisors