A series LLC is a type of LLC, but with a twist that works well for many entrepreneurs and serial entrepreneurs. A series LLC gives an entrepreneur a corporation’s limited liability shield with a partnership’s pass through tax features with the administrative simplicity of having several businesses under one roof. Instead of having to keep track of dozens of LLCs or corporations across various industries, a serial entrepreneur can create unlimited daughter series or cells under the series LLC umbrella, much like a company having many departments or divisions. Series LLCs are a state of the art business law innovation in Kansas and Missouri, which are novel or unknown to many attorneys and law firms. My law firm has worked with numerous Kansas and Missouri clients to leverage series LLCs to add value and help clients keep their entrepreneurial edge in the business world.

If my firm can help you with your business law, LLC, or series LLC needs, please call or email me at your convenience. My law firm, Johnson Law KC LLC, works with clients on LLCs, series LLCs, and business law to help clients take care of their legal needs quickly and inexpensively, and has years of experience counseling clients on a variety of contracts issues. Call (913.707.9220) or email me (steve@johnsonlawkc.com) to schedule a free, convenient consultation.

(c) 2016, Stephen M. Johnson, Esq.

A LLC or limited liability company is a great way to organize a business. A LLC combines the limited liability shield of a corporation to protect you and your family’s hard earned assets with pass through tax features of a partnership (to avoid the corporation’s double tax trap).

If my firm can help you with your business law or LLC needs, please call or email me at your convenience. My law firm, Johnson Law KC LLC, works with clients on LLCs and business law to help clients take care of their legal needs quickly and inexpensively, and has years of experience counseling clients on a variety of contracts issues. Call (913.707.9220) or email me (steve@johnsonlawkc.com) to schedule a free, convenient consultation.

(c) 2016, Stephen M. Johnson, Esq.

Legal protection and the limited liability shield for a corporation, LLC, or partnership depend on optimal formation documents and good counsel. That’s why it’s so important to have an experienced lawyer guiding you as your form your business and looking out for your best interests – C or S corporations, LLCs, series LLCs, partnerships, limited partnerships, or limited liability partnerships.

If my firm can help you with your business formation needs, please call or email me at your convenience. My law firm, Johnson Law KC LLC, works with clients on contracts to help clients take care of their legal needs quickly and inexpensively, and has years of experience counseling clients on a variety of contracts issues. Call (913.707.9220) or email me (steve@johnsonlawkc.com) to schedule a free, convenient consultation.

(c) 2016, Stephen M. Johnson, Esq.

Contracts create binding legal relationships between parties. That’s why it’s so important to have an experienced lawyer reviewing your contracts and looking out for your best interests – business buy-sell agreements, real estate contracts, contracts with employees or independent contractors, or IP contracts.

If my firm can help you with contract or business or real estate law needs, please call or email me at your convenience. My law firm, Johnson Law KC LLC, works with clients on contracts to help clients take care of their legal needs quickly and inexpensively, and has years of experience counseling clients on a variety of contracts issues. Call (913.707.9220) or email me (steve@johnsonlawkc.com) to schedule a free, convenient consultation.

(c) 2016, Stephen M. Johnson, Esq.

The WSJ has this story about the IRS’ new proposed regulations on valuation discounts. If enacted, the new rules would curtail tax discounts on family business succession, farm/ranch, or closely held business interests: At stake are accounting and tax discounts which can dramatically reduce a business owner’s tax bill at death. The NYT has a similar story, and some commentators have good roundups of articles. Steve Akers (of Bessemer Trust) has these notes on the new proposed IRS regulations about valuation discounts (under Code §2704). Some think the regulations will be changed to a more taxpayer friendly form, while others think they exceed the IRS’ authority or may be ripe for legal challenges, but many commentators are urging clients considering a family LLC or family limited partnership (FLP) to act soon to ensure the discounts are still allowed by the IRS.

If my firm can help you with your family LLC or FLP needs, please call or email me at your convenience. My law firm, Johnson Law KC LLC, works with clients on estate planning and probate matters to help clients take care of their legal needs quickly and inexpensively, and has years of experience counseling clients on a variety of probate, estate planning, and trust administration issues. Call (913.707.9220) or email me (steve@johnsonlawkc.com) to schedule a free, convenient consultation.

(c) 2016, Stephen M. Johnson, Esq.

Steve Oshins and the Peak Trust Company recently did an excellent webinar on decanting trusts (slides). A client may have an irrevocable trust that worked great before, but now needs to be changed, and usually irrevocable trusts are set in stone and can’t be changed. Enter decanting. Decanting by statute (Missouri) or common law (Kansas) allows an irrevocable trust to be changed to meet the beneficiary’s evolving needs and help the trustee to more productively manage the assets in the beneficiary’s best interests.

My law firm, Johnson Law KC LLC, is experienced counseling clients from all stages and walks of life on every aspect of trusts and estate planning, including decanting. We can help you answer your legal questions with confidence and friendly expertise. If we can serve you or your family with your trust or estate planning questions, please call (913.707.9220) or email us (steve@johnsonlawkc.com) to schedule a free, convenient consultation.

(c) 2016, Stephen M. Johnson, Esq.

The American College of Trust and Estate Counsel (ACTEC) just published the 5th edition (free PDF) of their Commentaries on the Model Rules of Professional Conduct (2016), which helps attorneys interpret the legal ethics rules. This is a great reference resource for attorneys (regardless of ACTEC membership) involved in estate planning or probate law, and updates/supersedes the 4th edition published in 2006.

My law firm, Johnson Law KC LLC, works with clients on estate planning and probate matters to help clients take care of their legal needs quickly and inexpensively, and we have experience counseling clients on probate, estate planning, and trust administration. Call (913.707.9220) or email me (steve@johnsonlawkc.com) to schedule a free, convenient consultation.

(c) 2016, Stephen M. Johnson, Esq.

Yesterday, I enjoyed presenting two continuing education sessions for attorneys on taxes and litigation at a great NBI CLE seminar at the Deer Creek golf course in KC. Good to see several lawyer friends and meet quite a few new people too – to everyone who came out, thanks for a great day of CLE presentations and discussion. Courtesy of our friends at NBI, here’s the text of my talks on taxes (slides), and litigation (slides).

My law firm, Johnson Law KC LLC, works with clients on estate planning and probate matters (and other areas too) to help clients take care of their legal needs quickly and inexpensively, and we have experience counseling clients on probate, estate planning, and trust administration. Call (913.707.9220) or email me (steve@johnsonlawkc.com) to schedule a free, convenient consultation.

(c) 2016, Stephen M. Johnson, Esq.

Steve Akers (of Bessemer Trust) has these Heckerling Institute Musings and these ACTEC annual meeting musings. Mr Akers’ insights and notes summarize the current state of the art for practitioners and are excellent as always.

My law firm, Johnson Law KC LLC, works with clients on estate planning and probate matters to help clients take care of their legal needs quickly and inexpensively, and we have experience counseling clients on probate, estate planning, and trust administration. Call (913.707.9220) or email me (steve@johnsonlawkc.com) to schedule a free, convenient consultation.

(c) 2016, Stephen M. Johnson, Esq.

Legendary music star Prince tragically passed away last week. Based on news reports, it appears that Prince died without a will, leaving a potentially massive estate in limbo and subject to taxes and years of legal wrangling. This is a legal tragedy, and unfortunately, a completely foreseeable and avoidable mistake. Prince’s lack of a will reportedly arose from his aversion to signing legal documents.

The NYT quotes a local entertainment lawyer with excellent advice for all of us: “It comes down to taking care of business. If you don’t take care of it, you’re leaving a mess to the family or the courts.” Have you taken care of business and signed your will? If not, you owe it to your family and yourself to take care of business soon.

Millennials and young professionals need a will too – as the Boy Scouts say, “be prepared” and don’t leave a mess for your family. None of us know when our time will come, but we can all be ready when the time does come. If you’re an adult, you need a will and estate plan.

As an attorney, I enjoy working with clients to do their wills and estate plans quickly and inexpensively. My law firm, Johnson Law KC LLC, is experienced counseling clients on probate, estate planning, and trust administration. Call (913.707.9220) or email me (steve@johnsonlawkc.com) to schedule a free, convenient consultation.

(c) 2016, Stephen M. Johnson, Esq.