Throughout the 2016 campaign, then-candidate Donald Trump repeatedly voiced his distaste for the estate tax, which he and the others who oppose it have taken to calling the “death tax.” Although no legislation to repeal the tax has been proposed in Congress over the past few months, it certainly seems likely that lawmakers will try
Steven K. Hardy
How to Conduct Due Diligence When Buying a Business
As you prepare to purchase a business, you must perform due diligence when it comes to reviewing and researching all available information related to that company. The goal with this research is to ensure you will not be surprised by any financial or legal issues if you decide to go through with the deal.
Below…
Checklist for Covering Your Legal Obligations After the Death of a Family Member
The time immediately following the death of a loved one can be incredibly stressful and hectic. If you have been appointed to the role of estate administrator, you will have a lot of work to do in the near future.
Here is a checklist of some of the most important responsibilities you must take care…
IRS Makes Changes, Clarifications to Estate Tax Lien Discharge Process
Over the past several months, the U.S. Internal Revenue Service has made some changes to the releasing of liens related to the estates of deceased individuals.
This started last summer, when the agency began funneling the processing of Form 4422 to its Estate Tax Lein Group. Form 4422 becomes necessary when an estate needs to…
Checklist for Selling Real Estate in the US Virgin Islands
If you’re preparing to sell property in the U.S. Virgin Islands, it’s important to know all the steps you’ll need to take and items to check off your list. This is true whether you’re a first-time seller or an experienced real estate investor.
Below are a number things you will need to consider when selling…
Tips for Negotiating a Contract that Meets Your Needs
Before you finalize any business contract, you will likely go through a period of negotiations to figure out all the details of the agreement in question. If you are new to the process of contract negotiation, it’s important to understand how you can advocate for your best interest without asking for too much and derailing…
What the Incoming Commerce Secretary Could Mean for Business
President Donald Trump recently nominated Wilbur Ross to serve as U.S. Secretary of Commerce. With Ross’ confirmation by the Senate on February 27, 2017, economists are already looking at what the appointment will mean for businesses across the country—including here in the U.S. Virgin Islands.
Most of the discussions that took place during the congressional…
How Sound Estate Planning Benefits Your Business
If you own a business or have an ownership stake in a corporation, you will need to account for these activities in your estate planning. You have likely spent years building up your business, so the last thing you want is for the estate tax or other issues to significantly reduce its value upon your…
The Fiduciary Responsibilities of Running a Corporation
In legal terms, a fiduciary is a person who acts in the best interests of another person. To that end, within a corporation, there are certain people who have “fiduciary responsibilities” to others. These may include promoters, officers, directors and, in some cases, shareholders.
Let’s take a quick look at the various fiduciary…
Issues to Consider Before Sharing Office Space with Another Business
Many small businesses rent out office space in commercial buildings, likely sharing that space with various other businesses and organizations. Before you decide you are going to rent shared office space, however, it’s important to conduct the proper due diligence to ensure it’s the right move for your company.
In most cases, it’s in your…
