Name, Image, and Likeness (“NIL”) Collectives, the Jock Tax, and Student Athletes

On June 21, 2021, the U.S. Supreme Court in NCAA v. Alston unanimously upheld the 9th Circuit Court ruling that student athletes can be compensated for use of their name, image, and likeness, typically referred to as NIL.[1] Examples of NIL include autographs, personal appearances and promotions, and modeling of sports or non-sports apparel. Ten […]

Family Businesses and Succession Planning: What is Involved?

If you have a family business, even if you are ten or fifteen years away from retirement, it is time to begin planning your exit. If you plan to work in the business indefinitely, planning is nevertheless necessary, because you need to plan for what will happen to the business if you become incapacitated or […]

Advisors Take Note: SEC Proposes Sweeping Changes to Custody Rule

By Natalie Roberts On the horizon is a potentially cataclysmic shift in the rules for custody of investments managed by investment advisers. On February 15, 2023, the Securities and Exchange Commission (“the Commission”) issued  Release IA-6240 (the “Issuing Release”), announcing it proposes to amend Rule 206(4)-2 of the Investment Advisers Act of 1940 (“Advisers Act”), […]

New Reporting Requirement for Businesses

business owner filing paperwork

Do you own an LLC or a corporation that was created by filing with the Secretary of State, Division of Corporations? Do you plan to create a new company?  If so, you may be subject to a new federal rule requiring such companies to file a report with the U.S. Department of Treasury, Financial Crimes […]

Wealth Transfer Strategies to Consider Now

With a push by the Democratic party to return federal estate taxes to their historic norms, taxpayers need to act now before Congress passes legislation that could adversely impact their estates. Currently, the federal estate and gift tax exemption is set at $11.58 million per taxpayer. Assets included in a decedent’s estate that exceed the […]

Retirement Updates Amid COVID-19

Retired couple on the beach

On May 4, 2020, the Internal Revenue Service (IRS) published questions and answers regarding retirement provisions in Section 2202 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. In addition to providing aid for individuals and businesses, the CARES Act increases accessibility to funds and loans from certain retirement plans and accounts. The information […]