Drafting Trusts to Protect Your Children Against Divorce/Creditors
The Massachusetts Supreme Judicial Court recently issued its decision in the highly anticipated case of Pfannenstiehl v. Pfannenstiehl providing clarity to the lower courts on whether a spouse’s interest in a discretionary, spendthrift trust is subject to division as a marital asset in a divorce proceeding. The Supreme Judicial Court concluded that the husband’s interest in an…
Tips to Avoid Claims Under the Massachusetts Home Improvement Contractor Law
It is fairly common for contractors to perform residential construction work without ever executing a contract with the homeowner. Sometimes, the parties “shake on it;” other times, the contractor simply provides the homeowner with a basic invoice identifying the scope of work and a total cost. Whether you are a residential contractor or a homeowner…
What You Need to Know About Massachusetts Mechanic’s Liens
Many of us in the construction industry generally understand what it means to “lien a project”. But do we really know all of the requirements that must be satisfied to properly record a mechanic’s lien against a project property? Understanding these rules could help a general contractor get fully paid on a job; or could…
Overcoming the Strong Disfavor of Variances Under Massachusetts Law
Real estate owners planning to construct a new addition or make any other improvement to their property might have to petition for a “variance” to allow for the contemplated construction. When a variance is required and justified, the variance petitioner should do some homework prior to the variance proceedings to ensure that he or she,…
Seller’s Remorse – The Fixed Price Option to Purchase Real Estate
It is fairly common for lessors and lessees of real property to include in long-term lease agreements an option to purchase the property. Often, such options to purchase establish a fixed price. Establishing a fixed price option gives rise to substantial risk of which owners/lessors in particular should be wary. Whether you are a commercial…
Sexual Harassment in the Workplace an Employer’s Primer to Being Proactive
In the current climate, all employers need to take steps to educate their workforces about and protect them from sexual harassment. In many cases, existing policies and training are inadequate and should be updated. As employers make this issue a priority, this primer will be useful. WHAT IS SEXUAL HARASSMENT? At its core, sexual harassment…
Avoiding IRS Attacks on FLPs and LLCs
The IRS has published some appeals-settlement guidelines, which taxpayers can use to properly set up and run Family Limited Partnerships and Limited Liability Companies in order to achieve estate and gift tax discounts and savings. The guidelines are part of an ongoing attack by the IRS on aggressive use of FLPs and LLCs by taxpayers….
Business Sales/Purchases: Important Considerations
While the mechanics of handling a business sale or acquisition are fairly routine, the underlying issues that must be identified and addressed are typically far more critical. BUYER’S CONSIDERATIONS Choice of business entity is often the first decision a Buyer must make. There are fundamental differences between limited liability companies, corporations, and other entities, including…
Liability Protection in 2019
Business and investment assets are subject to varying degrees of attack by creditors. Understanding the actual protection which your assets enjoy (or don’t enjoy) is important during difficult economic times. While I am unable to cover all of the various aspects regarding choice of entity, e.g., income tax implications, the cost of formation and annual…