Effective estate tax planning can preserve wealth for future generations and charitable giving. After working hard to grow and maintain your assets, estate planning is the key to preserving the fruits of your efforts. Many in West Virginia (WV), Kentucky (KY), and Ohio (OH)—as elsewhere in the nation—include lifetime giving as one of the ways to reduce estate taxes. The unified tax credit helps safeguard your wealth by creating tax benefits tied to both your lifetime giving and the rest of your estate plan. 

A second COVID-19 relief bill recently passed by Congress and signed by President Trump will provide much-needed additional pandemic assistance for restaurants, though some believe the provisions of the new legislation fall short of what is needed. In this blog, an experienced business owner and restaurant attorney discusses what the COVID relief bill means for restaurants in the months ahead. 

Legacy gifts are a meaningful part of many estate plans. A lump-sum gift can be made via a bequest in your will, but there are also several tools available that allow donors to maximize the benefits of charitable contributions. Charitable gift annuities are one such option. This blog, the seventh in a series about charitable estate planning, discusses charitable gift annuity pros and cons.

Family foundations are a remarkable but often overlooked charitable giving option. Families wishing to put endowment-level assets to use for charitable purposes can realize tax savings and retain complete control in defining and pursuing philanthropic efforts. While strict federal and state regulations govern the establishment and operation of a family foundation, this means of charitable giving allows the family continuing control to define and direct its benevolences.

The hospitality industry employs millions and is an important economic driver in the United States and throughout the world. The sector also offers and supports the recreational and leisure activities that improve our quality of life. However, the industry faces serious challenges. Business owners and leaders must be proactive and creative in pursuing strategies to overcome these difficulties. Hospitality mergers and acquisitions (M&A) can be a good solution for some businesses, but these deals must be pursued with the highest level of attention to planning and execution.