With the economic destruction of COVID-19 virus comes opportunity, a rare opportunity to very easily turn the negative into a positive from an estate planning and business succession perspective.
Today, valuations of marketable securities have taken a massive hit (20% - 30% lower). Valuations of the vast majority of closely-held family businesses would certainly follow suit by any appraiser. Additionally, interest rates are now at historic lows in today’s environment. Specifically, the IRS-mandated interest rate used for estate planning purposes is between 0.25% and 1.15%, as of May. Click Here To Continue Reading...
The Order (as supplemented by guidance issued by the Illinois Secretary of State) generally provides that:
Illinois notaries may perform remote notarization by two-way, real time audio-video communication technology, provided that both the signatory and the notary are each physically within the State, and that the audio-video communication can be retained; Continue Reading...
Proposed IRS regulations intending to curtail the use of valuation discounts in estate planning are anticipated in September. Although it has been threatened repeatedly in prior years, it appears that these proposed regulations will actually be issued and their scope will be broadened to include most family owned partnerships.
Larissa A. Gest is an associate attorney focusing her practice primarily in the areas of business and corporate law, estate and wealth transfer planning, asset protection, and trust and estate administration. Larissa counsels businesses and business owners on a wide variety of matters including structure and formation of new business entities, commercial contracts, shareholder agreements, buy-sell agreements, employment agreements, stock/asset sales, and other general corporate matters. Larissa’s trusts and estates experience includes preparation of comprehensive estate plan documents, estate, gift, and generation-skipping transfer tax planning, probate administration and guardianships, and negotiation of pre- and post-nuptial agreements.
Larissa earned both a Juris Doctorate and Master of Business Administration with honors from Loyola University Chicago.
Prior to joining Duggan Bertsch, LLC, Larissa worked at another Chicago firm where she gained considerable experience in the areas of business and corporate law, and estate and wealth planning.
Member, Illinois State Bar Association
Member, Chicago Bar Association
Member, Chicago Estate Planning Counsel
Click here to see Larissa's LinkedIn profile.
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