Estate Tax Planning & Family Limited Partnerships

The general partner(s) manage the assets contributed to the family limited partnership. Limited partners generally have no rights with respect to the assets held by the FLP. The lack of Marketability and the fractional ownership of the limited partnership interests held by the limited partners are two of the well-established reduction principles that diminish the value of the taxable estate. The discounts allowed by the restricted rights provides for the reduction in the value of the assets held by each limited partner, but also increases the amount of annual tax-free gifting that can be attained. The current high marginal estate tax rates allow for wise and prudent planning which is necessary to preserve the family’s wealth.

Centralized Management of Family Assets
When using a corporation as the general partner, the general partner controls all of the assets in the partnership. This corporation can also employ family members and others. It will call meeting, conduct training sessions and facilitate wealth management. With a corporate general partner, continuity must be ensured even in the event of the husband and wife.

Minimize Probate
By using an FLP, the time and expense of probating an estate can be greatly reduced. When a Living Trust is also used, then there is no probate. Living Wills are not public record and therefore no one but those involved in the family know of its contents.

Cure Title Defects
The procedure for transferring assets to an FLP can help with the discovery of title defects. This can be a significant issue for real estate assets if not discovered and corrected.

Tips to Set-Up Your Own Company As a Foreigner

There’s nothing like setting up an offshore company, but you also need to understand the limitations you have. The primary restriction being the laws in the foreign country, you will need to make sure the support of a legal expert. Though you can read articles and books on the business laws of your desired country, the chances of knowing them all are less.

Law, as you may know, is ever-changing and you can’t really do much about it other than keeping yourself updated with the nitty-gritty. Therefore, you must have a trusted legal partner with you who will work for your interest. Here are a few tips to help you find a good legal expert;

· Review Online Listings of the Lawyers: There are websites that give free reviews of the businesses.

· Ask for Recommendations and Referrals: Speak to your friends and family members who have had recently worked with lawyers. Ask them who they hired, what kind of service they have opted for and where they happy with the services. It is equally important to ask whether they would recommend.

· Make a List of Potential Attorneys: While doing so, jot down the attorney’s name, contact number, address and website address. This way you can organize your search.

· Review Attorney’s Website: Every website usually provides information about each attorney who is working for the firm. It is suggested to check the attorneys’ educational background as well as the work history. Typically, you should seek a lawyer with at least 3 to 5 years of experience in practicing the kind of law you need help with.

· Write out Questions about the Lawyer’s Practice: Generally, you will find the basic information about the lawyers online, say such as; how long she/he has worked and/or where and when she/he went to the law school. But there are certain areas that you will need asking questions; like not every firm states their pricing online as that may vary from one lawyer to another.

Plus you will need to know about the time frame, right? You should ask them a tentative time period for the delivery of work. Similarly, you need to ask about their availability. Ask how quickly the attorney can start working on your assignment and then decide so.

· Bring Documents to the Meeting: If you have fixed a meeting with the lawyer, he/she may ask you to bring the documents. Make sure you have them with you. Show it to the lawyer so that he can have a better understanding of your situation.

Once you have ensured these, you will in a place to take a wise decision.

Signs of Poor Taxi Service

find it easier to travel on a daily basis now. The lines between traditional taxi services and ride sharing services have blurred. This assimilation has increased expectation for ride sharing services to operate more like a professional cab service.

For a smooth and non-stressful ride, it is recommended to watch out for these red flags before a service is hired.

Unusually high fares
Cut throat competition has forced transport sector to drive innovation and continue reducing fares. This has been true for taxi services too. Unless there is a shortage of drivers due to high demand or premium services being offered, there is no incentive to pay extra.

Questionable maintenance
Good taxi services walk the extra mile. They often partner up with local bodies to have their cars certifiably inspected for faults. This translates into a safe and relaxed environment for its customers and repeats business. Any taxi service failing to ensure such maintenance regularly will naturally lose credibility.

Resistance towards technology adoption
Without a shred of doubt, technology has become one of the most integral parts of our lives. Without it, our complex ecosystem will collapse. A good taxi service tries to stay ahead of the curve and employs latest technologies. While this does increase their cost in the short term, it brings more revenue in the longer term. As a rule of thumb a good taxi company will employ at a bare minimum: –

– GPS tracking

– online bookings

– dedicated platform for drivers and customers

– email confirmation

Inflexible payment solutions
In an ever digitalizing economy, less people are carrying cash with them for daily settlements. While a bad taxi service turns blind eye to this, good taxi services see opportunity to retain and expand existing customer base. As such, they offer customers the convenience of paying via not only credit cards but cash and even wallet systems.

Non-existent or poor customer service
A substandard taxi company does not feel obligated to ensure customer satisfaction. Instead, it operates on a basic, no-frills business model. An important pillar of customer satisfaction is during service or after sale service. This is done to ensure that customers have an option to provide feedback or complaint about the service. The underlying idea is to empower users to speak directly to a company representative; to share positive feedback or raise concern.

A taxi service operating without customer service could potentially turn out to be the single biggest red flag. It goes on to display the concerned company has for its users.

Unprofessional drivers
Demonstrating professionalism for a driver is myriad of, rather subjective, intangibles. Being a professional driver is not simply about driving fluidly but also ensuring customer accompanied does not feel uncomfortable in any way. A good taxi company should, therefore, have a system of metrics in place to rate the performance of its drivers.

The list is not exhaustive in any form. Indeed, many of the indicators might be trivial to one person but a deal breaker for other. At the end of the day, the service that focuses its energies on customer convenience and facilitation is likely to triumph over others. If you need the best taxi service then make sure that they don’t have bad signs.

What To Note While Shipping To China

With a lot of players entering the international logistics market, shipping to countries that are located thousands of miles away from you, has become a hassle-free task today. Gone are the days, when you had to wait for relatives or strangers from a particular country to pass on things to your near and dear ones staying there. With international logistics becoming highly cost-effective as well, you can use them for your business and personal purposes quite easily. One of the hot shipping destinations is China. It is one of those economies that has been growing at an exponential rate. Hundreds of thousands of items worth millions of dollars get shipped to China on a daily basis. Here are some of the important processes that are involved while sending goods/shipment to this country.

1. Customs clearance/paperwork

When you want to send anything to China, you should be aware of the custom laws and regulations prevailing in that country. Items, whose values are quite low (approximately lesser than 500Yuan)are free from customs duty. If you are sending items that are worth more than this value, you need to pay the required customs fee and submit all relevant paperwork, so that your shipment doesn’t get rejected. Chinese laws are quite strict when it comes to documentation. You should have a checklist of the requirements and plan accordingly, so that you don’t miss out on anything.

2. Method of packing

Whenever you ship anything to China or any other country, you need to take extra care while packing your products. Fragile items should be covered in cardboard boxes that are well corrugated so that they are well-protected against abrasions and friction. All the items should be sealed to avoid leakages, breakages, spillage and other related mishaps. Your shipments involve a lot of investment; therefore, it is only natural that you take enough care in ensuring that they reach their destination safely and perfectly.

3. Banned items

This is one of the most important points that you need to keep in mind when you are shipping anything to China. Every country has different laws related to the list of prohibited items. You should be fully aware of the rules that stop you from taking certain items into Chinese territory, so that your package is not confiscated at the time of security checks. Prohibited items mostly related to food, electronics and other materials like wood, cane, bamboo etc. Under each category, you should know the list of items that are allowed or disallowed, permitted weight and other aspects, in order to get your shipments cleared without any hassles.

4. Service provider

This is the first step that you need to follow when you decide to send your shipment to China. Choose a service provider who is highly reputed in the world of international logistics and who has enough experience in this field. When you choose the right company, you will be given professional guidance about the items that can and cannot be shipped to a particular destination, saving you lot of time and embarrassment.

Steinbeck Hitchcock and Yes, Lifeboat

What on earth do Steinbeck and Hitchcock have in common? Well, nothing except that they made a film together called Lifeboat. They did not even share any common interests in terms of their work. John Steinbeck created novels such as Grapes of Wrath which is still considered as a literary masterpiece even by modern critics. The novel was highly controversial at the time it was first published in 1939 due to the anti-capitalist sentiments. But it also won the Pulitzer Prize. This and his work later were instrumental in getting John Steinbeck his maiden Nobel Prize for literature. Steinbeck also wrote some comedies such as Cannery Row and Tortilla Flat but thrillers, not any that I know of.

Alfred Hitchcock lived thrillers and absolutely thrillers. However, he did take some diversions into other genres such as comedies in Mr. and Mrs. Smith and also some nonfiction films just before the Second World War. After the war, he mostly stuck to what he knew best and that was making thriller movies. I don’t know what Steinbeck was thinking about while writing Lifeboat. Was he intentionally making a thriller or just an interracial film with a hypothetical situation about people from various communities of German and allied forces getting together and having to do battle together? I think it’s later and that’s where Steinbeck came into the picture.

Originally the screenplay of Lifeboat was credited to John Steinbeck. But after the film was released Steinbeck requested his name to be removed from the credits because he felt the film had unkind words against organized labor. However, the British and American press at the time thought the film glorified German characters and denigrating the US and British characters. Modern critics see things differently though. Hitchcock defended his characterization because he respected his movie villains. Characterization of a villain has been the hallmark of Hitchcock films over the years. The moral of the story in his opinion was to get the allies together to fight against Nazis.

Lifeboat was nominated for 3 Oscars but received none and it was not commercially very successful either due to the negative publicity and controversies surrounding the film. It was Hitchcock who came up with the idea for the film and considered several top writers at the time for the project including Ernest Hemingway and A J Cronin. Hitchcock didn’t use music in the film as he thought it was imprudent to do so. Where would music come from in the sea? He retorted when asked about it. He was countered with where would the cameras come from in the middle of the sea?

I am a diehard Hitch fan and have seen all his best work and more. I never felt him being racist or unkind to any community unless it is for the characterization. The very fact that he chose Steinbeck for this project confirms this fact for me. But it is a strange combination all the same. After so many years of Hitchcock, it is difficult to associate him with a writer who is not at all a thriller writer. It is a lonesome but great alliance all the same.