For years promoters have touted the use of Family Limited Partnerships (FLP) as a tool for owning and protecting assets and providing a mechanism for passing them on to the next generation.  The FLP has been used so frequently that it could lead one to the impression that the FLP is a separate kind of entity.  It isn't.  It is simply a Limited Partnership used for family purposes.  Similarly, the LLC is becoming used for family purposes, which has coined the usage of the Family LLC.

A charitable remainder trust (CRT) could address many of your personal financial goals while providing the ability for you to make a significant gift to the qualified organizations of your choice.  CRTs are planning tools that allow you to take control of your social capital —  the portion of your wealth that is customarily paid in taxes to the government.  With a CRT, you designate the qualified organizations that will receive your social capital and you also receive significant financial benefits.  Anyone who is subject to paying capital gain taxes on appreciated assets and whose estate is subject to estate taxes is a candidate to benefit greatly from a CRT.

I am frequently asked about the impact of a husband and wife owning the membership interest in an LLC in a community property state.  It is and interesting issue that is unresolved in many respects.

I read an article recently by Peter Schiff, a CEO of Europac, who addresses the fact that all the media attention being given to the record breaking heights of the Dow Jones Industrial Average is a lot of hype.  Given the fact that we are a month before a major election, I don't know who would want to hype the stock market to give the impression that the economy has never been stronger - that is another discussion.

I came across a fascinating website the other day called TheCEOProject, which released a report last July that outlines the factors they discovered which makes exceptional CEO's exceptional.  For the past 15 years, they have studied and worked with about 700 CEOs of fast growing, mid-sized companies with revenues between $15 million and $1.2 billion.  That experience has taught them the profound difference between run-of-the-mill chief executives and the peak performers.

An interesting development in the area of state sales tax comes from the growing popularity of iTunes, and the anticipated rollout of Microsoft's equivalent service for the purpose of selling music and movies to the public.  In a nutshell, states are generally attempting every conceivable method of laying claim to tax revenue from these web-based transactions.  An analysis by CNET News last April revealed that 15 states and the District of Columbia all impose sales tax on digital media downloads.  And that number will likely rise.

Link: OnGuard Online - Spyware.  I found an informative web site published by the Federal Trade Commission that provides good information about the impact of computer spyware.  The site contains interesting material on how to lower your risk of infection, how to find anti-spyware software, and how to file a formal complaint with the FTC regarding companies that produce spyware.

Joseph Shanahan of Everett, Washington was sentenced to three years prison for his role in promoting "pure equity trusts", an abusive type of trust that the IRS says cost the Treasury $8.5 million. 

Shanahan actually got off pretty light.  His co-hort, David Stephenson, was sentenced to 8 years prison, and ordered to pay $8.5 million in restitution.  I wonder if they think it was worth it?  I wonder how their clients are feeling right now?