Entrepreneurs Fuel The Boom – Start-Ups are Booming
What’s the key to success? 
Yes, it’s for real. You’re not alone. If you’re a client of Spiegel & Utrera, P.A., you’re probably an entrepreneur. Did you know that about 1 in 8 citizens between the ages of 17 and 65 are trying to start a business? And of those, 90 percent did so because of an opportunity they discovered rather than being forced into self-employment because they could not find work. By far the strongest incentive to start your own business is opportunity. By the way, it’s also the strongest motivator for staying in and expanding your business. This is exciting information because it shows that entrepreneurs are all on the right track.  read article

Woman’s Estate Includes Property Transferred To Family Limited Partnership
An 88 year-old woman’s gross estate included property she transferred to a family limited partnership shortly before her death, a Court has ruled in upholding a federal estate tax deficiency assessment. Under the tax code, transferred assets are includable in a gross estate where the decedent retained possession or enjoyment of the property until death, unless the transfer was a bona fide sale for adequate and full consideration. Here, the Court found that the woman effectively retained possession and enjoyment of the property until her death, noting that the partnership ultimately had to provide the estate with funds to meet its liabilities. The Court further found that the bona fide sale exception did not apply, concluding that the estate could not show that the family limited partnership was formed for a legitimate and significant non-tax reason.