by Ron Holmes Effective December 1, 2016, the “Salary Level Test” for overtime exempt employees is increasing. For an employee to be exempt from the requirement of overtime pay, three tests have to be met: The employee must be paid a predetermined and fixed salary (a “Salary Basis Test”); The amount of salary paid must …
For several decades, estate planners have recommended the use of family limited partnerships (“Family Limited Partnership”) as a beneficial means of transferring wealth. Many of you have employed this planning device, and others have considered, but not acted upon, this opportunity. Just as an example, father and mother contribute $1 million of assets into a …