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.

Broadway In Chicago’s The Pirate Queen

There is a new production by Broadway in Chicago called “The Pirate Queen”. This musical is a must see for everyone. The book is by Alain Doublil and Claude-Michel Schonberg. The music is by Claude-Michel Schonberg and the lyrics are by Alain Boublil & John Dempsey.

Nothing was spared in producing the lavish new production. Everything about the play was excellent: Music, lighting, choreography, staging, sound, costumes, sets, and story line.

The entire production was a success and the audience expressed their satisfaction with standing ovations. Not only was the production excellent but the acting was superior at all levels. The actors really make you feel as though you were part of the action.

Briefly the story is set in Elizabethan England where friction is set between the Irish and the English. Captain Dubhdara is the head of a clan that is set upon keeping the English off of their land. A pirate that has a daughter, Grania, who he dearly loves and who eventually becomes in charge of the fleet of pirates to defend Ireland from England. The story goes on with Grania’s personal affairs leading to a final meeting with Queen Elizabeth I.

The action is ever present and the dancing outstanding. In particular the bar scene in the First Act was very lively and the dancing was outstanding. At times the audience felt like they wanted to go on stage and join in the dance. It was all very moving and exciting. It was a pleasure to be there.

Marketing Prints

In the past lithography and traditional printing methods were used if the artist wanted to market reproductions of original artwork. While effective, these methods had serious drawbacks:

First and foremost, a high output number would compromise the value of any reproduction. Second, the quality of 4 color copies limited the color rendition of such reproductions. Also, the choice of substrates was dismal compared to giclée. The advent of high-end digital printmaking has opened a new world for artists: more paper choices, better color, limited production.

On a pure marketing standpoint, artists who have shows and lectures can now suggest giclees to potential buyers. Collectors in particular want to buy art that is not made in mass quantities. When buying a giclée they are assured to possess something rare and exquisite.

Giclees are well established in the art world; they are bought and sold in world class auctions as well as in galleries. Many museums display giclees.

Listen to your clients: I recently had a call from a portrait artist. She has a business where customers come to her for family portraits she makes on watercolor paper. She had a few inquiries regarding making copies so that more than one household could have the portrait of their loved ones. At the same time they asked for a quality print, possibly on the same paper. We reproduced the original and it was virtually impossible to distinguish it from the giclée. Now the artist was happy to make additional income and the families had as many portraits as they wanted!

No matter what the market is, whether it consists of commissioned art or not, high quality reproductions can generate an additional stream of income given the proper marketing.

How can you increase the value of your artwork?

One proven method is to create posters (It has been done for a long time by artists and photographers) and sell the posters at art shows. This creates a buzz and facilitates the selling of your work in a poster format to be displayed in various locations. A well designed poster is one of the best advertisements!

Second, create art and make high quality giclée reproductions without ever selling your originals. Make for example an artist proof edition of 25, sign it and release it as the only art available.

If you wish to be able to sell your original you can do so and still increase the value of your art. Start with small limited editions. As soon they are sold out the value will increase. Always establish and maintain a personal relationship with every past, current and potential buyer of your art! Buyers connect emotionally with the art as well as the creator. They will be more receptive to collecting more work if they feel a bond.

Use the Internet

Create a website with a portfolio so people can see the art. Add the URL to business cards, posters, postcards etc. Optimize the site for keywords you want to target (i.e. abstract paintings, oil paintings of flowers, portraits on oil etc.)

The artist is encouraged to pre-sell the complete limited edition if a LE is decided. It is a good idea to track the collectors and notify them when the particular edition is sold out. Another advantage of having a website is to create a newsletter notifying people of limited edition publication as well as accomplishments and new art. These practices reinforce the added value of their current (or potential) purchase. Last but not least, ask for a Certificate of Authenticity from the printmaker.

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.

Pigments, Dyes & Inks

Pigments are items that are insoluble and need to be blended in binders so that they hold on to the substrate.

Dyes are used for artistic, decorative and aesthetic reasons but besides these applications did you know that they play a vital role in medical and biological imaging. Some fluorescent and contrast dyes highlight specific organs or cells during medical testing to indicate presence of certain diseases. They assume great importance during election times in some countries by acting as identifiers, for example purple dye is used to mark the fingers of voters. Sheep herders use wool dyes for marking sheep in the flock. Lasers that are dye-based emit laser light over varied wavelengths resulting in laser beams that are ‘tunable’ and these in turn perform important functions in astronomical research, medical applications, manufacturing and spectroscopy.

Pigments occupy a place of great importance in the world of plastics, paints, inks, cosmetics, textiles, food and many more. Car finishes, artist’s paints and light reflecting signs get their glow from the pigments which can be either organic or inorganic. They are superior to dyes in the context of retaining their color for many years and being able to withstand powerful light, intense heat or extreme chemical agent or weather conditions.

Inks are a liquid medium containing pigments or dyes and they are utilized in printing, pens and tattoos. There are some inks which can cause a permanent change in colour and they include anti-counterfeiting inks, a few fountain pen inks, some gel inks and the paper currency inks. Reaction with the cellulose in the paper results in the permanency of colour. Though they do not fall under the conventional inks, liquids that go into the inkjet technologies also are benefited from the research conducted to further develop the conventional inks.

Professionals engaged in the field of pigments, dyes and inks are focused on developing novel formulations that require less expensive materials, are steadfast in their colour, have good flow properties, more stability or interact more efficiently with substances they come into contact with. Pigments and dyes used in ancient pieces of art and historical artifacts are being analyzed by the relevant professionals to find out new substances that will be compatible with the ancient pigments and dyes for deciding the ways and methods of restoration and preservation.

Owners of varied dyes and pigments production facilities like organic pigments manufacturers, vat dyes manufacturers, pigment blue manufacturers and napthol manufacturers in India strive to supply sustainable colorants that are of top quality and cause minimal harm to human and environmental life. All of them have well equipped technical facilities that test the stock mixes, incoming materials and outgoing orders of the customer. Each one of them is committed to provide products of highest standards to the customers and ensure their maximum satisfaction.