What Does This Mean for Limited Partners, LLPs, and LLCs? In Part 1, we covered the U.S. Court of Appeals for the Fifth Circuit’s decision in Sirius Solutions, LLLP v. Commissioner and the Fifth Circuit’s reasoning for siding with taxpayers over the IRS. The Fifth...

The Big Picture: Why Sirius Solutions v. Commissioner Matters Let’s cut to the chase: the U.S. Court of Appeals for the Fifth Circuit’s recent decision in Sirius Solutions, LLLP v. Commissioner is a game-changer for anyone who owns a piece of a limited partnership,...

Trusts are designed to protect assets, honor legacies, and provide for loved ones. But what happens when the person entrusted to manage those assets—the trustee—fails to act? Whether it’s ignoring a reimbursement claim, failing to pursue a legal dispute, or simply...

In the administration of trusts, trustees are often called upon to make difficult decisions. One of the most consequential, and often overlooked, is the duty to pursue claims on behalf of the trust. Whether those claims involve reimbursement, breach of contract, or...