To determine whether a worker is a W2 employee vs. an independent contractor, the IRS looks at several factors, but the most important factor is the amount of control the employer exerts over the worker’s behavior.
What this means is whether the employer directs or controls how the worker does the work. A worker is an employee when the business has the right to direct and control the worker. The business does not have to actually direct or control the way the work is done – as long as the employer has the right to direct and control the work.
The behavioral control factors fall into several categories: Read More
When musician Tom Petty passed away in 2017, he left behind a blended family. What is a blended family? Quite simply, a blended family is one consisting of a couple and their children from their previous and (possibly current) relationships. While many people make this arrangement work very well in life, things can get extremely contentious among the survivors when one parent passes away. This is especially true when there is a family business or other significant assets left behind to be administered on an ongoing basis.
In the case of the late Mr. Petty, there are creative properties, copyrights, trademarks and unreleased recorded music to be administered. These assets, if deployed in an optimal way, can create a lot of value for the survivors via a trust agreement. Obviously, it takes a person or a team with both creative and business acumen to maximize the value of these assets. Considering that the copyrights Mr. Petty has/had will continue in force until the year 2087 (remember the duration of copyright lasts seventy (70) years from the death of the copyright holder), the administrator of the estate and/or trust should be someone well versed with Mr. Petty’s catalogue and fan base. Read More