The WiLaw Connection: Quarterly Publication–October 2023

An Introduction to Earnouts for the Seller of a Registered Investment Advisor

The sale of a Registered Investment Advisor (RIA) involves various critical considerations, with the purchase price being one of the most significant. In connection with the purchase price, the seller of an RIA will often encounter the concept of a contingent purchase price, commonly called an “earnout.” In a business acquisition, an earnout is a payment arrangement where (i) a portion of the consideration paid by the buyer to the seller is not delivered until after the closing and (ii) the amount of such post-closing consideration is dependent on events that occur after the closing.

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Understanding the “Step-Up in Tax Basis”: A Summary of IRC Section 1014 and Double Stepped-Up Basis for Marital Property in Wisconsin

When a loved one passes away, the emotional toll can be overwhelming, and dealing with the complexities of tax implications may not be a priority. However, understanding the concept of “step-up in tax basis” can significantly impact the tax burden on inherited assets. In this blog post, we’ll explore the basics of the step-up in tax basis, focusing on IRC Section 1014, and how Wisconsin’s marital property laws can provide a double stepped-up basis for inherited assets.

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Dust Off Those Handbooks–The NLRB Has Changed Its Rules (Again)

Because the incumbent President appoints members of the National Labor Relations Board (NLRB), the NLRB’s decisions often reflect the policy choices of that President’s political party. Generally, when a Democrat holds office, the NLRB’s decisions are more employee and union-friendly, and when a Republican holds office, the NLRB’s decisions are more management-friendly. An issue that the NLRB has consistently gone back and forth on, depending on the incumbent President, is the standard for evaluating employee handbooks and establishing what rules and policies are acceptable under Section 7 of the National Labor Relations Act (NLRA). Under Section 7 of the NLRA, employees have rights of organization and collective bargaining, including the right to discuss wages, hours, and other terms and conditions of employment.

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Ex-Attorney Convicted of Stealing More Than $800,000 from Elderly Victim with Dementia

The United States Attorney’s Office from the Southern District of Ohio recently issued a press release that highlights how elderly individuals suffering from dementia may be vulnerable to financial abuse. As the release explains, the attorney defrauded his client—an elderly woman in her 80s—over the course of seven years, between 2012 and 2019.

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Firm News

19 O’Neil Cannon Lawyers Selected as 2024 Best Lawyers; Another 4 Named Best Lawyers: Ones to Watch

We are pleased to announce 19 of our lawyers have been included in the 2024 Edition of The Best Lawyers in America, and an additional four have been selected as 2024 Best Lawyers: Ones to Watch.

The following are the O’Neil Cannon lawyers named to the 2024 lists:

Best Lawyers in America

Jean M. Ansay

Douglas P. Dehler

James G. DeJong

Seth E. Dizard

Peter J. Faust

John G. Gehringer

Joseph E. Gumina

Carl D. Holborn

Dennis W. Hollman

Grant C. Killoran

JB Koenings

Dean P. Laing

Gregory W. Lyons

Patrick G. McBride

Joseph D. Newbold

Chad J. Richter

John R. Schreiber

Jason R. Scoby

Steven J. Slawinski

Best Lawyers: Ones to Watch

Trevor C. Lippman

Erica N. Reib

Kelly M. Spott

Christa D. Wittenberg

Christa Wittenberg Featured on

State Bar Podcast

Patrick Bomhack Quoted in

Financial Planning Articles

O'Neil Cannon Ranked in 2023 Best Law Firms

Firms included in the 2023 “Best Law Firms” list are recognized for professional excellence with persistently impressive ratings from clients and peers. Achieving a tiered ranking signals a unique combination of quality law practice and breadth of legal expertise.


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