Regrettably, family conflicts sometimes escalate beyond mere fleeting disagreements, leading to estrangement. Family estrangement refers to physical and emotional distancing among family. This separation often reaches a point where there is minimal or even no communication between family members for an extended time. For example, a parent may avoid contact with a child who has…
By Bryan Johnson, Esq. Corporate Transparency Act The Corporate Transparency Act (CTA) was created under the Anti-Money Laundering Act of 2020 and goes into effect on January 1, 2024. The CTA seeks to prevent individuals from using anonymous shell companies to engage in illegal financial activities, such as money laundering and terrorism. It requires privately…
The Federal Deposit Insurance Corporation (FDIC) is an independent federal agency insuring deposits in U.S. banks in case of bank failure. The Banking Act of 1933 established the agency to restore public confidence in banks. As of 2023, the FDIC insures deposits up to $250,000. Most trust funds have bank accounts insured by FDIC. However,…
Many of our hard-working clients want to pass on their wealth to family members. Nonetheless, individuals with a high net worth must consider potential gift and estate tax implications when gift giving. By creating a thorough estate plan, we can effectively tackle these worries. These trusts can help distribute assets in a tax-efficient manner. Grantor…
Many Americans pass away without a will, which is called dying intestate. In this circumstance, what they have left behind is distributed during intestate succession. Rather than decide who they want their assets to go to, the state decides. In most states, the decedent’s closest family members will receive what they left behind, which many…
When establishing a trust, choosing your successor trustee is one of the most crucial choices you will need to make. You can act as the trustee if your trust is a revocable living trust. However, you must name a successor trustee. The successor trustee will manage the trust on your behalf in the event of…
As a parent, you want to protect your child’s future, but have you ever pondered what might happen if you could not be a part of it? This contemplation can be a sad one for anyone. Nevertheless, by proactively putting a plan in place, you can find solace in knowing that if the unexpected occurs,…
The passing of a family member presents challenges on multiple fronts. In addition to grieving, practical responsibilities need attention. For example, their accounts must be settled, including utilities, insurance, memberships, digital subscriptions, and other recurring payment programs. Resolving these accounts aids in preventing avoidable fees and safeguards against identity theft. Your initial step should be…