It’s common to partake in financial transactions that lead to owed money. For example, many people lend funds or lease property. However, the situation takes a unique turn when the individual entitled to receive this money passes away. The question that arises is whether someone else can step in to claim these outstanding debts. Here…
Due to interest rates, low inventory, and inflation, the prices of homes have skyrocketed. For this reason, property co-ownership is common. People opt to partner with relatives or friends to buy property to lower individual costs. Nevertheless, jointly purchasing a house can give rise to complications, such as challenges related to inheritance. Therefore, when co-purchasing…
By Christine M. Allen, Esq. Trusts are powerful tools for individuals to manage and distribute their assets. Furthermore, they ensure their wishes are carried out after their passing. In addition, trusts ensure family members avoid the unnecessary costs and delays associated with probate. But what happens when an individual’s trust terms do not actually reflect…
Married couples typically share nearly every facet of their lives. However, even the most intimate partners may hesitate to broach certain subjects when discussing death. While discussions about burial arrangements and remarriage can be awkward, addressing them as integral components of crafting a thorough estate plan is essential. Estate planning is a profound gesture of…
As a business executive, you strategize and set goals for your professional endeavors. Have you taken the time to apply these skills to ensure the well-being of your family? If you still need to, our assistance is available to provide strategies for executives when estate planning. Protection from Lawsuits and Creditors Many executives enjoy protection…
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,…