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Category: Client

Beware of Trust Scams

Posted on March 11, 2025 | by David Ledbetter

Trusts are widely used in estate planning to protect and transfer a person’s assets (money, accounts, property, etc.), sometimes in a tax-advantaged manner. Some trusts are highly complex, with multiple parties, intricate structures, specialized legal terms, and references to arcane Continue reading →

Posted in Client, Estate Planning

Another Corporate Transparency Act Update!

Posted on March 4, 2025 | by David Ledbetter

Treasury Department Announces Suspension of Enforcement of Corporate Transparency Act Against U.S. Citizens and Domestic Reporting Companies

March 2, 2025 Press Release:
The Treasury Department is announcing today that, with respect to the Corporate Transparency Act, not only will it Continue reading →

Posted in Client

Another Corporate Transparency Act Update

Posted on February 28, 2025 | by David Ledbetter

On February 27, 2025, FinCEN announced that companies that do not file or update their beneficial ownership information (BOI) reports pursuant to the Corporate Transparency Act (CTA) by the current deadlines—March 21, 2025, for most companies—will not be fined or penalized. In addition, Continue reading →

Posted in Client

It’s Back – Corporate Transparency Act Update

Posted on February 24, 2025 | by David Ledbetter

The Corporate Transparency Act (CTA) is back on again. Until the next development, the reporting requirement is reinstated and you again have to file. The Federal District Court for the Eastern District of Texas in Smith v. U.S. Department of Treasury lifted an injunction staying Continue reading →

Posted in Client

Money Isn’t Everything in Estate Planning – How to Pass Your Stories and Values to Future Generations

Posted on February 18, 2025 | by David Ledbetter

Money and property may be the most discussed types of wealth that a person owns, but also consider other family wealth that may mean even more to your loved ones down the line. Your family wealth — family traditions, wisdom, life lessons, experiences, can be built into your estate Continue reading →

Posted in Client, Estate Planning

Beneficial Ownership Information Update

Posted on January 25, 2025 | by David Ledbetter

FenCen reports “In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue Continue reading →

Posted in Client

Caution – Using a DIY Deed to Avoid Probate Can Be Risky!

Posted on January 7, 2025 | by David Ledbetter

A common do-it-yourself approach to attempting to avoid probate that many have heard of is to add children or other individuals to the property title as joint owners with rights of survivorship. When joint owners have survivorship rights and one joint owner passes away, the remaining Continue reading →

Posted in Client, Estate Planning, Probate

Corporate Transparency Act Update

Posted on December 27, 2024 | by David Ledbetter

On December 26, 2024, the Fifth Circuit Court of Appeals reversed its December 23, 2024, decision, reinstating the district court’s injunction blocking enforcement of the Corporate Transparency Act (CTA) and its implementing regulations. Texas Top Cop Shop, Inc. v. Garland, No. 4:24-cv-00478 Continue reading →

Posted in Client

CTA Small Business Reporting Requirements for 2025

Posted on December 24, 2024 | by David Ledbetter

Small business owners will have one more item on their compliance to-do list when the Corporate Transparency Act (CTA) takes effect next year. After a December 3, 2024 nationwide preliminary injunction blocking enforcement of the CTA, a stay of the injunction was issued December 23, Continue reading →

Posted in Client

How Are My Business Documents Relevant to My Estate Plan?

Posted on November 26, 2024 | by David Ledbetter

Studies consistently find that only about 25–35 percent of Americans have an estate plan, a shockingly low rate when you consider that, in the absence of a plan, the state—not you or your family—decides what happens to your assets, including your business interests.

Recent surveys Continue reading →

Posted in Client, Estate Planning

How to Choose a Conservator for Yourself

Posted on November 12, 2024 | by David Ledbetter

We make hundreds of decisions for ourselves every day—from what to eat to where to vacation. However, what happens if you cannot make decisions for yourself? Who do you want making day-to-day decisions on your behalf and controlling your financial matters?

If you have recently created Continue reading →

Posted in Client, Estate Planning

Who Should Be My Successor Trustee?

Posted on November 5, 2024 | by David Ledbetter

When establishing a revocable living trust, it is common to name yourself as the initial trustee, allowing yourself to continue to manage your financial affairs while you are alive and well. However, someone else will eventually need to step in to administer your trust when you are Continue reading →

Posted in Client, Estate Planning

How to Choose the Initial Trustee of Your Trust

Posted on October 29, 2024 | by David Ledbetter

When you establish a trust, one of the important decisions you make is choosing the trustee. If you are creating a revocable living trust, you will likely be the initial trustee. You also will name successor or backup trustees to step in and manage the trust’s affairs if you can no Continue reading →

Posted in Client, Estate Planning

Do It Now – Name a Guardian for Your Minor Children

Posted on October 15, 2024 | by David Ledbetter

It is difficult to imagine the tragedy requiring that someone else raise your children. However, you must consider who you would choose to fill this important role. Otherwise, a judge—a stranger who does not know you or your wishes, your child, your relatives or friends—will determine Continue reading →

Posted in Client, Estate Planning

Won’t My Spouse and Kids Inherit Everything When I Die?

Posted on October 1, 2024 | by David Ledbetter

You may think that if you die while you are married, everything you own will automatically go to your spouse and children. Such a transfer is not automatic, however. Michigan, like all states, has a set of laws that apply to someone who dies intestate, without a will. While the specifics Continue reading →

Posted in Client, Estate Planning

The Perils of Joint Property

Posted on September 17, 2024 | by David Ledbetter

People often consider adding a spouse or family member to their bank account or real estate as a form of estate planning. Joint property ownership is easy to set up. It can be established at the bank when opening an account, through the title company when buying real estate, or by Continue reading →

Posted in Client, Estate Planning, Probate

Can I Leave My Spouse Out of My Estate Plan?

Posted on September 10, 2024 | by David Ledbetter

The relationship between spouses is special in all contexts, not the least of which in the area of estate planning. In many instances, you can exclude people from your estate plan, including your parents, siblings, and adult children. But there are special protections built into the Continue reading →

Posted in Client, Estate Planning

5 Mistakes People Make When Leaving an Inheritance to Their Pets

Posted on September 3, 2024 | by David Ledbetter

Planning for your pets in your estate plan is an excellent way to ensure that your beloved pet will receive proper care and attention after you pass away. Because you will not be there to ensure that your wishes are carried out, it is critical to create a comprehensive estate plan Continue reading →

Posted in Client, Estate Planning

A Trust for Fluffy or Fido? Why Every Pet Owner Needs to Consider a Pet Trust Today

Posted on August 27, 2024 | by David Ledbetter

Estate planning is about protecting what is important to you. Although much of the traditional estate planning conversation focuses on surviving spouses, children, grandchildren, and charities, many pet owners wonder what could happen to their beloved pets after their death.

A pet Continue reading →

Posted in Client, Estate Planning

What Conditions Can I Put on My Child’s Inheritance?

Posted on August 20, 2024 | by David Ledbetter

There are two primary options for leaving an inheritance to a beneficiary. The most straightforward is to give it to them in a single lump sum, with no strings attached. However, this might not be the best option for many beneficiaries. You may be concerned about the beneficiary’s Continue reading →

Posted in Client, Estate Planning, Trust Administration

Using a General Power of Appointment in Your Estate Plan

Posted on August 13, 2024 | by David Ledbetter

Estate planning involves planning for time that you may be incapacitated and the time following your death. Many things can change that affect your plan — your family, the economy, the law, society. Change can happen rapidly and unexpectedly, affecting your careful estate planning Continue reading →

Posted in Client, Estate Planning

Why You Must Keep Your Estate Plan Up to Date

Posted on August 6, 2024 | by David Ledbetter

Fewer people are creating estate plans today than in years past. Research shows that, in 2024, less than one-third of Americans report having a will.[1]

Every adult over the age of 18 should have some form of estate planning – incapacity planning in case of accident or illness and Continue reading →

Posted in Client, Estate Planning

Passing the Torch – Smart Business Succession Strategies

Posted on July 30, 2024 | by David Ledbetter

For many business owners, their business is one of the most valuable and important things they own. When it is time to sit down and create an estate plan, it is critical that business owners plan for their business just as they would plan for their home or finances. Effective business Continue reading →

Posted in Client, Estate Planning

Estate Planning is About Knowing Your Priorities

Posted on July 23, 2024 | by David Ledbetter

Thinking about our own mortality and how our loved ones will fare after we pass away can be very difficult. While we all know that we will pass away at some point, this is not something most people like to dwell on. However, by proactively planning and prioritizing your goals, you Continue reading →

Posted in Client, Estate Planning, Probate, Trust Administration

Things to Know When Planning for an Addicted Loved One

Posted on July 16, 2024 | by David Ledbetter

It has been said that the only thing harder than being an addict is loving one. It can be particularly difficult for a parent to bring a child into the world, full of hopes and dreams about their future, and then watch them spiral down into addiction. Having someone in your life who Continue reading →

Posted in Client, Estate Planning

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