This post alerts you of a new Federal law, called the Corporate Transparency Act, which will impact almost all LLCs, corporations, limited partnerships, and other closely held entities. There are a few exceptions. The law becomes effective January 1, 2024, so you will need to be prepared. Exempted from this requirement are entities such as the following. These are generally entities that are already subject…
Updating Your Estate Plan: How Many Tweaks Are Too Many?
If your life or the law has changed since you signed your last will and testament (will) or trust agreement, you need to update your document. You can make updates to a revocable living trust by way of an amendment or a complete restatement of the trust agreement. An amendment updates a specific part of the trust whereas a restatement creates a new set of…
The Dangers of Putting Your Child’s Name on Your Deed
You better think twice before putting your child’s name on your deed. I’m attorney Paul Bernstein of the Bernstein law group. Why do I say you better think twice before putting your child’s name on the deed of your house? Well, you’re probably thinking, I’ll put their name on the deed so if I pass, it’ll just go to them. They’ll own it. No court…
Estate Planning Strategies to Protect Your Spouse
You have searched for and found the love of your life, maybe your first love, or maybe after a previous marriage. As you have built your life together, you have probably weathered your fair share of storms and grown stronger because of them. To prepare for the future and the possibility of no longer being around for your spouse, it is important that you plan…
Considerations When Choosing a Legal Guardian Who Could Raise Your Kids
Do you have minor children? If so, have you considered choosing a legal guardian who you would want to raise your kids if you and/or their other parent suddenly passed away? While you may have a few thoughts in your mind about who would be best suited for the role (grandparents, aunts, uncles), if you don’t legally document your choices, a judge will dictate where…
IRS and April 15th Tax Deadline Changes – Be Careful
Yesterday the U.S. Treasury and the IRS issued important guidance on 2019 income taxes. A few takeaways: The Treasury has announced a deferral until July 15th to pay any 2019 individual income taxes owed without penalties or interest to most (but not all) taxpayers. Returns or extension requests are still currently due on April 15th. Massachusetts has not yet granted such deferral, even though the…
Home DNA Tests – A Bump in Your Estate Plan
Discovering your ancestry can be both fun and fascinating. At-home DNA tests have grown in popularity in recent years. Often given as a unique gift for loved ones, the kits reveal details about our individual and collective pasts. Unfortunately, these tests aren’t all fun and games. When a test reveals an unexpected relative or biological child, your estate plan may need updating. If you do…
The Role of an Agent Under a Power of Attorney: A Primer
For most people, the phrase “power of attorney” means very little. Even for those educated on the subject, it is easy to forget exactly who serves what role and why. Whether you are unfamiliar with the concept or simply need of a refresher, keep reading to learn what it means to be an agent under a power of attorney. To start, it helps to understand…
How to Coordinate Your Retirement and Estate Plans
We often think of retirement accounts as monolithic resources. It is easy to see why – we spend our working years socking away money for our future. Unfortunately, though, the rising cost of healthcare can quickly deplete even the largest of retirement funds. Because retirement accounts tend to be the largest assets in a person’s estate, it is crucial that proper planning is done to…
Don’t Let Change Wreck Your Business: The Buy-Sell Agreement
Divorce – an unexpected death, disability, or retirement – an irreconcilable dispute. Any of these events may put your successful, stable business into a tailspin. Luckily, a buy-sell agreement can help you and your business be better prepared to handle these events. What is a Buy-Sell Agreement? A buy-sell agreement is a legally binding agreement between co-owners of a business that controls what happens if…