 By Attorney Edward Jesson
As Thanksgiving and the rest of the holiday season rolls around, our focus often shifts to spreading joy, giving gifts, and cherishing time with loved ones. However, amidst the festive cheer, there might be family dynamics that don't always align with the holiday spirit. If you find certain family members perpetually landing on the metaphorical “naughty list,” it might be time to consider updating your estate plan to ensure your wishes are safeguarded regardless of family conflicts or disputes. If certain family members have a history of conflicts or strained relationships, it's crucial to communicate your intentions clearly in your estate plan. Explicitly outlining your decisions regarding asset distribution, guardianship, or decision-making authority in your estate plan can help avoid ambiguity and potential disputes. In some cases, you may want to explore options to protect your assets or ensure they are utilized according to your wishes, especially if you are concerned about how certain family members might handle their inheritance. Without a will or living trust, your assets would pass according to the intestacy laws of North Carolina. This takes away the control you have over who inherits when you pass away and could have huge implications on your loved ones. Additionally, in North Carolina, a will is the only way to name a guardian for your minor children in the event that both parents pass away. Furthermore, some people may require more complex estate planning depending on their family situation (such as second marriages, a child with special needs, or care of minor children) and the type and amount of their assets. Estate planning through devices such as living trusts allows you to put plans in place to address the specific needs of your beneficiaries, avoid the probate process, and address more complex tax issues depending on your assets. Finally, a comprehensive estate plan not only plans for what happens after death, but also addresses who would be responsible for making decisions on your behalf if you became incapacitated during your lifetime. This includes naming someone to make financial decisions on your behalf and someone to make medical decisions on your behalf. Without such a plan, your family may have to go through more drastic and expensive court proceedings to have you deemed legally incompetent by a judge. While it's essential to address concerns about family dynamics in your estate planning, doing so should be approached with careful consideration and guidance from professionals. The goal is not only to protect your assets but also to ensure your intentions are upheld and respected, even in challenging family situations. As you prepare for the holiday season, take a moment to consider the importance of estate planning in securing the future for yourself and your loved ones, even when navigating the complexities of family dynamics. If you approach the topic with honesty, care, and thoughtfulness, it could help you get the ball rolling on making important decisions for your estate plan that will have a positive impact on your family for years to come. Jesson & Rains, PLLC wishes you a happy Thanksgiving filled with love, laughter, and thoughtful planning for the future!
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 By Senior Associate Jeneva Vazquez
On January 1, 2024, the Corporate Transparency Act (CTA) officially took effect, introducing new reporting obligations for nearly all businesses in the United States. The legislation aims to increase transparency in corporate ownership and help combat global terrorism and money laundering. However, it also represents a significant shift for many small business owners who previously enjoyed a level of privacy in their operations. What the CTA Requires: Under the CTA, most businesses are now required to submit a report to the Financial Crimes Enforcement Network (FinCEN), detailing information about their “beneficial owners.” A beneficial owner is defined as any individual who directly or indirectly exercises substantial control over the business or owns at least 25% of the company. This includes key management roles such as LLC managers, board members, and CEOs. The CTA represents a significant shift in the regulatory landscape for small businesses. The report must include personal details for each beneficial owner, including: full legal name, date of birth, current residential address, and a copy of a government-issued ID (e.g., U.S. passport or driver’s license) For businesses formed before January 1, 2024, there is a grace period until January 1, 2025, to submit the first report. After the initial report, businesses must notify FinCEN of any changes to the reported information. Failure to comply with the CTA can result in significant penalties, including daily fines of $500 and potential criminal penalties of up to two years in prison. Who Must Comply with the CTA? The CTA applies to most entities formed or registered in the U.S., with certain exemptions for larger operating companies and nonprofit organizations already subject to extensive regulatory oversight. If your business was formed before January 1, 2024, it’s crucial to make a plan to comply with these reporting requirements by the January 1, 2025 deadline. Failure to do so could result in costly fines. How We Can Help? To help you navigate the new CTA requirements, we’ve included beneficial owner reporting as part of our Annual Business Maintenance Plan for clients. If you’re interested in having us handle the reporting for you, the deadline to sign up is November 25, 2024. We will not only submit the initial report but can also assist with filing any amendments for as long as you remain a member. The Annual Business Maintenance Plan includes quarterly telephone calls, us filing your annual report with the Secretary of State, a discount on future legal services, and other things that you can see HERE. It’s essential to understand these new obligations and ensure timely compliance to avoid penalties. If you need assistance filing your beneficial owner information before the reporting deadline, please contact us before November 25, 2024. |
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