Welcome to 2024! If you find yourself as the “beneficial” owner of a business, whether it’s an LLC, corporation, or a similar entity, it’s time to gear up for the crucial task of filing your first beneficial ownership report with FinCEN. The primary mission of FinCEN is to safeguard the financial system from illicit activities, such as money laundering and…
Category: Financial Planning
Your great Uncle died and left you all of his IRA accounts
If you are the beneficiary of a Traditional IRA account there are a few rules you need to be aware of. If the person who owned the account at the time of their death was someone you did not marry and they were at least 10 years older or younger than you, here are a few rules to keep track…
The Role of the Attorney-in-Fact
When a client becomes incompetent the person named as the “attorney-in-fact” in the Power of Attorney form must step in and assist with all components of the client’s financial life. An attorney-in-fact handles all money matters – paying bills, investing assets, ensuring safekeeping of valuables while maintaining detailed and accurate records of all transactions. The attorney-in-fact is the incompetent person’s…
Did You Know that “Incompetent” People Cannot Sign Legal Documents?
Under the law, a person must have the “capacity” to validly sign legal documents. Before I permit my clients to sign their wills, I must believe that they know what belongs to them and to whom they wish to leave it. For example, if a client knows she has four kids and wants her money and personal belongings split evenly…
How and When to Enroll in Medicare
Eligibility for Medicare begins on your 65th birthday. You can sign up for the program then, or delay doing so if you are still working. Failure to timely enroll will result in late-enrollment penalties – usually a substantial increase in your monthly Medicare premium price. You will be automatically enrolled on your 65th birthday if you have chosen to receive…
A Joint Owned Bank Account Is not Yours Alone
Many people add friends or family members to their bank accounts for convenience or to avoid probate. But, when circumstances change, and the original account holders want to regain sole ownership of their accounts, they are shocked to learn they cannot. Many people add friends or family members to their bank accounts for convenience or to avoid probate. But, when…