As our population grows older and more seniors face the realities of long-term care, we will can help alleviate this financial burden.

Spring is the perfect time to evaluate your estate plan to ensure that it continues to meet your needs, or to finally set one up. Spring cleaning your estate plan now means that you can head into your summer fun and activities with this important task off your to-do list! Here are some items to consider when spring cleaning your estate plan: 1. Address Family Dynamic Changes Have there been any milestone changes in your family dynamic recently? Maybe there was a death, a birth, a marriage, a divorce – anything that may require you to make a change to your will or trust. A simple change in address can affect the estate plan and cause more stress and time for your heirs. 2. Update Your Asset Inventory Have you sold a home, made an investment, started a new business? A change in your assets and wealth may lead to a change in your estate plan distributions, as well as tax planning for your estate – it’s a good idea to make sure you document any major changes. 3. Check the Beneficiaries It is a great idea to look over your beneficiaries on your trusts, wills, guardianships, and other estate documents. Make sure that everyone named as your beneficiary is who you want to inherit that asset! 4. Review Your Insurance and Investments You should review your retirement accounts, insurance policies, and stocks and other investments and make sure you have listed beneficiaries on these accounts as well as updating beneficiaries if needed. 5. Protect Your Pets Your pets play an important role in your life, and you need to protect them after you are gone. Who do you want to take care of them after you pass away? Can that person handle the costs it will take to care for the pet or should you leave them maintenance funds? The Bottom Line To give yourself peace of mind and protect your family’s future generations, you need to take steps to have an up-to-date and well-organized estate plan. An estate plan spring cleaning is the best way to ensure that nothing was forgotten or unnecessarily clutters your plan. At Meyerson Law Firm, our estate planning attorneys have experience in creating or updating estate plans to fit each client’s personal circumstances. Please contact our office to schedule a meeting with our experienced attorneys to spring clean your estate plan! 678-892-5910.

CTA Imposes New Small Business Reporting Requirements for 2024 Small business owners will have one more item on their compliance to-do list when the Corporate Transparency Act (CTA) takes effect next year. The CTA, enacted as part of the Anti-Money Laundering Act of 2020 (AMLA), places new reporting requirements on many business entities in an effort to expose illegal activities, including the use of shell companies to launder money or conceal illicit funds. Around 30 million small businesses will be impacted by the law, which will establish a federal database of information, furnished by “reporting companies,” that will be accessible to certain authorities and organizations. A final rule has been issued stating how the new law will be implemented to help businesses understand whether the law applies to them, how to comply, and which agencies will have access to the information they must report. CTA violations carry civil and criminal penalties, including imprisonment. Why was the CTA passed? The CTA was passed as part of the National Defense Authorization Act for Fiscal Year 2021. It directs the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) to gather information from private companies about their owners and controlling persons. Acting Director Himamauli Das said, “FinCEN is taking aggressive aim at those who would exploit anonymous shell corporations, front companies, and other loopholes to launder the proceeds of crimes, such as corruption, drug and arms trafficking, or terrorist financing.” To counter the risks allegedly posed by anonymous shell companies, the CTA mandates the creation of a national registry that contains certain information about business entities that are formed by filing a document with a state’s secretary of state or similar office. What does the CTA require? Effective January 1, 2024, the CTA requires that certain businesses disclose to FinCEN information about the company, its beneficial owners, and in some cases, the company applicant. Reporting companies—defined as any company with twenty or fewer employees that is formed by filing paperwork with the Secretary of State or equivalent official—that are created or registered prior to January 1, 2024, have until January 1, 2025, to file an initial report; reporting companies created or registered after January 1, 2024 and before January 1, 2025, will have ninety days after creation or registration to file a report. Entities created on or after January 1, 2025 will have 30 days to submit the reports to FinCEN Small business organizations such as the National Small Business Association (NSBA) and the National Federation of Independent Businesses (NFIB) oppose the CTA, calling it cumbersome, intrusive, overly punitive, and unconstitutional. NSBA states that small businesses are unfairly impacted because they usually do not have compliance teams or staff attorneys. Eighty percent of the small businesses surveyed by NFIB are against the new reporting requirements, which NFIB claims are unclear. NFIB notes that each state has different standards and practices for business entity formation, potentially leading to uncertainty about whether a business must report to FinCEN. For example, some states require sole proprietorships and general partnerships to register with state agencies, while other states do not. Does the CTA require my business to report? The CTA applies to companies that are created by filing a document with a state authority. Typically, this includes corporations and limited liability companies. Depending on the state, it could also include limited partnerships, professional associations, cooperatives, real estate investment trusts, and trusts. In addition, the CTA applies to non-US companies that are registered to operate in the United States. NFIB estimates that, based on these rules, 30 million small businesses will have to report to FinCEN. However, the CTA exempts around two dozen categories of companies, including companies that ● are publicly-traded; ● have more than twenty full-time US employees; ● filed a previous year’s tax return showing more than $5 million in gross receipts or sales; ● have an operating presence at a physical US office location; ● operate in a regulated industry, such as banking, utilities, or insurance, that already imposes similar reporting requirements; or ● are subsidiaries of exempt organizations. The exemptions, which generally include larger companies that are already subject to regulation, underline the primary purpose of the CTA: to combat money laundering and other illicit activities conducted via small, private, and anonymous shell companies. What information must be provided in the reports? The CTA requires three categories of information to be reported: company, owners, and applicant. ● Domestic reporting companies created before January 1, 2024 must provide information about the company and its beneficial owners. o Beneficial owner is defined in the CTA as an individual who exercises “substantial control” over the reporting company or has an ownership interest of at least 25 percent. Company senior officers, directors, and others who make significant decisions on behalf of the company may meet this statutory definition of “substantial control,” although the broad definition may cause confusion in some instances. ● Domestic reporting companies created on or after January 1, 2024, must provide information about the company, its beneficial owners, and its company applicants. o A company applicant generally is the individual who files the formation document with state authorities for the reporting company. Technically, the information to be filed with FinCEN is called a Beneficial Ownership Information (BOI) Report. The following is what is required in the report for a company, an owner, and an applicant: ● The reporting company must provide its name and any alternative (DBA) names, the address of its principal place of business, the state of formation, and its taxpayer identification number or FinCEN identifier. ● Each beneficial owner of a reporting company must furnish their full legal name, date of birth, residential address, and an identification number from a driver’s license, passport, or other state-issued identification (ID), along with a copy of the ID document. ● A company applicant is required to submit the same information as a beneficial owner. Who has access to FinCEN BOI reports? The CTA authorizes FinCEN to disclose BOI information to five categories of recipients: ● US federal, state, local, and tribal government agencies ● Foreign law enforcement agencies, judges, prosecutors, and other authorities ● Financial institutions ● Federal regulators ● US Department of the Treasury FinCEN may only disclose BOI information “under specific circumstances”: there are more stringent requirements for agencies other than those engaged in national security, intelligence, and law enforcement activities. There are also restrictions on how the information may be used and how it must be secured. Some small business owners have expressed concerns about the privacy implications of the CTA. The NSBA has filed a lawsuit challenging the CTA’s constitutionality, in part on privacy grounds over sharing “sensitive information” with the government . Are there penalties for noncompliance with the CTA? Penalties for noncompliance may be steep. Willingly providing false information (including false identifying documents) to FinCEN, or failing to report complete BOI information, can result in: ● Fines of $500 per day, up to $10,000 ● Imprisonment for up to two years Civil and criminal liability may be avoided if an individual who submitted an original, erroneous report did not knowingly submit inaccurate information and submits an updated report correcting the inaccurate information within ninety days. Get help with CTA reporting requirements. Understanding how the CTA applies to you, how it will affect your business, and what you must do to comply introduces new burdens that you may have scarce resources to address. Terms like “beneficial owner” and “substantial control” may seem vague and confusing, further complicating compliance efforts. But compliance is critical for business owners who want to avoid possible sanctions.  We can help you determine whether the CTA applies to your business and the steps needed to meet its reporting requirements. With the law’s effective date just months away, we encourage you to reach out now to start working on a CTA compliance strategy.

Often people start the probate process themselves only to have to hire an attorney to repair the case later, causing additional time, stress, expense, , and sometimes litigation. Hiring a probate attorney helps you save time, money, and stress during the process by eliminating complications that could otherwise arise and protecting you from probate’s pitfalls. Here are some questions you may ask yourself before attempting to file a probate without an attorney to assist: · How large is the estate? · Is the family dynamic complex? · Is the family combative? · How many lawful heirs are there? · How many beneficiaries? · Do you want to maximize the expenses and reimbursement you are entitled to? · Do you know the rules for a fiduciary, like an executor? · Do you want a discharge from duties upon completion of probate? · Is the will ambiguous? Is it properly executed? · Do you know that attorney’s fees are reimbursable from the estate? · Do you want to move through the process deftly without mistakes? · Do you want to minimize the risk of litigation? The probate process can take anywhere from 3 months up to 18 months to finish depending on the circumstances. Because the probate process is front-loaded with paperwork and research, this means that the grieving family will be spending a lot of time trying to navigate legalities instead of mourning in peace or comforting family members. A probate attorney will take the burden of research and paperwork off of you as they will handle everything so you can focus on what matters most. Having a good probate attorney helps to avoid mistakes. Filing a probate requires submitting detailed records and paying court fees to get things set into motion. While the funds will most likely come from the estate and not from your own bank account, if the probate is contested, any costs involved could deplete the estate and decrease the inheritance you and your family receive. Even the smallest mistake can cause you to have to start over or incur additional fees; bigger mistakes, such as conflict that arises if the will is contested and is not handled properly, can even result in lawsuits and litigation fees which can become quite costly in a hurry. A probate attorney will draft and review all your documents before submission, preventing errors, reducing the chances of costly resubmission, and decreasing your personal liability.

Five myths that prevent people from scheduling an appointment with an estate planning attorney 1.) Estate planning is only for the wealthy. It’s a misconception that only wealthy people benefit from estate plans. In reality, anyone can benefit from having an estate plan, regardless of their age or financial status. What estate planning documents do is make sure your final wishes are honored in the event of incapacitation or death. For example, an estate plan can outline what life-saving procedures you want. 2.) I’m too young to need an estate plan. Don’t put off scheduling a consultation with an estate planning attorney until the last minute. If you are of sound mind and body, this is your best opportunity to create an ironclad legal Will or Trust. Keep in mind that estate plans aren’t just for the elderly. For example, if you are a parent, you may decide to create an estate plan to designate a guardian for your young children if something ever happens to you. 3.) My spouse will inherit everything when I die. The default rules of intestacy in Georgia dictate that the surviving spouse does inherit the entire estate if there are no living children or grandchildren of the deceased. If there are children or grandchildren, then the estate is divided into shares, with the spouse receiving a minimum of one-third of the estate , and the remaining two-thirds divided among two or more children. Without a robust estate plan, your survivors will need to go through the probate process, which can be time-consuming and expensive. It’s much better to have a clear estate plan in place, rather than assume your spouse will get everything smoothly and seamlessly. 4.) An estate plan is a once-and-done event. Your estate plan should be a fluid document that changes with your life circumstances. This means that every time there is a birth, death, or divorce in your family, you may want/need to re-evaluate your current estate plan. You may also need to change your estate plan if your financial situation changes. An estate planning attorney can help you make the necessary changes to your estate plan, so it stays current and relevant. 5.) It really doesn’t matter who I appoint as my Trustee or Personal Representative. Your trustee or personal representative will be in charge of handling your estate once you pass away or become incapacitated. For this reason, you’ll want to make sure you choose someone who is competent and willing to take on this responsibility. Who among your close family members can you trust to handle your estate and honor your wishes? This is a question you should carefully consider before appointing a personal representative. While many people don’t feel comfortable discussing incapacitation or death, having a solid estate plan can prevent disconnect in the family and make sure that your loved ones are provided for. An Estate Plan will appoint a power of attorney and create an advance directive that outlines end-of-life care. A comprehensive estate plan prevents your assets from being mishandled or going to the wrong people. Our Team at Meyerson Law Firm have years of experience helping families protect assets and legacies through estate planning . To schedule your consultation with Attorney Seth Meyerson or Attorney Cynthia Welsh, call (678) 892-5910.

Southland Nursing and Rehabilitation facility in Peachtree City, GA welcomed the Meyerson Law team gifts for our "adopted grandparents". Such a wonderful opportunity to give back to the community. Pictured: Deborah, Facility Representative.

Successor Trustee: Duties, Powers and More Written by Hunter Kuffel, CEPF® Setting up a trust can be great way to control how your assets are distributed to your heirs after you pass away. Trusts are in many ways more flexible than wills in managing an estate’s assets. When you’ve passed, the successor trustee – effectively the “executor” of your trust – is responsible for managing your trust and its assets. A trustee is similar to the executor of a will. Instead of shepherding your estate through the probate process, however, a trustee manages your trust until the assets can go to your beneficiaries. What Is a Successor Trustee? You’ll appoint a successor trustee when you create a revocable living trust. When you set up your trust, you will serve as both the settlor (creator) and the trustee while you’re alive. As the settlor/trustee, you’ll be able to move assets in and out of the trust, change the terms and beneficiaries and even revoke the trust if you wish. That’s why it’s called a revocable living trust. Once you die, your successor trustee will assume control of the trust and the duties of trustee. Most often, these duties include investing the assets of the trust prudently until the time comes to transfer the assets to the beneficiaries. When that time comes, the successor trustee will handle the transfer and ensure that the terms of the trust are followed. One of the most salient benefits of opting for a living trust over a testamentary trust is that the former allows you to avoid dealing with the probate court. Your successor trustee will be able to manage your trust without having to obtain permission from the court. What Are the Duties of a Successor Trustee? Your successor trustee will need to manage the assets in your trust as he or she sees best fit. The successor trustee will do so until the time comes to transfer the assets to your beneficiaries. This responsibility only kicks in, however, once you can no longer effectively serve as your own trustee. Once you die, your trustee must appraise the value of all the assets in the trust, determine and pay any tax liabilities and set aside a fund for any expenses that the administration of the trust may incur. If you named your trust as the beneficiary of any life insurance policies, your trustee will also need to collect those policies. Let’s say your trust needs to exist for a long time after you die. In this case, your successor trustee will choose how to invest the assets in your trust. They’ll also be responsible for keeping tabs on these investments. Once the time comes to close the trust, your trustee will be in charge of distributing assets to the proper beneficiaries according to the terms of the trust. How Is a Successor Trustee Different from an Executor? The biggest difference between an executor and a trustee is the duration of the role. An executor is in charge of handling the probate process immediately after you die. The executor will locate and collect your assets, as well as pay your debts and taxes. She’ll also report to the probate court and distribute your assets after your death. You have no say regarding when this process takes place. With a trustee, there is a much larger variance in how long the job lasts. Let’s say you leave a grandson an inheritance, but don’t want him to receive it until he graduates from college. You can specify as much in your trust. If you pass while he’s still in high school, your successor trustee will be in charge of protecting that inheritance until he graduates from college. Are There Successor Trustees for Irrevocable Trusts? Irrevocable trusts can have successor trustees, but the term has a slightly different usage. When you create an irrevocable trust, you don’t have the ability to serve as your own trustee while you’re alive. You must choose someone else to serve as your trustee. If your original trustee either dies or becomes incapacitated, you can name a successor trustee to replace the original. The successor trustee has the exact same duties and powers as the original trustee. Bottom Line Serving as a trustee is a big job that can take time and energy. In some situations, it can even last for years. If you are creating a living trust and choosing who to appoint as successor trustee, make sure you choose someone who is competent, trustworthy and willing to be involved for the long term. Meyerson Law Firm is ready to help you get started with your Trust. Give us a call today and get “Peace of Mind” for you and your family 678-892-5910 .

Adding Right of Occupancy to a Revocable Living Trust WealthCounsel Blog Family dynamics can change drastically when one member passes away. In particular, if a surviving spouse remarries, the question of what happens to the family home can make dynamics among the children and the new spouse even more complicated. Setting up a right of occupancy trust within your client’s revocable living trust can clarify who owns the property, who is allowed to live there, how long they can live there, and who will eventually inherit the property. Read on to learn how to provide this service for your client. What Is a Right of Occupancy? A right of occupancy allows your client to designate a beneficiary to live at a property. It can also provide money for the expenses to maintain that property. This arrangement can last for a designated period or until the beneficiary dies or leaves the home. A right of occupancy is similar to a life estate, but the beneficiary cannot sell or transfer their interest in the property like a life estate beneficiary can. Here are two common scenarios in which a right of occupancy would be used: Scenario 1 Betty is a seventy-year-old widow and has been caring for her sixty-year-old brother, Fred, throughout his adult life. Fred is mentally disabled and cannot work or live on his own. Betty is afraid that when she dies, Fred will become homeless. She adds a right of occupancy trust to her estate plan, stating that Fred will have the right to live in her home after she passes away. The trust will also include $40,000 to cover maintenance costs. Fred will live in the home for the rest of his life or until he moves into an assisted-living facility. At that point, Betty’s children will inherit the home. Scenario 2 Joan’s husband dies after a forty-year marriage that produced four children. Two years later, Joan marries Trevor, who is twenty years younger than she is. Joan wants her children to inherit her family home, but she also wants Trevor to be able to live there after she dies. She grants him a right of occupancy that will last for two years after her death and includes $30,000 to cover home maintenance. This will give him sufficient time to find a place of his own. At the end of the two years, Joan’s children will receive the home and the unused portion of the maintenance funds. Things to Consider When considering a right of occupancy, remember that the beneficiary typically must occupy the home to retain the right. In addition, the beneficiary does not have an ownership interest that can be sold or transferred. Further, when considering a right of occupancy, you must determine whether the trustee or the beneficiary will pay the utilities. You can also select who is responsible for paying the mortgage, property tax, home insurance, and maintenance costs. Other considerations are more personal, as your death may create a different dynamic in the family. A right of occupancy can reduce conflict among the trustee, beneficiary, and the property’s ultimate heirs (also known as remainder beneficiaries) by clearly stating your wishes for the property. However, the right of occupancy may not eliminate all conflict: for example, children may feel angry believing that they could sell the home for a high price if it were not for the beneficiary being allowed to live there under a right of occupancy. Right of Occupancy vs. Life Estate The major difference between a right of occupancy and a life estate is that the beneficiary of a life estate can sell or transfer their right. With a right of occupancy, the ownership interest remains within the trust. The beneficiary has the right to stay in the home for a predetermined amount of time or until they move or pass away. A right of occupancy trust does present some drawbacks. Owning real estate comes with certain tax benefits. Some states have homestead provisions that limit how much a home’s property tax can increase each year. Those benefits may not be available when the property is held in a right of occupancy trust. Give us a call today at 678-892-5910 and let us guide you. 

Not many people have heard of petitioning the Georgia probate courts for “Year’s Support” and aren’t aware of this procedure to administer an estate or probate a Will. A year’s support award is a permanent award of property from a decedent’s estate to the decedent’s surviving spouse, surviving minor children, or both. It comes from a commonly accepted idea that it is a duty of a spouse to provide for their family. Example: Jane, benefitted from this process when her husband, Bob, died suddenly from a car accident. Jane learned in the months before Bob died, he opened several credit cards in his name and maxed them out for his new business. Jane was worried she would go broke paying off Bob’s credit card debt and she might have to sell the house on which they had just made their final mortgage payment. Can Year’s Support Help with Debt? Bob’s Will left everything to Jane. She worried about paying his debt. Jane met with an attorney to discuss her options. Jane was told about the Petition for Year’s Support and how she could use this to save the home and other assets of Bob’s from going to the creditors. A Year’s Support can allow Jane to inherit all of Bob’s estate, regardless of what is written in the Will and what unsecured debts that Bob may have owed during life. When a Year’s Support petition is granted by the probate court, that property claimed as a Year’s Support passes from the estate of the deceased to the surviving spouse and/or minor children free of debt. The property can include real estate, cash, stocks, bonds, personal belongings, automobiles, and any other thing that a person can own. A Petition to Probate Bob’s Will along with the Petition for Year’s Support was filed asking for Bob’s interest in the house and Bob’s bank accounts. The Petition for Year’s Support would be served on all Bob’s creditors and the beneficiaries under the Will (in this case she was the only beneficiary). Once the Letters of Testamentary were issued and the Order granting a Year’s Support was signed by the judge, Jane would get the House and Bob’s accounts and would not have to pay off the credit card debt in Bob’s name! Give Meyerson Law Firm a call today and let us help you. 678-892-5910.