15 January

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Estate Planning is a Gift of Love to Your Family

By Libby Banks, The Law Office of Libby Banks, PLLC With the arrival of Valentine’s Day, our thoughts turn to love, and we start looking for ways to show our family and those dear to us just how much we care. It could be roses, chocolates, jewelry, or a special item they’ve always wanted. One way to show you care is to get a Will or Trust in place. This is a gift that will be there when you are no longer around. It can help ease the stress and grief by making the management of your estate smoother and avoid uncertainty,...

11 December

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The New Year Brings Changes in Estate Planning

Posted by Libby Banks

in News & Events

By Libby Banks, The Law Office of Libby Banks, PLLC A new year is upon us and with it changes in the law. Here are a few changes you may need to know about. The Corporate Transparency Act Requiring Business Entities (including LLCs to File the Beneficial Ownership Information Report: The CTA required most LLCs and other small business entities to register and report beneficial owners by the end of 2024. In December, however, the U.S. District Court for the Eastern District of Texas granted a nationwide injunction and stayed compliance, stating that businesses need not register until further order of the...

25 November

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Avoid Penalties on Your LLC, Corporation or Other Business Entity

Posted by Libby Banks

in Uncategorized

Gavel and calculator on a wooden background

by Libby Banks, The Law Office of Libby Banks, PLLC We want to alert you to a new law requiring you to provide information about “beneficial owners” of your LLC, corporation or partnership. You must report the beneficial owners of your business in a Beneficial Ownership Information (BOI) report on-line at: https://www.fincen.gov/boi. More on how to file below. When do you have to file? A business existing before January 1, 2024, has until January 1, 2025 to file the report. An entity formed in 2024 has 90 days to file. Updated reports are required within 30 days when certain of your information...

22 August

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Asset Protection for Your Heirs

Posted by Libby Banks

in Uncategorized

by Libby Banks, The Law Office of Libby Banks, PLLC I was asked recently by a client whether the revocable living trust we were creating for him would protect his assets from his creditors. The answer is no. While the revocable trust is a great estate planning and probate avoidance tool, it is not an asset protection trust. Because you still have full control over the assets in your revocable living trust, the law recognizes that they are your assets, and your creditors can get to them in the same way as if they were in your personal name and not...

21 May

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Beware the $599 Living Trust!

Posted by Libby Banks

in Wills & Trusts

male and female signing estate planning contract

If you are like me, you are receiving mail and seeing signs advertising Revocable Living Trusts at steep discounts. Caveat Emptor - Let the Buyer Beware! We see these plans in our office. Clients sometimes come in with worries that what was done isn’t quite what they requested. Most often, they are right. Once we review the plan, it isn’t what they want to have happen with their estate. In one particularly egregious case, there were no beneficiaries listed. Often, the purpose of this low-ball offer isn’t to give you a good estate plan, but to sell you an annuity or other...

28 December

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Putting your child on your home title could cost them dearly in taxes

Posted by Libby Banks

in Asset Protection, Avoid Probate, Estate Planning

By Libby Banks, The Law Office of Libby Banks, PLLC From time to time, I have clients and friends ask me about the wisdom of putting their adult child or children on their home title (or stock accounts). Their thought is that they can avoid probate that way when they pass. My short answer is “Don’t do it!” There are many pitfalls in doing this instead of putting a proper estate plan in place. Let’s look at a few of those pitfalls. Your Child Will Pay More in Taxes Part of any estate plan we prepare involves some thought as to taxes. It’s...

21 December

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Home Title Theft and Trust Planning

Posted by Libby Banks

in Estate Planning, Wills & Trusts

By Libby Banks, the Law Office of Libby Banks, PLLC The news is often filled with stories about fraud. One of the areas of current concern I often hear about is title theft. What is title theft? It can take many different forms. Someone might fraudulently refinance your home to steal your equity, pocketing your hard-earned money. Similarly, they may access the equity with a home equity line of credit. They may even forge a deed and sell your property to an unsuspecting buyer, leaving both of you in a legal and financial mess. If you are in the process of...

15 October

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Probate is Spooky!

Posted by Libby Banks

in Avoid Probate, Estate Planning

In addition to breast cancer awareness month and Halloween, October is also National Estate Planning Month! A big part of estate planning is avoiding probate. Have you ever heard of it? Let me tell you: Probate is SPOOKY! Picture this: cobwebs hanging from the courtroom ceiling, creaky old chairs, and a ghostly judge wagging a bony finger at you. Okay, maybe probate isn't exactly like that, but you get the idea. Probate is the legal process that takes place after someone passes away. It involves validating their will if they have one, identifying their assets, paying off debts, and distributing what's left to...

09 February

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Charitable Giving With Your Estate Plan

Posted by Libby Banks

in Estate Planning

If you wish to leave some of your estate to charitable institutions, then a gift from your retirement accounts can have tremendous advantages. There are many ways to benefit your favorite charity both now and at your death. If these charitable gifts are done properly, you can receive tax advantages now, and save your heirs taxes later. 1. Distributing Appreciated Assets with a Low Basis Did you buy stock or other assets at a low price? Do you own stock that has increased in value with no way to trace what was your original purchase price? Giving stock and other highly appreciated...

01 December

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New Years Resolutions? To Keep Them, Know Your “Why”!

Posted by Libby Banks

in Estate Planning

If you’re like me, December is a time to think about New Year’s resolutions. This year I want to keep my resolutions, instead of abandoning them all before January is over. How to do that? I asked my fitness trainer, Janet McConnell, whose book Elements of Aging Well: Wisdom from My Journey So Far is now available on Amazon. She says the way to stay motivated is to dig deep and find the “Why” behind your goal. Your resolution: exercise regularly. Your plan: get up at six a.m. and get to the gym every weekday. But when the alarm goes off,...

Author: Libby Banks