Avoid Penalties on Your LLC, Corporation or Other Business Entity

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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

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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...