Do Not Be Caught Unaware – The Reporting Requirements under the Corporate Transparency Act are Approaching

The Corporate Transparency Act (“CTA”) was passed on January 1, 2021, under the Anti-Money Laundering Act of 2020. As previously written about by Josh Sage[1] and Devin Mills[2], the CTA subjects reporting companies, their beneficial owners, and the company applicant (all defined hereunder) to report certain information to the Financial Crimes Enforcement Network (“FINCEN”), or…
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When Asset Protection Planning Goes Wrong – Yegiazaryan v. Smagin

In asset protection planning, sometimes things go as planned. Other times, they go horribly wrong. The United States Supreme Court just issued its opinion in Yegiazaryan v. Smagin[1] which illustrates one situation where the debtor finds himself facing the potential treble damages due to alleged violations of the Racketeer Influenced and Corrupt Organizations Act (“RICO”).…
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Your Estate Plan and Life Insurance – A Complementing Pair

It is estimated that approximately 52% of all Americans have some form of life insurance. On the other hand, there are also estimates that only 27% percent of Americans have some form of an estate plan in place. This article provides a brief and simple overview of how the two are not mutually exclusive, and…
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Where Should You form Your New LLC – Creditors’ Rights?

Clients often ask where they should form a new legal entity to obtain the best creditor protection. Blogs, marketing materials, and similar items often tout one or another jurisdiction as the best place to form legal entities. It certainly is the case that state laws differ. One of those areas is in “charging order” protections…
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The Revocable Trust – An Estate Planning Option Everyone Should Consider

Have you ever heard someone referred to as a “trust fund baby?” Such term usually carries a negative connotation and references a younger person whose parents established a trust fund which provides for the child’s financial security for life. Such term also perpetuates an unfortunate misconception: that trusts are only available to, and utilized by,…
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Can the IRS Levy on Trust Assets?

Most people believe that assets held in trust for their benefit, at least to the extent the trust assets were left in trust by a third party (such as, for example, a parent), to be exempt from the claims of their creditors. As a general rule, this belief is well founded. However, as for claims…
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Mississippi Probate Complications and Variations

This article is likely the final in my series on the probate and estate administration processes in Mississippi and discusses several of the potential complications one might encounter in the probate process. As mentioned in my previous article on the general probate process in Mississippi, the term “probate” technically only refers to the process of…
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