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Trusts: Frequently Asked Questions
As experts in estate planning, LCO Law LLC understands that many people have questions about trusts. In this FAQ, we will answer some of the most common questions we receive. You can find out more HERE. Q: What is a trust?A: A trust is a legal arrangement in which a person or entity (the trustee) […]
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Third Party Trusts and Creditor Protection
For those of you who think putting properties into third party trusts assures creditor protection… think again. Recently in United States v. Hovnanian, Civ. No. 18-15099, 2022 WL 17959583 (D.N.J. Dec. 27, 2022): The Government asserted that, although the trusts held title to the residence and the office complex, Shant actually controlled those properties. The […]
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Are your FDIC Insured bank deposits are safe?
In the wake of the recent news regarding SVB Bank and their swift downfall (From liquid to drowning in 48 hours), it’s important to know how to ensure that your money is protected! Remember, FDIC Insured Banks only cover up to $250,000! As a business owner or real estate investor, managing your finances is a critical part […]
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Self-Directed IRAs 101
The idea of a self-directed IRA may be appealing to those with an entrepreneurial spirit, and a dislike for traditional stock and bond based retirement options. Self-directed IRAs can be a great option, but there are some potential pitfalls and tax landmines if they are not set up, or administered correctly. What is a Self-Directed […]
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Consider this before creating an Online Will
A last will and testament is the most commonly thought-of document when it comes to an estate plan. But really it is only a very small part of an integrated plan that ensures your family stays out of court and out of conflict if and when something happens to you. Do not think you can […]
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Estate Planning with Cryptocurrency
Why is crypto estate planning important? Since cryptocurrency assets are decentralized, it’s extremely important that you include them in your estate plan. Crypto assets don’t have the same failsafe as bank accounts or retirement accounts because they’re decentralized. It’s your responsibility, as the crypto owner, to create a plan that includes your digital assets and […]
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IRS Increases Annual Gift Tax Threshold for 2023
If you’re planning to gift cash or property in 2023, take a look at how the changes could affect you! What is the Federal Gift Tax? The federal gift tax applies to all gifts of property, including cash gifts, by an individual during the year. This tax is usually paid by the person giving the […]
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4 Essential Strategies For Protecting Your Family’s Assets
4 Essential Strategies For Protecting Your Family’s Assets You might think that only the super wealthy need to worry about asset protection planning. But the truth is that if you don’t have millions, you may be at even greater risk. For instance, if you are a multi-millionaire, a $50,000 judgment against you might not be […]
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ESTATE PLANNING CHECKUP: IS YOUR ESTATE PLAN UP-TO-DATE?
ESTATE PLANNING CHECKUP: IS YOUR ESTATE PLAN UP-TO-DATE? One of our primary goals is to educate you on the vital importance of not only preparing an estate plan, but also keeping your plan up-to-date. While you almost surely understand the importance of creating an estate plan, you may not know that keeping your plan current […]
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Business Succession: You don’t want your business to die with you, right?
Business Succession: You don’t want your business to die with you, right? Alight, so if you’re a business owner and you pass away or you become disabled, either one of those, right? You need to think about succession management and you’re probably thinking, what the heck is Succession management? So, succession management means somebody is […]