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The Corporate Transparency Act (CTA), effective January 1, 2024, was established by Congress to limit the anonymity of corporate structures with the goal of combatting elicit financial activities, enhancing national security, and promoting the integrity and fairness of the financial system.[1] The CTA requires millions of newly established and pre-existing businesses (corporations, limited liability companies, …

The Corporate Transparency Act: What does it mean for you? Read More »

We frequently get asked questions regarding the Power of Attorney. This legal document holds immense importance, yet many people are unsure about its role and significance. Let’s delve deeper into what a Power of Attorney is and why it is crucial for everyone to have one in place. What is a Power of Attorney? A …

Understanding the Importance of Power of Attorney Read More »

A power of attorney is an incredibly important and powerful tool. When signed, it allows the person you appoint, “the Agent,” to take legal and financial actions on your behalf when you cannot act. This can include paying bills, selling property, and investing your funds, for example. However, a well-drafted Power of Attorney that goes …

A WELL-DRAFTED POWER OF ATTORNEY IS CRITICAL TO YOUR WELL-BEING Read More »

In January of this year, the IRS came out with its Revenue Ruling 2023-2 which clarified the issue regarding adjusted cost basis inside an irrevocable trust. Simply put, most assets either real estate or investments (not annuities and not IRAs) will receive the cost-basis adjustment at the death of the owner. That means that if …

THE STEPPED-UP BASIS IN IRREVOCABLE TRUSTS
IRS REVENUE RULING 2023–2 Read More »

After an exhaustive search, Robert Hilton of the law firm Hilton Estate & Elder Law announces that John Maine has joined the practice. Born in 1990, John grew up in Waterville, New York, and graduated from Waterville Senior High School in 2008 with an Advanced Regents Diploma. In 2014 Maine graduated from Binghamton University with …

Attorney Joins Hilton Estate & Elder Law Read More »

A Health Care Proxy falls within the three core documents all persons 18 or older should complete (the other two being a Will and Power of Attorney). It is necessary when you have the temporary inability to make medical decisions for yourself and more often when you are stricken with a permanent inability to make such …

The Importance of Having a Health Care Proxy Read More »

The recent and drastic measures surrounding the coronavirus pandemic have caused us to rethink how we do things and how we prepare ourselves. Where we once thought that we were invulnerable to afflictions of this nature, we now know all too clearly that we are not immune from any such thing.  In the world of …

Lessons from the Coronavirus Pandemic Read More »

Many people ask, when is a good time to transfer their house to their children. This question is invariably garners a response of “Never”. This article explains the reasons why you should not do so. 1.  Nursing Homes will look to recover assets if it was made within five (5) years of entering a Nursing …

Nine Reasons Not to Transfer your House to your Children Read More »

Whether meeting groups during estate planning seminars or clients individually, I’ve found there is a general misunderstanding of trusts and their function.  Far too many people think trusts are for “others” when they may be ideal candidates for a trust to protect their assets and avoid probate when they pass away.  The following are the …

Common Misconceptions About Trusts Read More »