Bill Tilley

Spousal Lifetime Access Trusts (SLATs) provide a powerful tool for married couples seeking to protect their assets while maintaining flexibility and control. In this article, trust experts Jonathan G. Blattmachr, Matthew Blattmachr, and Jamie Rowley, CTFA outline the benefits and considerations for SLATs. Key points include: - How SLATs allow for continued access to assets through one's spouse - Avoiding the reciprocal trust doctrine when both spouses create trusts - Tax implications of SLATs as grantor trusts Read the full article for valuable insights on incorporating SLATs into your estate plan. https://bit.ly/3xwsgUr #SLAT #EstatePlanning #AssetProtection #WealthManagement #MarriedCouples #Trustee #PeakTrust #Fiduciary #TrustOfficer #GrantorTrust

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UPDATE – CTA Whiplash; Fifth Circuit Reverses itself and Blocks Corporate Transparency Act Reporting Requirements. Click here to read the full memo: https://lnkd.in/eNVYFu8T

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Important CTA Update: Nationwide Injunction Lifted – Filing Deadlines Reimposed The Fifth Circuit has lifted the preliminary injunction on Corporate Transparency Act enforcement. Beneficial ownership reporting requirements are now back in effect with updated deadlines: Pre-2024 entities: File by January 13, 2025 Entities Formed Sept. 4–Dec. 23, 2024: If your deadline fell between December 3 and December 23, 2024, you have until January 13, 2025, to file. Entities Formed Dec. 3–Dec. 23, 2024: You get an additional 21 days from your original filing deadline. New entities (post-Jan 2025): 30-day filing requirement Contact us for any additional guidance on CTA compliance. #CorporateLaw #Compliance #BusinessLaw #LegalUpdates

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🚨 Important Update for Business Owners: Federal Court Halts Enforcement of the Corporate Transparency Act (CTA) Nationwide 🚨 A recent federal court decision has issued a nationwide preliminary injunction against the enforcement of the Corporate Transparency Act (CTA), effectively pausing its implementation. This development impacts the requirement for businesses to report beneficial ownership information to the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN). ________________________________________ Key Points: • Nationwide Injunction: On December 3, 2024, the U.S. District Court for the Eastern District of Texas halted the enforcement of the CTA, citing constitutional concerns. • Reporting Requirements Paused: The injunction suspends the obligation for businesses to comply with the CTA's reporting deadlines, including the upcoming January 1, 2025, deadline for submitting beneficial ownership information. • Ongoing Legal Proceedings: The Department of Justice is expected to appeal the decision. Compliance requirements may change pending future court rulings. ________________________________________ What This Means for You: We aim to keep you informed with the latest developments so you can make decisions that work best for your business. While the injunction is in place, it may be reasonable to pause submitting new filings to FinCEN. However, the choice is ultimately yours. If the injunction is lifted, the original deadlines could resume, and you may need to act quickly. Preparing now may help avoid last-minute scrambling later. ________________________________________ Our Recommendations: • Stay Informed: Monitor updates from reliable sources regarding the status of the CTA and any changes to reporting obligations. • Consult A Professional: Seek advice from a legal expert to understand how this development affects your specific situation. • Prepare for Compliance: Continue organizing the required information for BOI filings, even if you pause submission. ________________________________________ At Tusk Private Client Services, we’re committed to providing clear, up-to-date information to help you navigate these complex issues. The ultimate decision lies with you, but we are here to guide and support you. This update reflects information available as of December 6, 2024. #TuskPCS #keepingyouinformed #boi

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CTA LUMP OF COAL | Hours after the nationwide beneficial ownership information (BOI) reporting injunction was rescinded, FinCEN extended a number of Corporate Transparency Act (CTA) reporting deadlines. You read that right: at this time, CTA BOI reporting requirements are back on for Small-Business owners who were not part of NSBA’s membership on or before March 1, 2024. Per FinCEN's extensions, non-NSBA member companies formed before 2024 - with a January 1, 2025, reporting deadline - now have until January 13, 2025, to comply with BOI reporting requirements due under the CTA. Non-NSBA member companies created or registered on or after December 3, 2024, and after, and entities formed before December 23, 2024, have an additional 21 days to file. While the nationwide injunction over the CTA has been rescinded, NSBA’s separate case over this unconstitutional law remains pending, with the original exemption for certain NSBA members still in place. NSBA is closely tracking this important matter that carries significant fines and includes the possibility of prison time for compliance failures. As significant as these penalties are, even with the short deadline extension from FinCEN, chaos coming from the administrating authorities of the CTA are a continued source of confusion regarding compliance among the Small-Business community, and these issues should be remedied immediately. Follow NSBA and join us as we continue working to fully repeal the CTA: https://lnkd.in/e2AfFqaD

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Jack Elder of CBS Brokerage describes the benefits of spousal lifetime access trusts (SLATs) including tax advantages and asset protection, how to address their irrevocability, how they can be used for multi-generational asset transfer and the role insurance can play in them. READ MORE: https://lnkd.in/gEHapiwE #WealthSolutionsReport #WealthManagement #FinancialAdvisors #EstatePlanning

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To perform a 1031 Exchange, you need a Qualified Intermediary. But not every QI is capable of handling the complexities of intricate like-kind exchanges such as reverse exchanges or those involving Delaware Statutory Trusts. JTC Group has the experience, technology, and helpful client services to guide you through the exchange process from beginning to end. To get the highest level of security for your funds along with 24/7 access through our secure online portal, work with the QI that has raised the bar for best practices to improve security, transparency, and compliance in 1031 exchange services. To learn more, read our 1031 Exchange factsheet: https://buff.ly/479pUHh #Investing #RealEstate #1031Exchange #CommercialRealEstate #Innovation #Technology

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Many investment fund partnership agreements include income and loss allocation provisions that are driven by distribution rights but do not provide explicit instructions regarding a partner’s share of realized profit or loss 👉 https://buff.ly/3AVX6rL These “targeted allocation” agreements often reference an intent to achieve ending capital account balances commensurate with future distributions, with profit and loss allocations determined accordingly. From a tax perspective, existing partnership allocation rules provide significant flexibility in determining allocations among partners. However, with this flexibility comes a high degree of uncertainty. #partnerships #partnershiptaxes #taxes #investmentfundpartnerships #partnershipallocations #lossallocation

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In Re Soble Revocable Trust By: Alan A. May Appellant and Appellee, son of deceased and spouse were co-fiduciaries of dad’s trust. Spouse disclaimed her right to principal, not income. At the pertinent time, son administered the trust, including accounting without concurrence by mom, co-trustee. Mom challenged actions of son and litigation ensued, each retained counsel. Read More: https://lnkd.in/efeFHQDP #Probate #Law #Lawyer

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There are two provisions of the #Bankruptcy Code that incentivize creditors to continue to work with financially distressed debtors. Both sections apply to creditors who remain unpaid at the time of bankruptcy, and also give them options to take certain actions to increase their likelihood to be paid (§503(b)(9)) or to recover their goods (§546(c)). Bill Siegel explains. https://lnkd.in/gDwePirE #VendorRights #CreditorsRights

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