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Fresh Out of the Courts – Corporate Transparency Act
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Lastyear signaled a major shift in corporate reporting in California. In short, the Corporate Transparency Act (Act) came into effect January 1, 2024 requiring certain companies to report on beneficial ownership. While business lawyers at SLP have been preparing for the new reporting requirements under the Act, there have been legal challenges to the Act making its implementation uncertain. Most recently, a federal district court in Alabama has ruled on a case which attacked the constitutionality of the Act. Last week the federal district court ruled that the Act is unconstitutional because it was not within Congress’ enumerated powers. While … Read More
A living trust lets you manage your assets such as money, property, and business interests, with you as the one in charge as trustee. It also provides for how you want your assets managed if you are unable to do so. In those situations, a successor trustee named by you will manage your assets to your benefit during your lifetime and then distribute those assets to your beneficiaries as named in your trust without going through and paying a court.
We want to help every family to have an estate plan. Our new Trust series will explore the basics of estate planning, show you how to navigate the trust process, determine if and when you need legal help, and assist you as needed.
It’s that time of year when property owners look towards paying that tax bill. Your property tax bill includes payments for various things, other than property tax. In addition to property tax, the bill includes charges for voter approved taxes and direct charges from taxing agencies. These charges are all specifically identified on one’s bill for property taxes. A little-known fact is that these additional amounts sometimes will include various exemptions. The most common is for senior citizens, defined as age sixty-five (65) or older. Luckily for folks reaching this category, they can go through this list of charges and … 
Simply stated, SLP lawyers give our clients a competitive edge. Every one of us attended top-ranked law schools, learned our craft from well-recognized legal teams affiliated with sophisticated law firms, and maintain close ties to the communities we serve. We want to be the lawyers you trust to have your best interests at heart, and to go the distance for our clients. As business strategists, we trail blaze an entrepreneurial approach to legal services that realigns traditional service models. How do we do this? Read on.
ex-Partner Thomas A. Haeuser (retired) takes on new role as SLP advisor and community leader
A tool in California that asset protection lawyers use is a Delaware Statutory Trust, otherwise known as a DST. The mechanics are rather simple and set forth in the Delaware Statutory Trust Act. One erects the business structure with the appropriate documentary filings including the naming of non-California agents to act on behalf of the trust. These things together act to limit liability by having the official actors out of state. The out-of-state defendant is harder to involve in a California lawsuit.
A recent legacy case illustrates how Proposition 19 impacts grandparents wishing to leave their family vineyard property to their granddaughter.
In this day and age of websites, blogs, coaching programs and such, if you own a business that has these things, if something were to happen to you, what would happen to these things?
When we talk of asset protection, many think of bankruptcy. But there is a social norm with this type of word preventing many from considering it seriously. The truth is that many very wealthy individuals in our country are not so dissuaded and utilize filing for bankruptcy as a means to preserve wealth.