14 July

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Why Beneficiary Designations Matter More Than You Think

Estate planning is an ongoing process. Creating and signing your estate planning documents is only the beginning; ensuring those documents work as intended requires continued attention. One of the most important steps in estate planning is funding your trust. This involves retitling assets into the name of the trust or setting up beneficiary designations to determine how your assets should be transferred upon your death. However, you should know that not all assets follow the same rules. Unlike bank accounts, investment accounts, or real estate, retirement accounts are generally not retitled into the name of a trust, as doing so can trigger significant penalties and tax issues. Instead of retitling, people may choose to add beneficiary designations to control how these assets transfer at their death. Doing this can be a practical choice, but it is important to ensure that the beneficiary designations you choose are valid, or else your...

28 April

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The Final Step in Estate Planning: Why Communication Matters Most

Posted by Katia Kianpour

in Bobby's Blog

You have created your estate plan. Ideally, you’ve funded your trust. At this point, manypeople assume the hard part is over. While that may be true, the process is not entirely complete.The final step on your estate planning “to do” list is communication. Sharing your plan withthe people involved is essential. If you have experienced probate or trust administration firsthandor watched someone close navigate through it, you know how difficult and overwhelming theprocess can be. This is especially true when there is little clarity about the deceased’s wishes orthe steps involved. At InSight Law, we offer the option of a family meeting to help bridge that gap. During thismeeting, Bobby will sit down with you and those you choose to include in your plan, such asyour children, partner, siblings, parents, friends, or other trusted individuals. He will walkthrough your estate plan in as little or as much detail as you prefer....

07 October

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Watch Out for These Problem Assets in Your Estate Plan

Posted by Katia Kianpour

in Bobby's Blog, News

Watch Out for These Problem Assets in Your Estate Plan

One of the biggest goals in estate planning is avoiding probate—a process that can be long, stressful, and expensive. A well-funded trust often helps families steer clear of probate, but another equally important factor is the type of assets you leave behind. Some assets are notoriously difficult to manage, both during life and after death, and can create major headaches for your loved ones. Here are a few of the most common culprits: Individual Stock Certificates: Stocks held outside of a brokerage account can be a paperwork nightmare. Physical certificates are easily lost or damaged and replacing them often requires a costly surety bond. Without a brokerage to handle transfers, executors must work directly with issuing companies, often needing medallion signature guarantees or even court approval. The process is slow, error-prone, and can significantly delay settlement. Timeshares: Timeshares create complications during both funding and settlement. Ownership structures are often unclear, making...

01 July

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Wealth Reception: Building an Estate Plan with Purpose

Posted by Katia Kianpour

in Bobby's Blog, Uncategorized

Wealth Reception: Building an Estate Plan with Purpose Typically, most people associate estate planning with wills, trusts, and asset distribution. But there’s another, deeply personal component that’s often overlooked—wealth reception. This is more than just who gets what. It’s about how your loved ones receive your wealth, not just financially, but emotionally, ethically, and spiritually. It’s about leaving more than money. It’s about leaving a message. What Is Wealth Reception? Wealth reception refers to how your beneficiaries—your family, loved ones, and sometimes charitable organizations—receive your estate. Yes, it includes the technical transfer of money, property, and assets, but it also includes something more profound: your values, vision, and voice. Legacy planning is the heart of estate planning, and wealth reception is where that legacy truly lives on. It’s about how your beneficiaries and those that follow remember you. It's where your intention becomes connection—where your life lessons, morals and priorities continue to guide your...

11 March

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Update: Treasury Suspends Enforcement of Corporate Transparency Act for U.S. Businesses

Posted by Katia Kianpour

in Bobby's Blog

Update: Treasury Suspends Enforcement of Corporate Transparency Act for U.S. Businesses On March 2, 2025, the Treasury Department announced that it will not enforce penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners for failure to file beneficial ownership information reports. While foreign reporting companies will not be penalized or fined under the existing regulatory deadlines, they will likely still be subject to these requirements and the associated penalties once the revised rule is finalized. Stay Informed with InSight Law At InSight Law, we are dedicated to helping businesses navigate complex legal and regulatory landscapes. If you have any questions about your business’s legal obligations, we encourage you to reach out. Additionally, we offer free training seminars to help you stay ahead of key business and estate planning changes. For more details on this update, check out the Treasury Department’s official announcement here: https://home.treasury.gov/news/press-releases/sb0038...

28 February

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FinCEN Beneficial Ownership Information Reporting Deadline Extended

Posted by Katia Kianpour

in Bobby's Blog

FinCEN Beneficial Ownership Information Reporting Deadline Extended In an important update for businesses navigating the Corporate Transparency Act (CTA), the Financial Crimes Enforcement Network (FinCEN) has announced a 30-day extension for most companies required to file Beneficial Ownership Information (BOI) reports. This decision follows a recent ruling by the U.S. District Court for the Eastern District of Texas in Smith, et al. v. U.S. Department of the Treasury, et al. Background and Legal Developments Earlier this year, on January 7th, The U.S. District Court for the Eastern District of Texas issued a court order temporarily blocking FinCEN from enforcing BOI reporting requirements. Then, on February 5th, the U.S. Department of Justice filed a notice of appeal of the district court’s order and asked for a stay of that order until the appeal is complete. On February 18, 2025, the court issued the requested stay, reinstating the reporting mandates during the appeal process. Key Takeaways from FinCEN’s Announcement Extended Deadline: Most reporting companies...

30 July

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The Unglamorous, Yet Vitally Important Role of a Personal Representative

Posted by Bobby Feisee

in Bobby's Blog

The Wall Street Journal (WSJ) recently published an article[i] detailing the oftentimes “messy, thankless job of an estate executor.”[ii] The article is an important reminder of why proper estate planning is so important to protect both your hard-earned assets and the peace of mind of your loved ones. It highlighted multiple examples of all-too-common situations where a personal representative is forced to devote countless unnecessary hours to organizing and administering a deceased loved one’s estate. To make things even more difficult, in many instances, the individuals who ultimately agree to take on the role were not asked or consulted by their loved one prior to their passing. “It happens all the time,” said an estate lawyer practicing in Austin, Texas, according to the WSJ article. “Mom and Dad come in and don’t want to name one of the kids, so they appoint brother Bob, and he goes, ‘Huh?’” Understanding the Role of...

11 June

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Adding a Password Manager to Your Estate Plan

Posted by Bobby Feisee

in Bobby's Blog, News

Estate planning clients are routinely instructed to provide a panoramic view of their various accounts to next of kin so they will know where funds are located and where they need to go, rather than scrambling in the wake of your passing. Some clients may opt to proactively provide copies of keys, safe combinations, etc. to their loved ones, so they’re able to step in and gain access to important documents and account info without issue. However, providing a simple list of accounts and a set of keys may no longer be enough nowadays to allow our loved ones to step in and assist. Why? Because we live in a digital world and many people’s assets, including financial accounts, are accessed through online methods. This creates an issue if your loved one is attempting to access a bank account with a stale, paper list of account information. For example, what...

08 August

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Are My Trust’s Bank Accounts Fully Insured? Part 3

Posted by Bobby Feisee

in Bobby's Blog, News

Recently we have been receiving questions from our clients about the amount of Federal Deposit Insurance Corporation (FDIC) insurance coverage their revocable trusts have on their bank accounts. This article is the third article in a series of blog posts written to explain the current FDIC deposit insurance rules, and in particular how they apply to trusts. You can find the first article on the fundamentals of FDIC insurance here: Are My Trust’s Bank Accounts Fully Insured? Deposit Insurance for Irrevocable Trust Accounts Irrevocable trust accounts are deposit accounts held in connection with a trust established by statute or a written trust agreement in which the owner (also referred to as a Grantor, Settlor or Trustmaker) contributes deposits or other property to the trust and gives up all power to cancel or change the trust. An irrevocable trust also may come into existence upon the death of an owner of a revocable...

31 July

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Are My Trust’s Bank Accounts Fully Insured? Part 2

Posted by Bobby Feisee

in Bobby's Blog, News

Recently we have been receiving questions from our clients about the amount of Federal Deposit Insurance Corporation (FDIC) insurance coverage their revocable trusts have on their bank accounts. This article is the second article in a series of blog posts written to explain the current FDIC deposit insurance rules, and in particular how they apply to trusts. You can find the first article here: Are My Trust’s Bank Accounts Fully Insured? Deposit Insurance Coverage for Revocable Trusts When a revocable trust owner names five or fewer beneficiaries, the owner's trust deposits are insured up to $250,000 for each unique eligible beneficiary. The term revocable trust owner applies to the Trustmaker (also called a settlor) of a formal revocable living trust, as well as the named depositor/account holder of a payable on death (POD) account. The FDIC considers POD accounts to be informal trust accounts. Non-Trustmaker trustees are not considered account owner’s for...