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12 November
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Tips to Protect Yourself from The Equifax Credit Breach

Posted by Bobby Feisee
in Bobby's Blog

Equifax, one of the “Big 3” credit reporting agencies (including Experian and TransUnion respectively) announced a massive data breach impacting an estimated 143 million consumers. Experts have declared this to be the worst consumer data breach in U.S. history. The breach means that nefarious characters now have access to Social Security numbers, dates of birth and address information of 143 million Americans. Massachusetts Attorney General Maura Healey described the breach of Equifax to be "the most brazen failure to protect consumer data we have ever seen," according to NPR.org. Several state AGs and the Federal Trade Commission have opened investigations into Equifax’s practices and policies. Members of Congress have demanded criminal investigations and a full accounting of what exactly happened to allow the personal information of 100+ million people to become accessible to criminals. https://www.youtube.com/watch?v=BShjDamkNxI Take Action Now is the time to take action and protect yourself and the health of your credit. One...

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16 August
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Multiple States Reducing Estate Tax Threat for Families and Businesses

Posted by Bobby Feisee
in Bobby's Blog

Since 2014, approximately nine states have eliminated or lowered their estate taxes. This was accomplished primarily by modifying and increasing specific exemptions thereby reducing the number of households that could be hit with a large estate tax bill. For example, Maryland is planning to raise its current $3 million estate tax exemption to $4 million in 2018. The District of Columbia is ahead of the game. In 2014, D.C. passed a major tax reform deal that included increasing its estate tax exemption amount from $1 million to $2 million at the start of 2017 and to ultimately match the generous federal exemption level ($5.49 million for 2017, indexed for inflation), starting in 2018, according to Forbes. Other states are going even further. For example, New Jersey plans to eliminate its estate tax entirely, according to the Wall Street Journal. Currently, six states have repealed their estate taxes over the past 10 years, including Virginia. Why...

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11 August
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Benefits of a Series LLC

Posted by Bobby Feisee
in Bobby's Blog

The Uniform Law Commission (ULC) recently approved the Uniform Limited Liability Company Protected Series Act (ULLCPSA) to help provide consistency in the language used to structure Series LLCs. This was necessary since the series LLC is a fairly new concept for structuring ownership in a business, but it appears to be gaining popularity across the country. Eight states have already enacted their own Series LLC laws. What Exactly is a Series LLC? The Series LLC is a limited liability company comprised of a master LLC and other subservient LLCs that are separate from each other to reduce liability exposure. Some people have compared the Series LLC to a corporation that owns and manages multiple subsidiaries. Each LLC has its own set of assets that are distinct from the other LLCs, while the master LLC controls all LLCs in the series. Each LLC has its own owners and is only liable for its...

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06 July
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Real Estate Developers May Be Able to Avoid Gift Taxes When Passing On Developer Units

Posted by Bobby Feisee
in Bobby's Blog

In February 2016, two Central Park condos owned by then-candidate Donald Trump had an estimated market value of $790,000 and $800,000. In April 2016, Trump sold these condos to his son, Eric Trump, for pennies on the dollar ($350,000 each, to be exact). For most people, this family-friendly sweetheart deal would typically incur hundreds of thousands of dollars in gift taxes. Not so for Donald Trump. Why? Because he was a real estate developer. A real estate owner who sells a piece of property for less than it’s estimated worth typically has to pay gift tax on the difference between the sale price and the true market value, according to MSN.com. Any personal gifts worth more than $14,000 in a given year are subject to a federal tax that could be as high as 40 percent. However, in Trump’s case, since he the building’s developer selling the condos for the first time, he...

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28 April
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How to Properly Establish a Living Trust

Posted by Bobby Feisee
in Bobby's Blog

One of the best estate planning tools you can utilize is a living trust. Establishing a trust allows your loved ones to avoid lengthy and complicated probate and may save your family money in administrative expenses and taxes. So how do you set up a living trust? The requirements of a trust to be considered legally valid include: You need to have the intent to create a trust. This is a fairly simple requirement to meet by stating your intent in the trust document. You need to have the testamentary capacity to create a trust. This means you need to have the mental capability to create and sign the trust document. Your trust must have a specific, legitimate purpose (e.g., for management of assets in your estate plan). The trust must convey some form of property. This means you cannot simply create a trust and it be barren. Future interests in property...

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14 March
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Passing On Your Lessons in a Metaphorical Message in a Bottle

Posted by Bobby Feisee
in Bobby's Blog

Randy Pausch was an accomplished academic who taught computer science at both the University of Virginia and Carnegie Melon University. He became known across the country after giving a heart-wrenching “last lecture” to students at Carnegie Melon making him a Lou-Gehrig-like symbol of the beauty and briefness of life, according to the New York Times. Professors at Carnegie Melon are sometimes asked to give lectures on what wisdom they would impart if they knew it was their last chance. Hence, the title, “last lecture.” Dr. Pausch accepted that challenge after learning he had only a few months left to live. Dr. Paush’s advice to attendees of his “last lecture” was simple and clear – have fun and approach life with childlike wonder. Here is a condensed version of his lecture that he presented on Oprah Winfrey's show: https://www.youtube.com/watch?v=BODHsU3hDo4 Metaphorical Message in a Bottle Dr. Pausch also spoke of the immense love he had his wife and...

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