Once appointed, a conservator has significant responsibilities, including: Managing Assets: Setting up a conservatorship bank account, paying bills, and managing investments. Filing Court Reports: Filing an initial inventory of the conservatee's property and a plan for managing assets within two months of appointment. After that, annual returns must be filed, updating the inventory and asset management plan. Acting in the Conservatee's Best Interest: Always prioritizing the conservatee's needs and well-being, avoiding conflicts of interest, and maintaining accurate financial records. Seeking Court Approval for Major Decisions: Obtaining court orders for actions not specifically authorized by the initial conservatorship order, such as selling property or encroaching on the principal of the conservatee's estate.

What Happens to Bank Accounts When Someone Dies? When someone dies, their bank accounts can go to beneficiaries, joint account holders, or become part of their estate, depending on the account type and how it was set up. · If a beneficiary is named (e.g., on a payable-on-death, or POD, account), the money goes directly to them after the bank receives a death certificate. · If there's no beneficiary, the account typically becomes part of the deceased's estate and is subject to probate, where a will (if there is one) dictates distribution or, if there is no will, state law determines how it's divided. Here's a more detailed breakdown: 1. Joint Accounts: If the account has a joint owner, the surviving owner usually retains ownership of the funds. 2. Accounts with Beneficiaries: When a beneficiary is named (e.g., on a POD account or for retirement accounts), they can claim the funds by providing the bank with a death certificate and other required documentation. 3. Accounts without Beneficiaries : If there's no joint owner or beneficiary, the account becomes part of the deceased's estate. 4. Probate: The deceased's will, if one exists, will guide how the estate (including bank accounts) is distributed. If there is no will, state laws of intestacy will determine how the estate is divided, usually among surviving spouse and children. 5. Probate involves gathering assets, paying debts and taxes, and distributing the remaining assets to the appropriate beneficiaries or heirs. 6. 5. Important Notes: Banks may freeze accounts upon notification of death to verify the proper transfer of funds. The time it takes to resolve the transfer of funds can vary, especially if probate is involved. Having a will and naming beneficiaries can simplify the process for loved ones after death. Give Meyerson Law a call for more information 678-892-5910

Who should be your Executor? Choosing the right executor for your estate is a very important decision. Your chosen executor is responsible for managing your estate, paying off your debts, and distributing your assets to your beneficiaries. It is essential to choose someone who is reliable, trustworthy, available and capable of and willing to handle the responsibilities. Below are a few tips to help you select the correct executor for your estate. 1. Consider the Executor's Qualifications The person you choose as your executor should be trustworthy, dependable, responsible, and organized. He/she should have at least some knowledge of financial matters and legal procedures. If you have a complex estate, you may want to consider hiring a professional such as an attorney or a financial advisor. 2. Choose Someone Who is Willing to Serve Your executor should be willing to serve in this role. It is not uncommon for people to decline the offer to be an executor due to the time and effort involved. Therefore, it is essential to select someone who is willing to take on this responsibility and has the time and availability to fulfill the duties. 3. Consider the Executor's Relationship to You Your executor should be someone who has a close relationship to you and your beneficiaries. He/she will be responsible for making decisions that impact your beneficiaries' lives. If you choose an executor with no connection to your beneficiaries, he/she may not have their best interests in mind. 4. Review the Executor's Availability and Location Your executor should be available and accessible. If your executor lives far away or keeps a busy schedule, they may not be able to fulfill their duties in a timely manner. Therefore, it is essential to choose someone who is local and has the ability to manage your estate. Choosing the right executor for your estate is a crucial decision. which requires careful consideration. Make sure to choose someone who is trustworthy, responsible, and capable of fulfilling the duties. Consider their qualifications, willingness to serve, relationship to you and your beneficiaries, as well as their availability and location. If you need help choosing an executor or managing your estate, contact Meyerson Law Firm. Attorney Seth Meyerson and team have the skills and experience to help you make informed decisions about your estate.

When a person passes away, their assets must be disbursed in a manner consistent with state laws and following the directions they put forth when they were alive, as stated in their will. A probate lawyer guides the executor of will or beneficiaries of an estate through the probate process: From identifying estate assets and beneficiaries to distributing assets and inheritances. What is a probate lawyer or probate attorney? A probate lawyer is a state licensed attorney who works with the executors and the beneficiaries of an estate to settle the affairs of the decedent. In some instances, probate can be avoided if all the decedent’s assets have been placed in a trust. A trust can ensure a smooth transfer of property outside of court and legal proceedings.  Is a probate lawyer the same as an estate attorney? A probate lawyer is also known as an estate attorney and will be involved in different ways depending on the particular circumstances of that estate. Their involvement will depend on the value of the decedent’s assets and whether or not they had a last will and testament at the time they passed away. In cases where no will exists, beneficiaries file claims and sue for what they believe they are entitled to. In situations where there is a will, challenges may arise as to the validity of the will, also leading to possible litigation. What does a probate lawyer do? Specifically, here are some of the common tasks a probate lawyer may assist an executor and beneficiaries with during the probate process: · Collecting proceeds from life insurance policies · Identifying and securing estate assets · Obtaining appraisals for the decedent’s real property · Assisting in the payment of bills and debts · Preparing and filing all documents required by a probate court · Determining if any estate or inheritance taxes are due, and making sure those debts are satisfied · Resolving income tax issues · Managing the estate checking account · Transferring assets in the decedent’s name to the appropriate beneficiaries · Making a final disbursement of assets to beneficiaries after all bills and taxes have been paid Have questions about working with a probate lawyer? We’re happy to answer your questions. The Meyerson Law Team helps people just like you everyday. So, call anytime: (678)-892-5910 x 111 (Julie)

As our population grows older and more seniors face the realities of long-term care, we will can help alleviate this financial burden.

Spring is the perfect time to evaluate your estate plan to ensure that it continues to meet your needs, or to finally set one up. Spring cleaning your estate plan now means that you can head into your summer fun and activities with this important task off your to-do list! Here are some items to consider when spring cleaning your estate plan: 1. Address Family Dynamic Changes Have there been any milestone changes in your family dynamic recently? Maybe there was a death, a birth, a marriage, a divorce – anything that may require you to make a change to your will or trust. A simple change in address can affect the estate plan and cause more stress and time for your heirs. 2. Update Your Asset Inventory Have you sold a home, made an investment, started a new business? A change in your assets and wealth may lead to a change in your estate plan distributions, as well as tax planning for your estate – it’s a good idea to make sure you document any major changes. 3. Check the Beneficiaries It is a great idea to look over your beneficiaries on your trusts, wills, guardianships, and other estate documents. Make sure that everyone named as your beneficiary is who you want to inherit that asset! 4. Review Your Insurance and Investments You should review your retirement accounts, insurance policies, and stocks and other investments and make sure you have listed beneficiaries on these accounts as well as updating beneficiaries if needed. 5. Protect Your Pets Your pets play an important role in your life, and you need to protect them after you are gone. Who do you want to take care of them after you pass away? Can that person handle the costs it will take to care for the pet or should you leave them maintenance funds? The Bottom Line To give yourself peace of mind and protect your family’s future generations, you need to take steps to have an up-to-date and well-organized estate plan. An estate plan spring cleaning is the best way to ensure that nothing was forgotten or unnecessarily clutters your plan. At Meyerson Law Firm, our estate planning attorneys have experience in creating or updating estate plans to fit each client’s personal circumstances. Please contact our office to schedule a meeting with our experienced attorneys to spring clean your estate plan! 678-892-5910.

CTA Imposes New Small Business Reporting Requirements for 2024 Small business owners will have one more item on their compliance to-do list when the Corporate Transparency Act (CTA) takes effect next year. The CTA, enacted as part of the Anti-Money Laundering Act of 2020 (AMLA), places new reporting requirements on many business entities in an effort to expose illegal activities, including the use of shell companies to launder money or conceal illicit funds. Around 30 million small businesses will be impacted by the law, which will establish a federal database of information, furnished by “reporting companies,” that will be accessible to certain authorities and organizations. A final rule has been issued stating how the new law will be implemented to help businesses understand whether the law applies to them, how to comply, and which agencies will have access to the information they must report. CTA violations carry civil and criminal penalties, including imprisonment. Why was the CTA passed? The CTA was passed as part of the National Defense Authorization Act for Fiscal Year 2021. It directs the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) to gather information from private companies about their owners and controlling persons. Acting Director Himamauli Das said, “FinCEN is taking aggressive aim at those who would exploit anonymous shell corporations, front companies, and other loopholes to launder the proceeds of crimes, such as corruption, drug and arms trafficking, or terrorist financing.” To counter the risks allegedly posed by anonymous shell companies, the CTA mandates the creation of a national registry that contains certain information about business entities that are formed by filing a document with a state’s secretary of state or similar office. What does the CTA require? Effective January 1, 2024, the CTA requires that certain businesses disclose to FinCEN information about the company, its beneficial owners, and in some cases, the company applicant. Reporting companies—defined as any company with twenty or fewer employees that is formed by filing paperwork with the Secretary of State or equivalent official—that are created or registered prior to January 1, 2024, have until January 1, 2025, to file an initial report; reporting companies created or registered after January 1, 2024 and before January 1, 2025, will have ninety days after creation or registration to file a report. Entities created on or after January 1, 2025 will have 30 days to submit the reports to FinCEN Small business organizations such as the National Small Business Association (NSBA) and the National Federation of Independent Businesses (NFIB) oppose the CTA, calling it cumbersome, intrusive, overly punitive, and unconstitutional. NSBA states that small businesses are unfairly impacted because they usually do not have compliance teams or staff attorneys. Eighty percent of the small businesses surveyed by NFIB are against the new reporting requirements, which NFIB claims are unclear. NFIB notes that each state has different standards and practices for business entity formation, potentially leading to uncertainty about whether a business must report to FinCEN. For example, some states require sole proprietorships and general partnerships to register with state agencies, while other states do not. Does the CTA require my business to report? The CTA applies to companies that are created by filing a document with a state authority. Typically, this includes corporations and limited liability companies. Depending on the state, it could also include limited partnerships, professional associations, cooperatives, real estate investment trusts, and trusts. In addition, the CTA applies to non-US companies that are registered to operate in the United States. NFIB estimates that, based on these rules, 30 million small businesses will have to report to FinCEN. However, the CTA exempts around two dozen categories of companies, including companies that ● are publicly-traded; ● have more than twenty full-time US employees; ● filed a previous year’s tax return showing more than $5 million in gross receipts or sales; ● have an operating presence at a physical US office location; ● operate in a regulated industry, such as banking, utilities, or insurance, that already imposes similar reporting requirements; or ● are subsidiaries of exempt organizations. The exemptions, which generally include larger companies that are already subject to regulation, underline the primary purpose of the CTA: to combat money laundering and other illicit activities conducted via small, private, and anonymous shell companies. What information must be provided in the reports? The CTA requires three categories of information to be reported: company, owners, and applicant. ● Domestic reporting companies created before January 1, 2024 must provide information about the company and its beneficial owners. o Beneficial owner is defined in the CTA as an individual who exercises “substantial control” over the reporting company or has an ownership interest of at least 25 percent. Company senior officers, directors, and others who make significant decisions on behalf of the company may meet this statutory definition of “substantial control,” although the broad definition may cause confusion in some instances. ● Domestic reporting companies created on or after January 1, 2024, must provide information about the company, its beneficial owners, and its company applicants. o A company applicant generally is the individual who files the formation document with state authorities for the reporting company. Technically, the information to be filed with FinCEN is called a Beneficial Ownership Information (BOI) Report. The following is what is required in the report for a company, an owner, and an applicant: ● The reporting company must provide its name and any alternative (DBA) names, the address of its principal place of business, the state of formation, and its taxpayer identification number or FinCEN identifier. ● Each beneficial owner of a reporting company must furnish their full legal name, date of birth, residential address, and an identification number from a driver’s license, passport, or other state-issued identification (ID), along with a copy of the ID document. ● A company applicant is required to submit the same information as a beneficial owner. Who has access to FinCEN BOI reports? The CTA authorizes FinCEN to disclose BOI information to five categories of recipients: ● US federal, state, local, and tribal government agencies ● Foreign law enforcement agencies, judges, prosecutors, and other authorities ● Financial institutions ● Federal regulators ● US Department of the Treasury FinCEN may only disclose BOI information “under specific circumstances”: there are more stringent requirements for agencies other than those engaged in national security, intelligence, and law enforcement activities. There are also restrictions on how the information may be used and how it must be secured. Some small business owners have expressed concerns about the privacy implications of the CTA. The NSBA has filed a lawsuit challenging the CTA’s constitutionality, in part on privacy grounds over sharing “sensitive information” with the government . Are there penalties for noncompliance with the CTA? Penalties for noncompliance may be steep. Willingly providing false information (including false identifying documents) to FinCEN, or failing to report complete BOI information, can result in: ● Fines of $500 per day, up to $10,000 ● Imprisonment for up to two years Civil and criminal liability may be avoided if an individual who submitted an original, erroneous report did not knowingly submit inaccurate information and submits an updated report correcting the inaccurate information within ninety days. Get help with CTA reporting requirements. Understanding how the CTA applies to you, how it will affect your business, and what you must do to comply introduces new burdens that you may have scarce resources to address. Terms like “beneficial owner” and “substantial control” may seem vague and confusing, further complicating compliance efforts. But compliance is critical for business owners who want to avoid possible sanctions.  We can help you determine whether the CTA applies to your business and the steps needed to meet its reporting requirements. With the law’s effective date just months away, we encourage you to reach out now to start working on a CTA compliance strategy.

Often people start the probate process themselves only to have to hire an attorney to repair the case later, causing additional time, stress, expense, , and sometimes litigation. Hiring a probate attorney helps you save time, money, and stress during the process by eliminating complications that could otherwise arise and protecting you from probate’s pitfalls. Here are some questions you may ask yourself before attempting to file a probate without an attorney to assist: · How large is the estate? · Is the family dynamic complex? · Is the family combative? · How many lawful heirs are there? · How many beneficiaries? · Do you want to maximize the expenses and reimbursement you are entitled to? · Do you know the rules for a fiduciary, like an executor? · Do you want a discharge from duties upon completion of probate? · Is the will ambiguous? Is it properly executed? · Do you know that attorney’s fees are reimbursable from the estate? · Do you want to move through the process deftly without mistakes? · Do you want to minimize the risk of litigation? The probate process can take anywhere from 3 months up to 18 months to finish depending on the circumstances. Because the probate process is front-loaded with paperwork and research, this means that the grieving family will be spending a lot of time trying to navigate legalities instead of mourning in peace or comforting family members. A probate attorney will take the burden of research and paperwork off of you as they will handle everything so you can focus on what matters most. Having a good probate attorney helps to avoid mistakes. Filing a probate requires submitting detailed records and paying court fees to get things set into motion. While the funds will most likely come from the estate and not from your own bank account, if the probate is contested, any costs involved could deplete the estate and decrease the inheritance you and your family receive. Even the smallest mistake can cause you to have to start over or incur additional fees; bigger mistakes, such as conflict that arises if the will is contested and is not handled properly, can even result in lawsuits and litigation fees which can become quite costly in a hurry. A probate attorney will draft and review all your documents before submission, preventing errors, reducing the chances of costly resubmission, and decreasing your personal liability.

Five myths that prevent people from scheduling an appointment with an estate planning attorney 1.) Estate planning is only for the wealthy. It’s a misconception that only wealthy people benefit from estate plans. In reality, anyone can benefit from having an estate plan, regardless of their age or financial status. What estate planning documents do is make sure your final wishes are honored in the event of incapacitation or death. For example, an estate plan can outline what life-saving procedures you want. 2.) I’m too young to need an estate plan. Don’t put off scheduling a consultation with an estate planning attorney until the last minute. If you are of sound mind and body, this is your best opportunity to create an ironclad legal Will or Trust. Keep in mind that estate plans aren’t just for the elderly. For example, if you are a parent, you may decide to create an estate plan to designate a guardian for your young children if something ever happens to you. 3.) My spouse will inherit everything when I die. The default rules of intestacy in Georgia dictate that the surviving spouse does inherit the entire estate if there are no living children or grandchildren of the deceased. If there are children or grandchildren, then the estate is divided into shares, with the spouse receiving a minimum of one-third of the estate , and the remaining two-thirds divided among two or more children. Without a robust estate plan, your survivors will need to go through the probate process, which can be time-consuming and expensive. It’s much better to have a clear estate plan in place, rather than assume your spouse will get everything smoothly and seamlessly. 4.) An estate plan is a once-and-done event. Your estate plan should be a fluid document that changes with your life circumstances. This means that every time there is a birth, death, or divorce in your family, you may want/need to re-evaluate your current estate plan. You may also need to change your estate plan if your financial situation changes. An estate planning attorney can help you make the necessary changes to your estate plan, so it stays current and relevant. 5.) It really doesn’t matter who I appoint as my Trustee or Personal Representative. Your trustee or personal representative will be in charge of handling your estate once you pass away or become incapacitated. For this reason, you’ll want to make sure you choose someone who is competent and willing to take on this responsibility. Who among your close family members can you trust to handle your estate and honor your wishes? This is a question you should carefully consider before appointing a personal representative. While many people don’t feel comfortable discussing incapacitation or death, having a solid estate plan can prevent disconnect in the family and make sure that your loved ones are provided for. An Estate Plan will appoint a power of attorney and create an advance directive that outlines end-of-life care. A comprehensive estate plan prevents your assets from being mishandled or going to the wrong people. Our Team at Meyerson Law Firm have years of experience helping families protect assets and legacies through estate planning . To schedule your consultation with Attorney Seth Meyerson or Attorney Cynthia Welsh, call (678) 892-5910.