Most people form a limited liability Company to shield their personal assets from liability and debts of the LLC. Did you realize that most single member LLC's are at risk to pierce the corporate veil? You can avoid that outcome by taking certain steps. These small steps if done right can be very beneficial in avoiding liability that you never intended to take on but can be devastating for any business, particularly for a small business owner.
Reena Gulati Blog
The Financial Crimes Enforcement Network (FinCEN), a bureau of U.S. Department of the Treasury, issued a Geographic Targeting Order (GTO) that require the title companies to identify the individuals behind the LLC's or companies that purchase all cash real estate in Manhattan worth more than $3,000,000.00. This order currently applies to Manhattan and Miami Dade County, Florida. The purpose is to combat money laundering in the real estate sector in certain high end markets.
Planning for your kids, your health and your finances are important. It's one of the most important things you can do while you have the capacity to do it. However often, an elderly parent or an aunt is taken advantage of, because they are losing their mental capacity.
There certainly are advantages to a living trust. However, whether it is the right decision to incorporate a living trust into your estate plan requires an analysis of your unique circumstances. Just like most things in life, it’s not one size fits all. You may come in wanting some level of planning but what is going to work with your objectives of transferring your assets, planning for estate taxes or incapacity, or surrendering total or partial control over your assets is going to depend upon your end goals. It all begins with an inquiry into your situation and exploring various legal avenues in achieving your intended goals.
1. Don't wait. Often during the course of the tenancy, the tenant falls behind in rent or is a habitual offender and fails to pay rent in a timely manner. You as the landlord hope that it will come any day or the next week, as promised. If the tenant is behind in rental payments, the landlord should start a legal proceeding to evict immediately. In most circumstances waiting any longer is almost always detrimental to the landlord. This is because the law requires that adequate notice must be provided to the tenant prior to evicting them, which causes further delays in evicting the nonpaying tenant. The landlord continues to lose time and additional rent.
