Read more about the article Why You Need an Estate Planning Attorney
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Why You Need an Estate Planning Attorney

While it may seem like some estate planning documents should be easy for a person to create, the Greek philosopher Socrates said, “You don’t know what you don’t know.” This is especially true when it comes to estate planning, says a recent article, “9 Legal Documents You Should Never DIY—Here’s When to Call a Lawyer” from msn. If you create documents and they are not legally sound and enforceable, your home-made solution could cause a mess for you while living and your heirs after you have passed.

Advance Medical Directive. Having an advance medical directive document prepared allows someone you trust to make medical decisions for you if you cannot. A standardized form is just that—standard—and may not reflect your personal wishes. This document is also important for parents of young children, so a person you trust can make decisions for your children if you cannot. This document  also expresses your personal medical preferences if you can’t communicate. If your medical situation is dire and you are not likely to become conscious, it provides clear guidance for long-term care. Without this document, your loved ones will be left guessing what you would have wanted.

Power of Attorney. The POA is used to appoint a person of your choosing to handle your financial and legal affairs if you become incapacitated. The agent’s powers end upon your death. An estate planning attorney will draft one reflecting your wishes and following your state’s laws.

Revocable Living Trust. Assets placed into trusts do not go through probate, remain private, and pass directly to beneficiaries as per the instructions in the trust. An estate planning attorney will tailor the trust to your situation during life and after death.

Beneficiary Designations. When you open an investment account or purchase life insurance, you can name a beneficiary. This is the person who inherits the account or receives proceeds on your death. Many estate planning mistakes occur because people do not update their beneficiary designations, and if they do, they may not think about an outright inheritance may be a disadvantage. Note that the beneficiary designation overrides any will or trust, so be sure they are correct.

Business Succession Plan. If you own a business, this blueprint will be used to direct how the business should continue when you retire or after you die. It will address issues of leadership, family ownership and your vision for the business to continue in the future. It takes several years to create a business succession plan, and your estate planning attorney will work with family members, key employees, financial officers and CPAs to ensure a smooth transition.

Last Will and Testament. This document directs how you want your property to be distributed upon your death. Without a will, known as intestacy, your estate is distributed according to the laws of your state, usually by bloodlines or kinship, and you may not like one of these people to inherit.

Prenuptial or Postnuptial Agreements. While these documents are used in case of a divorce, they are sometimes used to support estate planning disagreements to clarify intentions. If you come to a marriage already owning assets, or if there is a big disparity in wealth, it makes sense to have an agreement in place.

Guardian Designation. If you have minor children, your last will and testament includes a guardian named to raise your children if both parents die or become incapacitated. An attorney is needed to be sure this is properly documented. Without a will naming a guardian, a court will decide who will raise your children.

Work with an experienced estate planning attorney at our law firm, Sims & Campbell, to protect your family, finances, and future, and prevent legal complications for you and those you love.

Reference: msn (March 17, 2025) “9 Legal Documents You Should Never DIY—Here’s When to Call a Lawyer”

Read more about the article Updates on the Corporate Transparency Act: Our Commitment to Keeping You Informed

Updates on the Corporate Transparency Act: Our Commitment to Keeping You Informed

At Sims & Campbell, our experienced estate planning attorneys are committed to providing our clients with the latest updates on legal developments that could impact them. To ensure you have the most accurate and timely information, we will now be posting all news regarding the Corporate Transparency Act (CTA) right here on our blog.

On March 2, 2025, the U.S. Treasury Department announced a suspension of the March 21, 2025, deadline for filing under the Corporate Transparency Act (CTA) for both domestic companies and U.S. citizens. Additionally, the Treasury announced it will not enforce any penalties or fines. This decision follows a series of legal and regulatory developments regarding the CTA and its enforcement. For more details, see below:

The Corporate Transparency Act (CTA) is a U.S. law that was enacted as part of the National Defense Authorization Act for Fiscal Year 2021. The purpose of the CTA is to enhance transparency in the ownership of companies and to combat illicit activities like money laundering, tax evasion, and terrorist financing by making it harder for criminals to hide behind anonymous shell companies. The CTA requires certain businesses, including corporations, limited liability companies (LLCs), and similar entities, to disclose information about their beneficial owners. A beneficial owner is an individual who, directly or indirectly, owns or controls at least 25% of a company or who exercises substantial control over it.

The CTA has far-reaching implications for both domestic and foreign companies, and understanding its requirements is essential for compliance. With that in mind, we’ll keep you up to date on any changes, deadlines, and new regulations that emerge. Read on for the latest news on the Corporate Transparency Act.

Here are the key takeaways:

  1. Suspension of the Filing Deadline: The Treasury has suspended the filing requirement under the CTA for domestic companies and U.S. citizens. The March 21, 2025, deadline is no longer applicable at this time.
  2. No Penalties or Fines At This Time: The Treasury Department announced it will not enforce any penalties or fines associated with the BOI reporting rule under the existing regulatory deadlines.
  3. Proposed Rulemaking to Narrow Scope: The Treasury is preparing a proposed rulemaking that could narrow the scope of the CTA’s reporting requirements to focus exclusively on foreign reporting companies. These are entities formed under foreign law but that have registered to do business in the U.S. by filing a document with a secretary of state or similar office.
  4. Legal Uncertainty: The proposed narrowing of the rule is inconsistent with the original text of the CTA and could be subject to legal challenges. While it is unclear who might challenge these changes, the possibility of legal action remains.
  5. Ongoing Legal Challenges: The CTA, which was passed during the first Trump Administration and implemented under the Biden Administration, has faced numerous legal challenges across the country. These challenges are still ongoing, with many cases pending before appellate courts.
  6. Impact on Information Already Filed: The Treasury has not clarified what will happen to the information already submitted under the CTA. Additionally, with the suspension of the enforcement of the filing deadline, domestic companies and U.S. citizens are no longer required to keep their submitted information up to date.

Stay tuned to our blog for the latest information on the Corporate Transparency Act and other legal matters that may affect you and your business. For additional questions or concerns, please contact our office to schedule a confidential estate planning meeting with one of our attorneys.