Johnston, Kinney & Zulaica LLPFindLaw IM Template2024-03-18T07:47:06Zhttps://www.jkzllp.com/feed/atom/WordPress/wp-content/uploads/sites/1503687/2020/02/cropped-favicon-32x32.pngOn Behalf of Johnston, Kinney & Zulaica LLPhttps://www.jkzllp.com/?p=514072024-01-04T20:28:21Z2024-01-02T18:04:53Z
identifying information on the company legal name, trade name and “DBA,”
address for principal place of business of the company,
jurisdiction in which the company was formed (or, for a foreign reporting company, the state, territory or tribal jurisdiction where it first registers),
the company’s EIN, and
information pertaining to the company’s beneficial owners and, if applicable, to the company’s applicants: (a) their respective legal names, (b) their date of birth, (c) their current address, (d) ID number (passport, driver’s license, etc.), and (e) image of document with ID,
For purposes of the CTA a “beneficial owner” is an individual who, directly or indirectly, either (1) exercises substantial control over a reporting company, or (2) owns or controls at least 25% of the ownership interests of a reporting company. This definition is broad and can include anyone who has the authority to appoint or remove certain officers or a majority of directors or who has direction or substantial influence over important matters at the reporting company. Note that while trusts (other than trusts created by a filing, such as statutory or business trusts) are themselves not required to report directly under the CTA, trustees or other trust fiduciaries, grantors retaining certain powers and certain trust beneficiaries could fall under the umbrella of beneficial owners with respect to 25% ownership interests in all reporting companies the trust owns.
A “company applicant” is any individual who files an application to form or register an entity under the laws of a state, including the person who directed the filing. The company applicant reporting applies exclusively to new reporting companies formed after January 1, 2024.
Note that individuals may also apply and obtain “FinCEN identifiers,” which can then be provided to FinCEN on a BOI report in lieu of the required information about the individual.
For reporting companies already in existence prior to January 1, 2024, the BOI initial report will be due by January 1, 2025. Proposed regulations issued on September 27, 2023, extend the period for which reporting companies formed on or after January 1, 2024, and before January 1, 2025, must file their initial BOI report to within 90 days of the company’s formation. Reporting companies formed on or after January 1, 2025, must file an initial BOI report within 30 days of the company’s formation. Failure to report the information required by the CTA can result in substantial civil and/or criminal penalties.
On January 1, 2024, FinCEN will launch its cloud-based beneficial ownership information technology system to securely collect, process, and store that information and FinCen should start accepting the BOI reports. FinCEN is separately working to stand up a dedicated beneficial ownership contact center to respond to inquiries about the beneficial ownership reporting requirements, and to provide assistance to users encountering technical issues with the BOI reporting.
While no reporting under the CTA is required prior to January 1, 2024 and for most existing business entities the reporting deadline is January 1, 2025, business owners, asset managers, institutional investors, board of directors and limited liability companies’ managers should promptly commence initial CTA reviews in order to determine whether they are required to lodge the BOI reports in the first place and to identify beneficial owners and applicants and start collecting required information. For more information and updates on the reporting requirements and implementation of the CTA please visit the FinCEN dedicated website at https://www.fincen.gov/boi. Please also feel free to contact the attorneys at JKZ should you have additional inquiries.]]>On Behalf of Johnston, Kinney & Zulaica LLPhttps://www.jkzllp.com/?p=508882024-01-04T20:58:58Z2023-01-20T19:45:13ZIf you are co-parenting in California, it is highly likely that your relationship with that co-parent is governed in part by a parenting plan. Depending on when the original order was put into place, you may have been operating under the same set of terms for years.
If your family’s circumstances have changed significantly and your child’s best interests are no longer accurately met by the expectations laid out in your original parenting plan, it might be time to modify it. You will need to consider different approaches to modification based on whether you and your co-parent can agree to any alterations that you may have in mind.
If you can reach an agreement
You and your co-parent are empowered to modify the terms of your parenting plan, provided that these modifications honor your child’s best interests and provided that you can agree to the specific alterations in question. You will simply want to make sure that you take steps to file your modification with the court. Otherwise, these modifications will not be legally enforceable. That oversight could leave you vulnerable to accusations of a breach and to an inability to hold your co-parent accountable for breaching the new terms.
If an agreement cannot be reached
If your co-parent does not agree to your proposed modification, you will need to file a formal request for the court to modify it. You will need to be prepared to explain why your request should be granted as a reflection of your child’s current best interests. You will also need to be prepared to explain how your circumstances have fundamentally changed – resulting in the need to modify your agreement – since the order was first handed down. Carefully considering whether your current co-parenting arrangement could benefit from a child custody modification may be an effort that is worth your time. As your child grows and your family’s needs evolve, making adjustments to this consequential document could result in any number of positive consequences. ]]>On Behalf of Johnston, Kinney & Zulaica LLPhttps://www.jkzllp.com/?p=507412024-01-04T20:49:28Z2022-10-21T09:55:49Zchange your estate plan after the end of your marriage?
Your spouse is probably your primary beneficiary
While at least to some extent under California law once the divorced is finalized your spouse is automatically removed as beneficiary and decision maker with respect to your estate plan, you want to be proactive in making the necessary changes and updates. Unless you structured your estate plan specifically to leave resources to charity or support your minor children, then the chances are very good that your estate plan primarily protects and benefits your spouse.
They may be the main recipient of any assets that you have in your name when you die and also the beneficiary named on your life insurance paperwork. Reviewing all of your documents, from your beneficiary designations with your insurance provider to your actual will or trust documents can help ensure that your ex will not receive most of your property when you die or be in a position to challenge your estate plan.
Your spouse could have legal or financial authority
If you drafted powers of attorney or advance directives to address the possibility of incapacitation, you may have named your spouse as the individual with the authority to access your private bank accounts or make decisions about your medical care.
Obviously, you don't want someone who will fail to act in your best interests having control over your health care or your finances while you are incapable of asserting yourself. Removing your spouse from powers of attorney, trust documents and advance directives will help guarantee that people you trust will be the ones managing your care or your resources in an emergency scenario.
Finally, if the two of you share children, revising your estate plan can help guarantee there is an appropriate guardian to take care of your children and that your ex won't be able to misappropriate any resources you need for your children when you die if your children are still minors when you die.
Careful and thorough estate planning will be an important step to take for your own protection following the end of your marriage.
]]>On Behalf of Johnston, Kinney & Zulaica LLPhttps://www.jkzllp.com/?p=507392022-10-17T19:24:12Z2022-10-14T03:40:28ZChoosing a person to be the executor of your will and the rest of your estate is one of the most important estate planning decisions you will make. However, too many people – particularly those who don’t have a spouse -- tend to choose one of their children, siblings or friends to serve as executor.
They may be the best person for the job – or they may not be. Close family members don’t always make the best executors. For one thing, they’ll likely be dealing with their own grief and not in a position to take on the responsibilities and decisions that are required.
The job entails a multitude of responsibilities
There’s a lot more to do besides make sure your assets are distributed as you designated. They’ll need to pay bills, file tax returns, deal with the probate court, manage disputes among beneficiaries and numerous other tasks large and small. Executors are generally paid a portion of the estate because it’s a job.It’s always a good idea to broaden your search a bit – at least for an alternate executor in case the one you name can’t do it. Let’s look at some of the important qualities you would want to consider. Ideally, an executor should be someone who:
Is ideally younger than you (or at least has sufficient capacity and experience to handle the job)
Is able and willing to deal firmly but tactfully with pressure from loved ones as well as third parties like creditors and ensure that your wishes are carried out
An executor doesn’t have to live nearby. However, if they don’t, it’s best if they’re able to travel. They may have to maintain and otherwise deal with your home and other property. They’ll need to make sure everything is secure until it can be sold or otherwise distributed.
You may want to consider a professional
If you don’t have friends or family who fit the bill or whom you want to ask to take on such a large responsibility, there are professionals you can hire. Financial institutions often have trust departments, for example. There are also private professional fiduciaries who are often hired to handle estate administrations. It’s a lot to think about. Just make sure that you have the permission of whomever you designate and that they understand what it entails. Remember that thorough estate planning with sound legal guidance can help make your executor’s job easier and leave less room for mistakes that could derail your legacy. ]]>On Behalf of Johnston, Kinney & Zulaica LLPhttps://www.jkzllp.com/?p=503632024-01-04T20:49:35Z2022-09-30T10:18:18ZA big part of any divorce is property division. Property in California refers to anything you can buy, sell or that has value.
Obviously, tangible assets like your home or furniture are “property.” However, it also includes things like stocks, your 401k and bank account. However, things get a bit more confusing when you begin discussing things like copyrights and royalties. Are these divided based on the same property division rules for your other assets? Learn more here.
If it’s community property, it’s subject to division
If you have a copyright that was established during your marriage, it is community property. If you have something that started earning royalties during your marriage, it will also be divided as community property. That’s because it is something that belongs to you and your spouse equally. Officially, community property in California is considered:
Anything you earned during your marriage
Anything you purchased with money you earned while you were married
Debt you acquired during your marriage
Protecting your intellectual property
Since copyrights are a type of intellectual property, it is possible to keep them from the property division process with a prenuptial agreement. The same is true for royalties. However, since California is a community property state, if you don’t have this, and it is determined that they are community or commingled property, it will be subject to property division.
Your rights in a California divorce
It’s important to understand the law in California when it comes to property division. When you do, you will have a better idea of what is and is not subject to property division. If you have questions, it’s best to work with a legal professional who can help. ]]>On Behalf of Johnston, Kinney & Zulaica LLPhttps://www.jkzllp.com/?p=503562024-01-04T20:55:14Z2022-09-17T04:19:35ZManipulators are people who seek to take control or influence others in a clever and skillful manner. Often, it is at the expense of others since the manipulator is only out to look for their own interests.
If your spouse is a master manipulator, life can get pretty difficult. They may use tactics such as gaslighting, the “silent treatment,” isolation or even lying to have their way. You can get confused and uncertain of what to feel or think if someone always acts like you are to blame for everything that goes wrong. It could be damaging to your self-esteem, mental health, and confidence.Here is what you need to do when divorcing a master manipulative spouse.
Have a game plan
A manipulative person knows just the buttons to push to trigger you. Therefore, you need a strategy when divorcing them. Keep your plans under wraps, and do not show your cards until you have everything in place.Consider minimizing communication with them. That way, you will not be under anyone’s perceived sense of power over you. If you have to talk, be professional and maintain your cool. You can bring a friend along if it makes you feel better or safer.Lastly, surround yourself with your social support circle of family and friends. You are more vulnerable to manipulation tactics if you stay by yourself, without any positive distractions.
Get legal protection
Manipulation is abusive behavior, and you must act before it spirals out of control. If your spouse is a master manipulator, you should be aware of what you can do to protect yourself from physical or emotional abuse.Equally, you must be prepared to navigate the divorce process and protect your legal rights throughout the proceedings. It is advisable to seek legal representation when dealing with a manipulative spouse to avoid falling victim to their layered deceit.]]>On Behalf of Johnston, Kinney & Zulaica LLPhttps://www.jkzllp.com/?p=503512024-01-04T20:49:41Z2022-08-31T08:12:50ZWhen filing for divorce, there are many factors to consider. Along with diving assets and liabilities, you must figure out things like child custody, who will retain ownership of the house and more.
Some divorcing couples question whether they can be reimbursed for covering the cost of their spouse’s education during the marriage.
What does the law say?
According to California Family Code 2641(b)(1), the answer is yes. This law states that reimbursement is provided for community contributions to the training or education of your spouse if it significantly increases their earning capacity. The total amount that is reimbursed is with interest at the set legal rate that accrues from the end of the calendar year when the payments were made.
What does this mean for your divorce?
In simple terms, it means that if marital funds went into covering the cost of your spouse’s education and you are now divorcing, you can be reimbursed for your contribution. It’s important to have documentation that shows how much was paid and when it was paid to receive this reimbursement.
Your rights in a California divorce
Understanding what you are legally entitled to when filing for divorce is important. This is the only way you can feel confident that you are receiving a fair amount of compensation and that you are getting the assets you deserve. Working with professionals during your divorce, including accountants, can be beneficial to help you protect your financial situation and ensure you get your fair share of marital assets. While it may be tempting to move through the process as quickly as possible, it’s not a smart move. ]]>On Behalf of Johnston, Kinney & Zulaica LLPhttps://www.jkzllp.com/?p=503032024-01-04T20:58:20Z2022-08-24T04:53:06Zsupervised exchange for your child custody case. Learn more about this and when it may be beneficial here.
Reasons to request a supervised exchange
The main reason to utilize supervised exchanges is to ensure the child doesn’t witness conflict between the parents. It’s possible to have a supervised exchange where the parents don’t see each other at all or just to have a third-party present to help mitigate the potential for conflict.
Who facilitates a supervised exchange?
The third party in a supervised exchange can be a non-professional provider who is not paid for this, usually a family member, friend or relative. Or a professional provider with official training who is paid for their services.
Note that the state has strict rules about who can fulfill this role, even if they do it voluntarily. For example, they must be at least 21 years old and cannot have been convicted of a crime or on probation or parole within the last 10 years. They must have valid auto insurance if they are to drive the child for the handover. They must also agree to abide by the other rules the state sets out and any special ones the judge adds to the court order.
If you believe you and your child could benefit from supervised exchanges, seek legal help to understand how to apply to a court for one.
]]>On Behalf of Johnston, Kinney & Zulaica LLPhttps://www.jkzllp.com/?p=502972022-08-04T18:56:13Z2022-08-10T12:18:29ZAs part of their compensation packages, some employees receive stock options. These are good opportunities to have solid investments that can benefit them during retirement. Some people are curious as to how they can use these stock options to benefit their loved ones.
Including stock options in an estate plan is sometimes possible, but not always. You have to find out if they’re transferrable, which is up to the company. Since the amendment of Rule 16b-3 that went into effect on August 15, 1996, it’s possible for stock options to be transferred while still taking advantage of a liability exemption.
Limitations of stock options in estate plans
There are sometimes limits on what you can do with stock options in your estate plan. For example, some employers only allow the transfer of stock options to specific relatives. This could severely limit who you could pass them onto. For some individuals, transferring the stock options prior to their death is the best option. This enables them to cut down on the value of their estate, which may have positive tax benefits. Additionally, it ensures that the transfer goes through without any issues. You must also ensure you have the proper documentation prepared for the transfer since it must meet the current requirements of the Securities and Exchange Commission.Making sure that your estate plan is set up in the proper manner is critical. Taking the time to get it all set up is the only way that you can be sure your wishes are followed. Working with someone who knows your wishes and is familiar with similar situations can help to make this process easier for you. ]]>On Behalf of Johnston, Kinney & Zulaica LLPhttps://www.jkzllp.com/?p=502582022-07-14T20:06:08Z2022-07-11T19:00:59ZThe Importance Of A Date On A Holographic Will
Section 6111 of California's Probate Code further elaborates that the will must also include a statement indicating the date it was created. If it does not include such a statement, it could be contested on the basis that it is contradicted by another will that was created by the testator that does include a date, or if the testator lacked the capacity to create a will during any time period in which the will may have been created.
Lastly, the law indicates that the holographic will is still valid whether it is entirely handwritten or if it is a commercially printed do-it-yourself will form, as long as it is signed in the creator's handwriting.
Disputes Over Handwritten Wills
People often create handwritten wills, either because they do not believe their estate is of sufficient size to benefit from a more formal estate plan or as a stopgap to have something in place prior to creating a more formal estate plan. While, as discussed, California law does recognize these wills as valid, they may be more likely to lead to disputes between heirs. Perhaps something important is overlooked in the will, or the aforementioned question of lack of capacity arises. Text may be illegible, making interpretation difficult. Some families may even find themselves fighting over allegations that the handwriting is falsified and not really the handwriting of the deceased.
If you are considering writing a handwritten will or downloading a will form off the internet, or you have a handwritten will established, you may want to consider creating a more formal estate plan to reduce the chances of disputes among your beneficiaries. If you proceed with the handwritten will, make sure you write clearly, date it and store it someplace where it will not be lost.
If you are a relative of someone who left behind a holographic will and you have concerns about its validity or other members of your family are claiming that it is not valid, you may want to work with an experienced estate administration and probate lawyer to ensure your loved one's final wishes are followed.
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