The Corporate Transparency Act BIG CHANGES FOR SMALL BUSINESSES – See “Next Steps” Below An Estimated 32.5 Million Small Businesses Will be Burdened by the Corporate Transparency Act Author: Grant Ison, Ison Law The Corporate Transparency Act is the most robust anti-money laundering legislation since the Patriot Act, passed in 2001 in response to the terrorist attacks of 9/11. A congressional presidential veto override passed the Act into law on January 1, 2021. The primary objective of the Act is to create a national database of information identifying individuals who, directly or indirect ..read more

Are You Ready to Comply with the Corporate Transparency Act? See Next Steps Below: The Corporate Transparency Act goes into effect on January 1, 2024 If you have been reading our emails and watching our LinkedIn posts this year, you know we have been warning you that The Corporate Transparency Act goes into effect on January 1, 2024. Almost every entity must register under the Act and provide detailed information about the person or people who own, control, or benefit from the small business. This includes corporations, limited liability companies, limited partnerships, and other entities file ..read more

The Corporate Transparency Act REVISED NOVEMBER 6, 2023 AUTHOR: GRANT ISON & DAVE ISON The original form of this article, written by Grant Ison, first appeared on the Blog at https://ison.law/corporate-transparency-act/ EFFECTIVE DATE: The rule goes into effect January 1, 2024. For entities that already exist by that date, their initial reports are due by January 1, 2025. For entities created on or after that date, their initial reports are due within 30 days from the creation of the entity. As of now, there are no extensions available. There are stiff civil and criminal penalties for fail ..read more

What is the Corporate Transparency Act? BIG CHANGES FOR SMALL BUSINESSES REVISED MAY 30, 2023 AUTHOR: GRANT ISON CO-AUTHOR: SOPHIA MILLER The original form of this article, written by Grant Ison, first appeared on the Blog at https://ison.law/corporate-transparency-act/ An Estimated 32.5 Million Small Businesses Will be Burdened by the Corporate Transparency Act The Corporate Transparency Act is the most robust anti-money laundering legislation since the Patriot Act, passed in 2001 in response to the terrorist attacks of 9/11. A congressional presidential veto override passed the Act into law ..read more

When Should Individuals Begin Estate Planning? By: Grant Ison, Ison Law The answer is, it is never too early to plan your estate, even if you are not financially independent. At age 18 a person becomes an adult and the State estate planning statutes apply. The State will make determinations on how to handle situations in which you cannot make determinations yourself. Establishing an estate plan can provide peace of mind and ensure that your wishes are followed in the event of your incapacity or death. There are so many aspects of an estate plan beyond using a Will or a Trust. Below are d ..read more

Trusts Are Not Only for the Ultra-Wealthy…Debunking a Common Misconception By: Grant Ison of Ison Law in Powell, Ohio. It is true that many of the wealthiest people in the world utilize trusts, whether for tax planning, maintaining generational wealth, wealth and asset protection, or simply to control their estate long after they are gone. I recently learned about Leona Helmsley’s “Helmsley Perpetual Care Trust” which was funded with $3 Million strictly for the cleaning and maintenance of her and certain family member’s grave site. The trust requires the trustees to inspect the sites at least ..read more

Estate Planning Options for Non-Traditional Families In Ohio Families today come in all shapes and sizes. While it no longer takes a mom, dad, and biological children to make a home, trying to work through estate planning can still be difficult for non-traditional families. In Ohio, many of the laws were put into place with the traditional family structure in mind. If you are a non-traditional family that is working to understand the estate situation, then we’re here to help! Keep reading to discover ways that you can make your plans to include your diverse family. Understand Your Role in Esta ..read more

How Ohio Estate Planning Helps with Money Management Estate planning can help you to create a clear set of instructions on how your assets and property are to be managed in the event of a terminal illness or death. It is a planning process intended to protect your loved ones, social causes, or charities you support. It is commonly thought that estate planning means creating a will. While a will is a good start, that instrument does not complete the job of creating a life affirming estate plan that works both when you are alive and after you pass. Estate planning includes more than describing w ..read more

Trust Property Insured Correctly? Be Sure Your Property in Your Revocable Living Trust is Properly Insured. Please do not take for granted that transfers of property to your revocable living trust will maintain your insurance protection. Your revocable living trust uses your social security number and is a grantor trust from the internal revenue service perspective. You may freely transfer assets into and out of it. It is best that you fully fund your revocable living trust by transferring your assets into the name of your revocable living trust. For those of you who work with our office ..read more

Big Changes Coming for Small Businesses What is the Corporate Transparency Act and How Does it Burden an Estimated 32.5 Million Small Businesses? The Corporate Transparency Act Requires all existing and future entities filed with the secretary of state to personally inform a national database called the Beneficial Ownership Secure System (BOSS). Law enforcement agencies, taxing authorities, and a few other potential users for specified purposes upon request will have access to the national database. The Corporate Transparency Act is the most robust anti-money laundering legislation since th ..read more