Author: MCWS Law

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued a new Beneficial Ownership “Reporting Rule.” The new rule went into effect on January 1, 2024. Let’s take a look at the new rule and how it may affect your business. Please contact the McWilliams Law Group now if you have any questions. What Does the Reporting Rule Require? The new Reporting Rule...

In the intricate landscape of estate planning and asset management, trusts stand as formidable entities. These legal arrangements, designed to safeguard and distribute assets, often present a myriad of challenges that individuals, families, and professionals must navigate. The following delves into the complexities surrounding trusts, exploring the various challenges they pose and shedding...

Image by Drazen Zigic on Freepik Guardianship is a legal arrangement that grants an individual or entity the authority to make decisions on behalf of someone else, who cannot make decisions on his or her own. This legal concept plays a pivotal role in protecting the rights and well-being of individuals who may be incapacitated due to age, disability, or other factors. Please contact a skilled...

Image from Pattanaphong Khuankaew. In the dynamic world of business, companies often face the challenging decision of dissolving their operations. Whether due to financial struggles, changes in market conditions, or strategic shifts, business dissolutions require careful considerations and adherence to legal processes. Let’s take a look at some of the most important things a company should...

Probate is a legal process that takes place after someone passes away, involving the distribution of the decedent’s assets and settling of debts. One crucial aspect of this process is the sale of real estate owned by the deceased. Let’s take a look at the intricacies of probate and how to navigate the sale of real estate within the probate process. Understanding Probate and the Sale of Real...

Property taxes are a fundamental component of local government revenue and play a crucial role in funding essential services such as schools, public safety, and infrastructure. However, taxpayers are often confused (and rightfully so) with how property taxes are calculated and what exemptions may apply. If you have specific questions about property taxes in your area, we advise consulting with...

In the world of estate planning, the role of a trustee holds paramount importance. Trustees are crucial people or entities entrusted with managing assets on behalf of beneficiaries as per the terms of a trust. Their responsibilities are significant and extend to various legal and fiduciary duties that ensure the proper administration of assets. To gain a comprehensive understanding of this...

In the realm of estate planning, understanding the distinctions between various forms of powers of attorney is essential. Two crucial types that often require distinct considerations are the medical power of attorney (MPOA) and the financial power of attorney (FPOA). While both these designations involve granting decision-making authority to another individual, they operate in distinct...

A mechanics lien is a crucial legal tool for contractors, subcontractors, suppliers, and others in the construction industry to secure payment for their work and materials. The following post aims to provide a comprehensive overview of mechanics liens, covering what they are, how they work, and the steps involved in filing and enforcing them. What Is a Mechanics Lien? A mechanics lien, also...

In the realm of business entities, closely held businesses play a unique role. They are often the preferred choice for entrepreneurs and small business owners looking to maintain control over their operations while limiting their exposure to outside investors. In the following post, we will explore what closely held businesses are, their key characteristics, and whether or not you need one for...