The FDIC has issued final regulations that, on April 1, 2024, changed how bank accounts held in the name of a trust will be insured. Now, both revocable and irrevocable trust accounts will be eligible for FDIC insurance up to $1.25M, which covers up to 5 beneficiaries at $250,000 each. Read more information on the changes.
As your child heads off to college, don't forget one essential item: a Power of Attorney (POA). Legally an adult at 18, they'll need a POA for you to manage health and financial matters if they can't. It’s a safety net that keeps you connected when it matters most.
On April 23, 2024, the U.S. Department of Labor (DOL) published its final rule amending the overtime regulations under the Fair Labor Standards Act (FLSA). Read more about what the Overtime Rule means for workers.
The Federal Trade Commission (FTC) has enacted a new rule on non-compete agreements. This rule prohibits creating new non-compete agreements after the rule goes into effect, which is 120 days after the rule has been published in the Federal Register. This change in regulation is likely to be challenged in court and marks a significant shift in employment law. Both employers and employees need to stay informed about this evolving legal landscape.
In today's challenging market, securing a favorable deal in commercial real estate requires expert legal guidance. At Buckley Fine Law, our seasoned attorneys have facilitated transactions exceeding $1 billion, specializing in negotiating loan documents, structuring deals, and coordinating due diligence efforts. Whether it's negotiating SBA loans or optimizing tax benefits through strategic deal structuring, our team ensures each client receives legal solutions tailored to their needs.
On March 1, 2024, a federal district court judge in the Northern District of Alabama sided with the plaintiff (National Small Business Association) and held the Corporate Transparency Act (CTA) unconstitutional. On March 4, 2024, FinCEN issued a press release stating that FinCEN is not enforcing the CTA against the plaintiffs in that action which includes entities which are members of the NSBA as of March 1, 2024. In other words, the decision only protects those specific parties.
With the federal estate tax exemption set to reduce significantly in 2026, individuals and families should act now to utilize current exemptions. High net worth clients, especially, need to consider gifting strategies to minimize future tax impacts.
We are excited to celebrate Bonnie’s outstanding achievement of being recognized as a Rising Star by Super Lawyers.
Linda Fine has received the prestigious “Notable Women in Law” award from Crain’s Chicago Business. This is Linda’s third consecutive honor. Crain’s recognizes outstanding female leaders who have demonstrated their ability to bring about positive change in their profession and contribute to the legal community as a whole.
The Corporate Transparency Act (“CTA”) went into effect January 1, 2024. Its main aim is to strengthen corporate entity structures and ownership transparency in order to combat money laundering and tax evasion. All entities formed through any Secretary of State must report ownership details, unless they are exempt. Accurate reporting is of critical to avoid potential civil and criminal penalties. Make sure you are well-informed and compliant with this new reporting requirement.
