Most Recent Attorney’s Blog Posts

  • Til Death Do Us Part – Marriage and Asset Protection
    The question of whether a spouse can be held liable for the debts of the other spouse is often asked from married  (or to be married) couples, but the answer is not uniform and depends largely on  the laws of the state where you reside. MOST STATES – COMMON LAW TREATMENT The large majority of states that are NOT one of the nine “community property” states discussed below operate under the “common law” system, derived from Great Britain.  In these common law states, the liabilities of married couples are generally determined under the “title” theory, meaning whichever spouse is ... read more
    Source: KKOSLawyersPublished on 2017-08-15By Lee Chen
  • Pokémon No! How Pikachu Ended Up Getting Served with a Class Action Lawsuit
    Remember Pokémon Go? About this time last year, the “augmented reality” game in which players use their smartphones to capture and train various species of Pokémon was a global phenomenon, with nearly seven million daily downloads. It was sort of the “thing to do” of Summer 2016. While Pokémon Fever has certainly subsided a bit, the game still has plenty of rabid fans. In fact, last month’s Pokémon Go Fest in Chicago drew 20,000 Pokémon Go die-hards to the city’s Grant Park. The Fest was billed as a chance for Pokémon Go “trainers” to compete against each other and bag ... read more
    Source: KKOSLawyersPublished on 2017-08-10By Jarom
  • Self-Directed IRAs, the DOL Fiduciary Rule, and Private Investment Denials
    The so called “DOL Fiduciary Rule” went into effect in June and has caused negative repercussions on self-directed retirement account investors who self-directed their IRA, 401(k), or pension into alternative investments. Many self-directed investors have been shut out from investing into private offerings (real estate funds, private placements, start-ups, private REITS, etc.) as the investment sponsors or private companies raising funds fear that by accepting the self-directed retirement account’s investment they will be labeled a fiduciary and will need to adhere to fiduciary rules that are really meant for investment advisers. WHAT IS A FIDUCIARY The Department of Labor (“DOL”) ... read more
    Source: Mat SorensenPublished on 2017-08-08By Mat Sorensen
  • Setting up Your Board of Directors or Advisors
    Setting up a “Board” can be one of the greatest keys to success for an entrepreneur.  Face it, being an entrepreneur can be a lonely business.  Having a Board of Directors or Advisors will be a ‘support team’ in many ways; giving encouragement, advice, and guidance regarding your vision and goals.  Don’t think your business is too small to implement this strategy.  I love to discuss the ‘Board’ and the importance in plays in the life and success of an entrepreneur at any stage of business. This ‘board’ concept is an important tax strategy, legal strategy and business strategy. First, ... read more
    Source: Mark J KohlerPublished on 2017-08-01By Mark J. Kohler
  • Estate Planning 101: 5 Tips to Avoid Mistakes
    As I work with small business owners and investors throughout the year, I want them to see the big picture when it comes to Estate Planning. Many misunderstand what the Estate Plan is all about and think it’s simply an ‘asset protection’ strategy…that couldn’t be further from the truth. An Estate Plan is about passing on your hard earned wealth to your loved ones, or a project/institution you love.  What a tragedy for a small business owner or investor to spend decades toiling to build wealth, only to have it crumble at the very end of their life because ... read more
    Source: KKOSLawyersPublished on 2017-07-25By Kevin Kennedy
  • Legal Tips for Wholesaling Real Estate
    Many real estate investors regard wholesaling as a way to learn how to evaluate deals and develop your real estate network.  It is also a method to profit from investing in real estate without requiring significant up front capital.  Wholesaling is a strategy whereby the wholesaler enters into a purchase contract with a seller of real estate and then assigns the purchase contract to another third party who will typically rehab the property and flip it for a profit (at least that is the goal). Although most investors regard wholesaling as involving less risk than, for example, the flipper ... read more
    Source: KKOSLawyersPublished on 2017-07-18By Lee Chen
  • Can Your SDIRA Own Bitcoin and Other Cryptocurrencies?
    Can Your SDIRA Own Bitcoin and Other Cryptocurrencies? Yes, your IRA can invest and own bitcoin and other cryptocurrencies. Bitcoin is a form of virtual currency using blockchain technology, and can be exchanged between parties for goods and services, or for dollars. From 2011 to July 2017, the value of Bitcoin has risen from 30 cents per Bitcoin to $2,550 per Bitcoin. As a result, we’ve seen a significant increase in questions from investors asking whether their retirement account can invest in and own actual Bitcoin or other forms of cryptocurrency. Can Your IRA Own Bitcoin? Well, the short answer ... read more
    Source: Mat SorensenPublished on 2017-07-18By Mat Sorensen
  • Ask Your Attorney if a “Covfefe” Trademark Is Right for You
    On May 31st, 2017, at 12:06 a.m. Eastern Time, President Donald Trump unleashed the following tweet: “Despite the constant negative press covfefe.” No one has been able to definitively crack the code (if there is one) as to what “covfefe” actually means. The President took down the tweet six hours later and replaced it with a tweet saying: “Who can figure out the true meaning of ‘covfefe’??? Enjoy!” Predictably, the word “covfefe” immediately went viral on social media, with several twitter users encouraging their followers to “ask your doctor if Covfefe is right for you” and others thinking it’s what ... read more
    Source: KKOSLawyersPublished on 2017-07-11By Jarom Bergeson
  • Self-Directed IRA Owner Wins Appeal and Avoids Account Distribution for Common Mistake
    Every year, there is at least one case when the IRS attempts to distribute a self-directed IRA for failing to meet a single technical requirement. This common situation arises when an IRA owner uses their standard, non-self-directed IRA to purchase assets that only self-directed IRA custodians allow. This was the case of McGaugh v. Commissioner, as Mr. McGaugh owned a Merrill Lynch IRA, and requested Merrill Lynch acquire FPFC shares for his IRA. Merrill Lynch sent the funds for the purchase to FPFC, but unfortunately considered the purchase a distribution from Mr. McGaugh’s IRA, and sent him a 1099-R. TIP: ... read more
    Source: Mat SorensenPublished on 2017-07-03By Mat Sorensen
  • Bitcoin Basics: What is Cryptocurrency?
    Questions about Bitcoin have increased dramatically as investors have seen the price of Bitcoin rise from 30 cents per Bitcoin in 2011 to $2,550 per Bitcoin in July 2017. This article answers basic questions about Bitcoin and we’ll have two follow-up articles addressing IRA ownership of Bitcoin and about accepting Bitcoin in your business. Needless to say, there’s a “bit” of uncertainty when it comes to whether or not one should invest in Bitcoin (sorry –bad pun) but here’s a breakdown of the basics. What Is Bitcoin And How Does it Work? Bitcoin is one type of digital currency ... read more
    Source: KKOSLawyersPublished on 2017-07-03By Kevin Kennedy
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