Author: Nydia Menendez

¿Qué es la Ley de Transparencia Empresarial?

Nydia Menendez

Por Nydia Menendez La Ley de Transparencia Empresarial (la “CTA” o la “Ley”) entrará en vigor en unas pocas semanas, el 1 de enero de 2024. Sin embargo, la Ley impondrá nuevos requisitos de información a aproximadamente 32 millones de pequeñas empresas, con importantes sanciones civiles y penales. Por este motivo, es posible que sea necesario actuar de inmediato antes de finales de 2023 para reducir o retrasar el impacto de la LTC en caso de que le afecte. ¿Qué es la Ley de Transparencia Empresarial? La LTC exigirá a…

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What is the Corporate Transparency Act?

Nydia Menendez

by Estate Planning Attorney Nydia Menendez The Corporate Transparency Act (the “CTA” or the “Act”) becomes effective in just a few short weeks – on January 1, 2024. Yet, the Act will impose new reporting requirements on approximately 32 million small businesses, with significant civil and criminal penalties. For this reason, immediate action may be required before the end of 2023 to lessen or delay the impact of the CTA should it apply to you. What is the Corporate Transparency Act? The CTA will require certain entities (called “reporting companies”)…

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Creating a Trust: What You Need to Know

Nydia Menendez
Revocable Trust

by Estate Planning Attorney Nydia Menendez You have probably heard some common myths about Trusts: “A Trust is only for wealthy people,” or “I don’t have a great deal of assets, so why do I need a Trust?” Others may think “I already have a Will, isn’t that enough?” or “A Trust is too expensive.” But, if this was a True or False quiz, the response to each of those myths would be a big, fat FALSE!  What is a Trust? Here we will be talking about a Revocable Living…

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Points to Consider Regarding a Will

Nydia Menendez
Points to Consider Regarding a Will

by Estate Planning Attorney Nydia Menendez This may be the most myth-dispelling article you will ever read on the topic of Estate Planning. That’s because Wills are the Estate Planning tool with which most people are familiar. And people also believe Wills are sufficient for their needs. In fact, most clients call our office asking to prepare a Will so that they can leave their affairs in order and their loved ones taken care of. But is a Will the best way to do that? Our goal is to clarify…

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What is Guardianship?

Nydia Menendez
What is Guardianship

by Estate Planning Attorney Nydia Menendez When people hear the word “Guardianship”, they tend to think of someone taking care of a minor child. However, Guardianship also comes into play when someone over 18 years old is alive but does not have capacity to care for themselves or manage their affairs. The incapacitated person, who could be a minor, someone with special needs or a disability, or any person who has lost capacity, is the Ward. The person with responsibility and authority over the Ward is the Guardian. The Guardian…

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Probate: A Nightmare to Avoid

Nydia Menendez
Probate Court

by Estate Planning Attorney Nydia Menendez When someone passes away, their estate consists of everything left behind, including all the deceased person’s assets. Many people think a Will is the key to planning and leaving their affairs in order for when the time comes. But that is not the case. In fact, Wills are very ineffective because they must be administered by a court through the probate process. Simply stated, when someone dies, with or without a Will and nothing more, the dreadful probate process is required. There are several…

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Estate Planning – Six Critical Considerations

Nydia Menendez

by Estate Planning Attorney Nydia Menendez Everyone has an Estate, including you. But what exactly is an Estate? It’s everything you own, and everything that is left when you pass away. Estate Planning, then, is having a plan in advance to ensure that when the time comes, your wishes are carried out with respect to matters related to your health, your person, your children and grandchildren, and, yes, your assets. If you find yourself searching for a family estate planning attorney near me, it’s crucial to choose someone who can…

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Where Would Our Pets Be Without Family Members Who Love Them?

Nydia Menendez
where would our pets be

by Estate Planning Attorney Nydia Menendez As an estate planning attorney, I understand the value of protecting our loved ones. And as a passionate pet owner, I believe that protection must also extend to our four-legged family members as well. That’s why, when clients have fur babies in their families, I offer a comprehensive (and complimentary) Pet Trust for that family. For many of us, our pets are part of our family, much like a child. Yet, we see many plans (not prepared by our firm) which fail to address…

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Planning to Protect Special Needs Beneficiaries

Nydia Menendez
special needs

by Estate Planning Attorney Nydia Menendez In matters of Estate Planning, there is never a one-size-fits-all document. Every family is different, and each of its members have specific needs and concerns that must be met using various planning tools. When a person’s Estate Plan includes a beneficiary with special needs, mentally or physically disabled, the planning needs to include the right tools to implement a Special Needs Trust. Otherwise, if the distributions are done outright to the family member with special needs, this could jeopardize their eligibility for government benefits…

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Puerto Ricans: Non-U.S. Persons With A Lower Tax Exemption

Nydia Menendez

by Estate Planning Attorney Nydia Menendez Our great forefather, Benjamin Franklin warned that “in this world nothing can be said to be certain, except death and taxes.” One good example is the Estate Tax. The Estate Tax is levied on the value of a person’s worldwide assets at the time of death. Currently the Estate Tax has a $10 million exemption; adjusted for inflation the exemption is $11.7 million in 2021 (which is set to be reduced to $5 million by 2026, if not sooner). But, as is the case with…

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