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***Court suspends enforcement of the Corporate Transparency Act and associated BOI reporting.***
Court suspends enforcement of the Corporate Transparency Act and associated BOI reporting.

On December 3, 2024 a federal district court in the Eastern District of Texas granted a nationwide injunction, enjoining government enforcement of both the Corporate Transparency Act and the associated reporting rule requirements (i.e. BOI or Beneficial Ownership Information reporting).

This temporary injunction will likely be appealed by the government to the US Court of Appeals, and beyond (if necessary). It would be well to be prepared to comply with the BOI reporting rule in the event the decision is overturned, but until further notice, the mandatory reporting to the Financial Crimes Enforcement Network by “Reporting Companies” is suspended.

See FINCEN's website for the latest Alert: https://fincen.gov/boi

If you have questions, please contact your attorney.

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Passing down the family cabin

Jason R. Lee
Blog, Legal Updates
Passing down the family cabin

There are an estimated 24,000 recreational homes in Minnesota.  Property is often handed down to the children, which works fine until the children pass away.  What tends to happen is that the property then starts to multiply owners as the property gets passed on to further decedents.  To alleviate this situation, a trust or an LLC can be setup to help manage the future of the property.  A trust can govern who becomes the beneficiary of the property, establish rules for managing the property and maintenance, and provide liability protection for the owners. An LLC can provide further flexibility for setting and changing rules as the needs of the property owners may change in the future. Attorney Jason Lee discusses the best course of action for passing down the family cabin in this interview on KDUZ 1260 AM’s show “Legal Update.”

Jason Lee is an attorney with Melchert Hubert Sjodin at the Hutchinson, Minnesota office.  Jason represents estate planning, estate administration, real estate, and business clients.  To discuss your specific situation, contact our estate planning team at Melchert Hubert Sjodin at 320.587.2046.

Jason R. Lee
Jason represents family law and litigation clients. Rated a Rising Star by SuperLawyers, Jason is recognized as an expert in his field. Schedule a consultation with Jason by email, [email protected], or phone, (952) 442-7700.
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