Feb. 25, 2025
Will the Corporate Transparency Act Affect Your Estate Plan? (Episode 314)
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Well, good afternoon, michiganers. It is Tuesday, February twenty five,
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twenty twenty five, and of course this is Tuesday with Tom,
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Michigan's only weekly internet show where we answer your questions
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about a state planning and a state settlement in Michigan.
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And we have actually been answering those questions now for
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nine years.
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The first episode of Tuesday with Tom was.
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On We were a twenty third twenty sixteen in which
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I talked about what is an estate plan So anniversary
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celebration today.
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Doesn't seem possible.
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That nine years have gone by in producing this podcast,
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But of course I am your host, Tom Doyle, estate
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planning attorney, lifelong Michigan resident, and ambassador for all things.
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Good in this great state of Michigan.
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Welcome, Welcome, Welcome to this anniversary episode.
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Today, last episode how.
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To save your children from a twenty percent capital gains
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tax on your home. If you're thinking about transferring your
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home or other real estate perhaps or even other assets
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to your children by way of a gift, and those
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assets have appreciated, I invite you to be sure to
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listen to last week's episode before you make that gift,
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so that you understand whether or not you might be
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passing on a capital gains tax to your children. Today's
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episode the question will the Corporate Transparency Act affect your
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estate plan? But please remember what I'm about to discuss
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during this program is, as always for educational purposes only.
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It is not intended to be legal advice. You need
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to work with your.
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Attorney and in this case, your tax advisor excuse me
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to determine what is appropriate for you and your estate plan.
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Will the Corporate.
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Transparency Act affect your estate plan?
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Well, let's begin with what is.
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The Corporate Transparency Act or abbreviated as CTA, which took
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effect on January first, twenty twenty four and introduce new
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reporting requirements for certain business entities. While the goal of
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the Act is to prevent financial crimes, the Act can
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actually have significant implications.
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For your estate planning. So again, what's the Act?
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Well, the Act basically requires small businesses, especially corporations and LLCs,
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to report there what they call beneficial ownership information to
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the Financial Crimes Enforcement Network. So the idea is that
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if you have a small business which is a corporation
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or an LLC, you might now have the obligation or
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you likely in fact do have the obligation to report
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who owns or who has the beneficial ownership of that
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business entity to the federal government. So who qualifies as
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a beneficial owner, Well, it's anyone who owns at least
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twenty five percent of the entity or has substantial control
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over it. So the government hopes that what this will
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do will curb anonymous ownership for illicit purposes. The idea
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being these businesses have to report to the government who
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owns them, and hopefully by doing that there will not
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be as much anonymous ownership of entities that might be
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involved in illicit per purposes. But for state planning, it
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can in fact introduce new consideration. So how can the
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CTA impact the state planning. Well, let's kind of break
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it down for what it might mean for you. Many
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estate plans involve trusts that hold business ownership. You might
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have a trust. Maybe you have a business that is
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owned as an LLC or owned as a corporation, and
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part of the funding of your trust might involve transferring
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ownership of that LLC or of that corporation to your trust. Well,
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if you do that under the CTA, trustees grantors or
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beneficiaries who might now qualify as beneficial owners are going
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to be required to report their information to the federal government.
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So if you have a trust and you're going to
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be transferring an LLC, maybe you have maybe you don't
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have an LLC set up for a business, but pretty
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common for a lot of clients, they took a family
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cottage and converted it to an LLC as a way
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to continue ownership of the cottage and use by the
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family into the future. Or perhaps you have some rental properties,
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and in part of the conversation that we oftentimes have
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with clients about rental properties when we're setting up a trust,
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is do they first want to transfer ownership of the
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rental property to an LLC for asset protection purposes, to
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put someone in between you and your trust and the
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property in case there is somebody who gets seriously injured.
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On that property.
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Or maybe you're a farmer and you're looking at part
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of your estate plan, and part of that plan, again
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more from an asset protection strategy, might be you take
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your equipment, put it into a separate LLC, and then
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you have the business into a separate LLC, so.
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You can end up with these multiple.
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Business entities that now are going to be subject to
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the reporting requirements of the CTA.
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So that's the first thing.
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Your trustees or you as the grandeur, or the beneficiaries
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of the trust might now be considered beneficial owners, requiring
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them to report their information. A second concern oftentimes, when
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we're talking to clients about preparing a trust in particular,
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they might consider the trust as a tool for protecting privacy.
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We'll have a conversation that if your state has to
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go through probate, that's a public process. Anybody can go
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down to the probate court and learn information about your assets.
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But by having a trust, normally.
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A trust is going to protect privacy because the trust,
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at the normal trust that's prepared for a state plan
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is a private entity. However, now these new reporting requirements
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mean that some individuals are going to have to disclose
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their information to the federal government, which is essentially limiting
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some of that anonymity for those certain business structures. It's
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not that they were looking at doing something illicit with
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the business structure, but they like the fact that something
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inside a trust, nobody has a public record where they
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can go down and find out.
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But now if that trust.
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Is going to have inside it LLC's or corporations, then
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that information is likely going to have to be disclosed
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to the federal government. It can also impact your business
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succession planning. If you're thinking about passing down a business
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to your heirs, be it and it's an LLC or
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a corporation, Now the CTA may require the disclosure of
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new beneficial owners so that when you die and.
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Your business now is passed down to your heirs, your heirs.
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Might now be obligated to disclose their beneficial ownership of
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that asset, which basically means it can create extra administrative
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hurdles or families who are managing business transitions. So in
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settling your trust, if you have a trust, or if
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your estate is going to go through probate and that
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LLC or corporation is going to be passed on through
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the probate process, or maybe your LLC or business is
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set up to take advantage of transfern ownership opportunities where
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it's going to transfer directly to a beneficiary without having
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to go through probate and without having a trust. In
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all of those cases, though, now the individuals receiving that
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LLC or the individuals receiving those businesses might now have
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to concern themselves, along with everything else that's involved in
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settling your estate, with reporting their business ownership information.
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To the feeds. Essentially, what does that mean?
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Well, really that is going to to potentially increase the
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compliant obligation by the person settling your state, whether it's
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the executor or a personal representative or a trustee. And
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you as a business owner, now you have to stay
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on top of these reporting requirements in order to avoid penalties,
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because non compliance could lead to fines and even criminal consequences.
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So what do you do?
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What steps might you want to take in order to
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protect your state plan? Well, one, review your business entities
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identity by which of those entities need to report under
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the CTA and so you can take a look at
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your entities. Do you have LLC's, do you have corporations?
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You should talk to your tax advisor who's primarily at
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kind of the front end, if you will, of the
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reporting that occurs, and check with them to see do
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you have reporting obligations and have you met those reporting
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obligations under the CTA and if not, have them work
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with you to accomplish that Two, determine beneficial ownership. Try
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and look at who actually is the beneficial owner of
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these businesses, these LLCs, and these corporations in your current structure.
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Three, keep detail records.
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Make sure that you maintain up to date ownership records
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because doing that is going to make compliance easier.
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So if information.
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Has to be reported to the federal government, by maintaining
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up to date ownership records, Who are the beneficiaries of
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your trust? Who are the perhaps the personal representative that
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you've pointed under your will or your successor trustees that
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you have under your trust, Names, addresses, contact information, etc.
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Make sure that information is kept up to date so
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that when there are obligations to report, compliance.
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Will be easier.
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And finally, consult with professionals. These can get complicated. Our
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recommendation is that you start with your tax advisor because
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oftentimes these entities that are created also have tax implications that.
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Go along with them.
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You can also reach out to your legal advisor who
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is involved in having put together or is planning your
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current estates. So the CTA, the Corporate transmittery Act, is
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basically introducing a new layer of regulatory oversight that under
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circumstances might impact estate plans involve business entities, so whether
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you have a trust, an LLC, or corporation as part
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of your state strategy, understanding these new requirements is essential
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for you to avoid legal pitfalls. So if you have
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any questions, reach out to your tax advisor, or you
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can certainly reach out to us at Doyle Lot PC
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to learn about how the CTA might affect your estate planning.
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Of course, Amanda and I would be honored even if
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you don't have questions about the CTA, but we would
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be honored to have the opportunity to help you protect
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your loved ones by putting together your estate plan, a
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mending a plan that you already have, even if it's
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one that we didn't prepare, or assisting you in settling
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an estate. All the information about scheduling appointments with us,
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whether it's going to be in person consultations at our
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lansing office location on West Saint Joe or our Grand
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Rapids location on Ottawa Now, or is it going to
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be a virtual consultation via Zoom or telephone. All of
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that information on how to schedule those consultations will be
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found at our website. Doyle LAWPC dot com. Also, maybe
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all you're looking for is an individual document. You need
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a new, let's say, certificate of trust because you're selling
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real estate on behalf of a trust. Visit our Legal
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Store again available at Doyle LAWPC dot com and you
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will find out how you can actually order individual documents
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through the legal store. Information on ordering legal documents is
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also available through the DOYLAPC Facebook page.
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Well, I think.
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That that is going to be it for today's anniversary show.
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As always, though, if you have.
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A comment about our program, a topic that you'd like
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to have me discuss, or questions you'd like to have answered,
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just head on over to Tuesday with Tom dot com,
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leave a voice message by clicking on the microphone, or
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send me an email. That would be Tom at Tuesday
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with Tom dot com. We invite you please follow us
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on Facebook. Invite your friend and families to follow us.
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That would be Tuesday with Tom. You can follow the
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office as well at Doyle Law PC, and don't forget
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to join our email list. You can subscribe for our email.
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It's a monthly e newsletter. Today's February twenty fifth edition
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actually went out today, but you can subscribe to that
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newsletter at Tuesday with Tom or at DOYLELAWPC dot com.
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Your smart speaker to play Tuesday with Tom. Well, thanks
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again for spending some of your time with us today
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and as always, I hope that you have an awesome
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day and an awesome.
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Week in Michigan. Stay safe now.
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Tuesday with Tom has been brought to you by the
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estate planning attorneys at Doyle Law PC. To learn how
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we can help you with your estate plan or with
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settling a loved one's estate, please call us today at
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five one seven three two three seven three sixty six.
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That's five one seven three two three seven three sixty six.
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