NGOs have been greatly abused by a relatively few. Sad because NGOs improve the lives of millions while the abusers grab the headlines. The solution, unfortunately, is more efficient oversight of NGOs. Until then, do your homework and ask the right questions. What is an NGO? NGO stands for non-governmental organization. One type of NGO […]
Rumor is, some Los Angeles fire victims are having difficulty with their insurance when the home is held in trust. While I find this hard to believe, naming the trust as an insured or additional insured usually avoids the issue. Why Put Your Home In A Trust A personal residence (a “home”) is often held […]
Should you hold your residential real estate in a trust or an LLC? Trusts may be emerging as the better option. Here is why. Background Regarding LLCs and Colorado Real Estate Over the last 20 years, LLCs became the preferred way to hold Colorado rental real estate because the LLC provided privacy and limited liability […]
Colorado recognizes prenuptial and post-nuptial agreements. A spouse can waive virtually all rights except child support. The question is, should they? Prenuptial Agreement Contents Most prenuptial agreements start with both spouses waiving all rights to the other spouse’s property whether that property is acquired before or during the marriage. The spouses also waive any right […]
Starting January 1, 2024, small corporations, LLCs, and similar entities are required to report beneficial ownership information to the Treasury’s Financial Crime Enforcement Network (FinCEN). The penalty for failure to file is up to two years in prison and $10,000. A beneficial owner is any individual who directly or indirectly exercises substantial control over the […]
Mineral interests can become fragmented, difficult to trace, and expensive to transfer. Holding mineral interests in an LLC can solve all three problems. The phrase “mineral interest” is used broadly to describe rights to gas, oil, and other minerals at or below the surface of land. Mineral interests are further divided into royalty interests, working […]
Colorado Eviscerates Non-Competition & Trade Secret Agreements Non-competition agreements have arguably been overused to the benefit of employers. HB22-1317 drastically changed Colorado’s law governing these agreements. The changes went into effect on August 9, 2022 and apply to agreements entered into or renewed after August 9, 2022. These changes affect Colorado employers and any business […]
Coloradoans are getting Margarita Fever. A trip to the Mexican sun coast. Warmth, salt air and a whiff of humidity. A yearning for a piece of Mexican paradise warms the body while a little tequila whispers soulfully that it is the right thing to do. Why A Fideicomiso? Foreigners cannot directly own Mexican real property […]
There is a lot of conversation at the Colorado State level surrounding taxation of vacation rentals. As of right now, three bills may be presented. First, HB22-1117 has been presented as an opportunity for county governments to introduce lodging taxes at a county level. These taxes would be dedicated to tourism marketing and workforce housing. […]
I would not have believed it if I didn’t hear it with my own ear. The Colorado General Assembly considered taxing residential property as commercial if that residential property was held in an LLC or other entity. This would result in about a 400% increase in property tax. For now, the proposal did not make […]