News

Lin Law LLC Is Here for You

Posted by on Mar 24, 2020 in News | 0 comments

Pursuant to Governor Evers’ Safer at Home Order, dated March 24, 2020, law firms are deemed an essential business and, as such, may continue to operate during the ongoing COVID-19 pandemic. Lin Law LLC will remain open and continue to serve our clients during this difficult and unprecedented time. We will, however, conduct client meetings and other business via teleconference or videoconference to the extent reasonably possible, in order to protect our clients and staff. If you need to visit Lin Law LLC in person, we ask that you call ahead...

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Hindsight is 20/20, even for Kobe Bryant

Posted by on May 12, 2020 in Estate Plan, News | 0 comments

In a previous post, The Estate of Kobe Bryant, we discussed some of the potential challenges facing Kobe’s wife, Vanessa Bryant, as the likely heir of Kobe’s sizable estate. Recent court filings have revealed some of the details of Kobe’s estate plan, including one major flaw. In March, the co-trustees of Kobe’s trust (his wife, Vanessa, and his former agent, Robert Pelinka, Jr.) petitioned a California court to amend the terms of Kobe’s trust to add Kobe and Vanessa’s youngest daughter, Capri Bryant, as a beneficiary. The...

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Happy National Healthcare Decisions Day!

Posted by on Apr 16, 2020 in Estate Plan, News | 0 comments

National Healthcare Decisions Day, celebrated annually on April 16, is a nationwide initiative to inspire, educate, and empower the public and health care providers about the importance of advance healthcare planning. But what, exactly, is advance healthcare planning? Broadly speaking, advance healthcare planning is the process of formulating and documenting your beliefs and wishes in connection with your health care. Issues to consider in this process include nursing home admission, end-of-life care preferences, and organ donation, just to...

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CARES Act Authorizes $349 Billion in Forgivable Small Business Loans

Posted by on Apr 1, 2020 in General, News | 0 comments

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), authorizing the United States Small Business Administration (the “SBA”) to issue up to $349 billion in forgivable loans to eligible small businesses through June 30, 2020. SBA §7(a)-approved lenders will be begin processing loan applications as soon as April 3, 2020. Under Section 1102 of the CARES Act, the “Paycheck Protection Program,” employers with five hundred (500) or fewer employees can borrow up to...

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The Business News publishes guest legal column by Lin Law LLC

Posted by on Mar 27, 2020 in News | 0 comments

The following article by Lin Law LLC’s Attorney Emily E. Ames was published in the March 30, 2020 issue of The Business News as Now is good time to review succession plan.   Preparing During a Pandemic: Does Your Business Have a Succession Plan? In the midst of a global pandemic and the corresponding uncertainty regarding the future, now is a good time to review your business’ succession plan (if you have one) or to start putting one in place (if you do not). Unsure whether you have a business succession plan? Two basic but...

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Expanded Leave Under the Families First Coronavirus Response Act

Posted by on Mar 20, 2020 in General | 0 comments

On March 18, 2020, President Trump signed into law House Resolution 6201, the Families First Coronavirus Response Act (the “Act”). The Act, which is applicable to employers with five hundred (500) or fewer employees, provides expanded paid and unpaid leave to employees in response to the ongoing COVID-19 pandemic. Emergency Family and Medical Leave Expansion Act Division C of the Act, subtitled the “Emergency Family and Medical Leave Expansion Act”, uses the existing Family and Medical Leave Act (FMLA) as a framework to provide...

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Happy International Women’s Day!

Posted by on Mar 6, 2020 in Estate Plan | 0 comments

Sunday, March 8, 2020 is International Women’s Day! This day, celebrated annually since 1911, honors working women worldwide. Most working women have a lot on their plate, and between their careers, their families, and all the other day-to-day goings-on, their estate plan is probably not at the top of their priority list. So, let’s take some time, in honor of International Women’s Day, to consider the unique challenges women face with regard to their estate plans. Women in the United States live an average of 5 years longer than men. As...

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The Estate of Kobe Bryant

Posted by on Feb 21, 2020 in Estate Plan | 0 comments

On January 26, 2020, beloved basketball star Kobe Bryant died in a helicopter crash at the age of 41. Given Kobe’s estimated net worth (he earned an estimated $680 million over his 20-year career with the Lakers alone), his estate plan (or potential lack thereof) has been a hot news topic ever since. However, Kobe’s lifetime earnings are only a small part of his financial and estate planning picture. In 2013, Kobe co-founded the venture-capital firm Bryant Stibel, and in 2016 began investing in sports drink brand BodyArmor. As the result...

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IRS Confirms: No “Claw-Back”

Posted by on Jan 28, 2020 in Estate Plan, Estate Tax | 0 comments

Ever since the 2017 Tax Cuts and Jobs Act (“TCJA”) doubled the federal estate tax exemption amounts (adjusted for inflation to $11.58 million for 2020), estate taxes have been a thing of the past for most individuals. Some high net-worth individuals, however, have kept in mind that the TCJA is set to “sunset” on December 31, 2025, at which point the estate tax exemption amount will revert back to amount in effect in 2017 ($5 million, as adjusted for inflation). Those individuals have therefore questioned whether it is possible to...

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The SECURE Act of 2019: The End of “Stretch” IRA Distributions

Posted by on Jan 6, 2020 in Estate Plan, Revocable Trust, Will | 0 comments

On January 1, 2020, the Setting Every Community Up for Retirement Enhancement (SECURE) Act, making widespread changes to the rules and regulations regarding retirement assets, became effective. From an estate planning perspective, the most significant change is the requirement that most non-spouse beneficiaries of an inherited IRA or other inherited retirement asset, such as a 401(k), must withdraw the entire balance of the inherited asset within 10 years of the decedent’s death. Prior to the SECURE Act, beneficiaries of inherited...

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