Warning! Do You Have An Ownership Interest In A Business?If so, then you need to know about the new reporting requirement of Beneficial Ownership Information under Federal Law. The Corporate Transparency Act (CTA) was enacted by Congress in 2021, and it mandates the disclosure of beneficial ownership information. The law aims to prevent misuse of legal entities for illicit activities …
The Importance of Having Family Legal Counsel: Insights from Fidelis LawThe complexities of life, whether they arise from joyous occasions like marriage or sensitive matters like estate planning, require legal expertise to navigate. A trusted family lawyer can guide you through these intricate processes. Rooted in the Christian faith, our attorneys provide specialized legal services tailored to the needs of …
What is a probate asset?Probate is a legal process where a court validates a decedent’s Last Will & Testament and subsequently appoints a Personal Representative to carry out the affairs of the decedent’s estate. A decedent’s Last Will & Testament, in part, dictates the distribution pattern for all probate assets. However, a common question for both potential Personal Representatives and …
Generational Transfers – Does It Matter When You Transfer An Asset To The Next Generation? The simple answer is “yes” – but the better question is “why does it matter when you transfer an asset to the next generation?” At a basic level, there are two ways to accomplish a generational transfer. You can transfer an asset while you are …
Trust Administration 101Fidelis Law PLLC assists many individuals and families with setting up a wide variety of trusts. However, it is important to understand that establishing a trust (the drafting of the documents, signing of the documents, and funding of initial trust assets) is only the beginning. The process that follows the is what is known as “trust administration.”What is …
When to revisit your estate planningEstate planning is significant no matter your age, marital status, or socioeconomic status, so the added elements of complication that second marriages and blended families bring, only emphasize the need for a solid and thought-out estate plan. It is important to discuss and reach common goals with your second spouse with regard to those delicate areas …
The Basics of Child Support in Tennessee In Tennessee, every parent has a legal duty to support their children. Under Tenn. Code Ann. 34-1-102, both parents are equally and jointly responsible for their minor child’s “care, nurture, welfare, education and support.” The statute goes on to state that this duty to support a biological or legally adopted child continues until …
You have probably heard of a Nonprofit Corporation, but have you ever heard of a Nonprofit Limited Liability Company? Over the last several years I have seen numerous times where people intending to form a nonprofit and seek recognition from the IRS as a 501(c)(3) have mistakenly started by forming a Nonprofit Limited Liability Company (“NPLLC”). A NPLLC and a …
After decades of debate and controversy, the legal and regulatory realm of college athletics has now experienced a major shift regarding compensation for student-athletes. This shift has left many wondering exactly what this means for the future of college athletics. In June of 2021, the Supreme Court ruled on this longstanding issue in the case of National Collegiate Athletic Association …
Tennessee law defines “Adoption” as “the social and legal process of establishing by court order, other than by paternity or legitimation proceedings or by voluntary acknowledgment of paternity, the legal relationship of parent and child.”1 All adoptions share a common goal: to legally recognize a parent-child relationship. But the path to this goal is unique to each situation’s personal and …
