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Probate

Wire Fraud in Real Estate Transactions

Wire Fraud in Real Estate Transactions

Wire fraud is on the rise everywhere and the Federal Reserve is being asked to take a more proactive role in preventing it, especially as it relates to real estate transactions. Two key points are:

1. All parties involved in the real estate transaction need to help educate customers on the dangers of wire fraud and on the ways to protect data and funds. For example, by encouraging consumers to call their known reputable source at a verified number to verify instructions before transmitting funds.

2. Financial institutions on the receiving end should match not only the account number but also the payee’s name when there is a wire transfer. Oftentimes fraudulent wire instructions will say the transfer is to be sent to the attorney’s trust account, for example, but instead it goes to the criminal’s personal account as beneficiary.

If you intend to wire funds to us and suspect anything may be wrong with the instructions, please phone us to verify. If we have sent you instructions and you suddenly receive an email asking you to wire to a different account, phone us to verify. We have only (1) IOLTA account, so we will never change our instructions and ask you to wire to a different account.

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Estate Planning and Transferring Firearms

Estate Planning and Transferring Firearms

Clients have begun to inquire about transferring firearms in their estate planning. Unique rules and procedures apply to certain firearms – such as NFA firearms, even in estate planning. Limited liability companies (LLC’s) were once the preferred method, but LLC’s require annual maintenance fees to the state and even separate tax returns. Now, “gun trusts” that are prepared as part of an estate plan can be used to pass on the trust creator’s firearms after their death. Prepared separate from a conventional revocable trust, a gun trust may provide access to more people than the original owner, may provide for changes in the law over time, and may require trustees that are more likely to be knowledgeable of firearms and the legal requirements that surround them. A gun trust will not pass on other assets, only the guns, and a separate conventional trust is still needed for other assets. Using a gun trust can provide for the legal, safe transfer of NFA firearms and even keep those weapons in trust for several generations.

Written by J. Kirk Trombley, Esq.

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