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So far Erik Alicea has created 16 blog entries.

The Importance of Comprehensive Estate Planning: Protecting Your Loved Ones and Your Legacy

Estate planning is more than just drafting a will—it's about ensuring that your loved ones and your legacy are protected in the event of your passing. At KEYTLaw, we understand the importance of a well-structured estate plan that covers all aspects of your life, from your financial assets to your healthcare preferences. Here’s what you need to know about comprehensive estate planning and why it’s crucial for your family’s future.

What Does a Comprehensive Estate Plan Include?

A complete estate plan should go beyond the basics of a simple will. It should encompass a variety of legal documents that ensure your wishes are respected, even when you are no longer able to communicate them. Here’s a look at the key components of a comprehensive estate plan:

  1. Last Will and Testament – Your will is the cornerstone of your estate plan. It allows you to specify who will inherit your assets and, if you have minor children, who will be their legal guardian. At KEYTLaw, we prepare what is called a pour-over will, which ensures that any assets not transferred to your trust during your lifetime will be added to your trust upon your death.
  2. Living Trust – A living trust is another essential element of estate planning, especially if you want to avoid the lengthy and costly probate process. A trust allows your assets to be transferred directly to your beneficiaries without the need for court intervention. At KEYTLaw, we offer different types of trusts depending on your unique situation, including irrevocable trusts for blended families and family trusts for large estates.
  3. Financial Power of Attorney

Understanding the Corporate Transparency Act: What Arizona Business Owners Need to Know

Starting January 1, 2024, the Corporate Transparency Act (CTA) requires nearly all U.S. companies to file a beneficial ownership report with the Financial Crimes Enforcement Network (FinCEN). This new federal law is a significant shift in corporate compliance and is designed to combat money laundering, terrorism financing, and other illicit activities. But for many business owners, the process of understanding and meeting these requirements can be overwhelming.

This guide aims to clarify what the Corporate Transparency Act entails, how it affects your business, and the steps you need to take to stay compliant.

What is the Corporate Transparency Act?

The Corporate Transparency Act is part of a broader effort by the U.S. government to increase transparency in corporate ownership. Under this law, most U.S. companies must report their beneficial owners—individuals who have substantial control or ownership of the company—to FinCEN, a bureau of the U.S. Treasury.

This means providing detailed information, including:

  • The name of your company
  • The company’s address
  • Employer Identification Number (EIN)
  • Names, birthdates, addresses, and identification numbers (e.g., passport or driver's license) of beneficial owners

The deadline for companies formed before 2024 is December 31, 2024. For companies formed in 2024 or later, the FinCEN report must be filed within 90 days of formation.

What Are the Penalties for Non-Compliance?

Failure to file the required FinCEN report can result in severe penalties. Companies can be fined $500 per day for each day the report is late, and individuals responsible for filing false reports could face criminal charges, including up to two years in prison.

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10 Estate Planning Mistakes You Need to Watch Out For

Estate planning is often viewed as a task for the distant future, but it is one of the most important steps you can take to secure your family's financial well-being today, while you still have time. When it comes to estate planning, you don’t want any of your loved ones to suffer as a result of something you did wrong. Unfortunately, many people make critical mistakes during the estate planning process. 

This article takes a look at ten estate planning mistakes that people commonly make and ways to help you avoid them. With thoughtful and thorough consideration, along with some experienced guidance, you can ensure that you create an estate plan that is guaranteed to carry out your wishes and safeguard your loved ones the way you intended. Let’s get started!

  1. Starting Too Late

Why this is a mistake:

Delaying your estate plan puts your loved ones at risk. If you wait until health issues make it hard to make clear choices, or if you wait too long and are simply unable to complete them, you might die or become incapacitated without having prepared your estate for your loved ones’ benefit.

How to avoid it:

Get started early in your estate planning, even if you are still young and healthy or haven’t yet accumulated all the wealth you plan to leave to your heirs someday. Your basic plan can be modified as your situation changes, whether through marriage, the birth of a child, or other financial shifts. 

  1. Failing to Create a Will

Why this is a mistake:

Without a will, your property would pass by intestate succession according

The Comprehensive Guide to Forming an LLC in Arizona: Key Insights from KEYTLaw, LLC

Forming a Limited Liability Company (LLC) in Arizona can be a straightforward and efficient process when guided by experienced professionals. 

At KEYTLaw, LLC, our two-attorney firm, led by Richard Keyt (Rick) and his son, former CPA Richard C. Keyt (Ricky), has been providing top-notch estate planning and LLC formation services in Scottsdale, Arizona, for over 50 years. With 362 five-star reviews across Google, Facebook, and Birdeye, we pride ourselves on offering low-cost, high-quality legal services. To date, we have prepared over 630 estate plans and formed more than 9,200 LLCs. 

This blog will delve into the key aspects of forming an LLC in Arizona, based on our extensive experience and the exceptional services we offer.

The Genesis of LLC Formation in Arizona

Pioneering LLC Formation Since 1992

The journey of KEYTLaw, LLC, in forming LLCs began on the very day the LLC law became effective in Arizona in October 1992. Rick Keyt recalls the momentous day when his legal assistant filed the Articles of Organization for the very first LLC in Arizona as soon as the Arizona Corporation Commission opened its doors. Since then, we have been at the forefront of LLC formation, accumulating a wealth of experience and knowledge.

Our Legacy: Over 9,200 LLCs and Counting

Starting from 2001, we began keeping meticulous records of our LLC formations, reaching a remarkable milestone of over 9,200 LLCs formed. Our success is attributed to the quality and affordability of our services, making us a preferred choice for many entrepreneurs and business owners in Arizona.

Our Streamlined LLC Formation Process

Easy and Accessible Services

At KEYTLaw, LLC, we understand that convenience and efficiency are crucial for our clients. We offer

Protecting Your Children’s Future: Essential Estate Planning for Parents of Minor Children

When you're a parent, your primary concern is ensuring the safety and well-being of your children. For parents of minor children—those under 18 years old—this responsibility includes planning for unforeseen circumstances, such as the untimely death of both parents. At KEYTLaw, LLC, a Scottsdale-based estate planning and LLC formation law firm, we understand the complexities and emotional weight of these decisions. With over 50 years of combined experience, Richard Keyt (Rick) and his son, former CPA Richard C. Keyt (Ricky), are here to guide you through the estate planning process, helping you protect your most valuable assets: your loved ones.

The Importance of Naming Guardians and Conservators

What Happens If You Don't Have a Plan?

One of the most critical aspects of estate planning for parents of minor children is designating guardians and conservators. If you and your spouse pass away without a will or other legal documents in place, the state will decide who will care for your children and manage their assets. This can lead to unwanted outcomes and added stress for your family during an already difficult time. The court's choice may not align with your preferences, especially regarding who will raise your children and how their inheritance will be handled.

Guardianship: Choosing Who Raises Your Children

A guardian is a person you designate in your will to care for your children if you die. This individual will make day-to-day decisions for your children, including those related to education, health, and general welfare. It's essential to choose someone who shares your values and whom you trust to raise your children in your absence. You can also name alternate guardians in case your first choice is