From Attorney Tim Bupp, chair of the CGA Law Firm Estate Law section. In this biweekly column, Attorney Tim Bupp shares with you lessons and perspectives from his twenty-five years as an estate planner with CGA Law Firm. I am asked about the potential benefits of living trusts nearly every day. My answer: in specific situations, a living trust can provide clarity and benefit to your estate plan. However, as with nearly every other estate planning tool, one size does not fit all; not everyone will benefit from the extra effort and expense that go into creating and maintaining such… read more »
The Clock is Ticking – Obligate ARPA Funds Before the Deadline
The American Rescue Plan Act (ARPA) has provided many local governments with a financial boost to tackle the challenges the pandemic presented. However, with the deadline to obligate these funds less than a year away, municipalities must be mindful of the time limitations associated with the funds to ensure optimal utilization for their community’s benefit. Local governments have until December 31, 2024, to obligate all received ARPA funds. This means the governing bodies of municipalities must allocate the funds to specific projects, programs, or initiatives before this date to avoid loss of funds. Under the Final Rule, failure to meet this… read more »
Why Bankruptcy Still Beats Debt Consolidation Loans in a High-Interest Environment
Interest rates continue to rise, and individuals and businesses grappling with substantial credit card and unsecured debt find themselves navigating treacherous financial waters. Traditionally, debt consolidation programs have offered an alternative to bankruptcy by combining multiple debts into a single, manageable payment. However, as interest rates reach unprecedented highs, the once-reliable lifeboat of debt consolidation is increasingly becoming a sinking ship. As an experienced bankruptcy attorney, I’m now witnessing a shift in the financial dynamics that make bankruptcy a more viable option for those drowning in debt. Here are a few reasons why bankruptcy continues to gain prominence over debt… read more »
CGA Law Firm is Proud to Announce the Election of Hunter B. Schenck to Shareholder
CGA Law Firm is pleased to announce that Attorney Hunter B. Schenck has been unanimously elected as a Shareholder. With ten years of experience in litigation and real estate, Hunter has become an invaluable asset to CGA’s clients. For the past few years, she has been a member of CGA’s Technology Committee which works on exploring new ways to help attorneys and staff to better serve our clients. “Hunter has worked very hard in building her practice and continues to do so. This is certainly a well-deserved honor,” CGA President Craig S. Sharnetzka said. Schenck provides legal services to individuals… read more »
The Corporate Transparency Act and Beneficial Ownership Information Reporting
At the beginning of this year, the Corporate Transparency Act (“CTA”) became effective. The CTA is intended to aid law enforcement in combating illicit activity, such as money laundering and terrorist financing, conducted through anonymous shell companies. It does so by mandating certain entities, primarily small or medium size businesses, to report “beneficial owner” information to the Financial Crimes and Enforcement Network (“FinCEN”). The CTA authorizes FinCEN, a Bureau of the US Treasurer Department, to collect, protect and disclose this information to authorized governmental authorities and financial institutions in certain circumstances. Reporting companies under the CTA include corporations, limited liability companies… read more »
Attorney Derek. T. Maninfior Joins CGA Law Firm as Litigation Associate
CGA Law Firm is pleased to welcome litigator Derek T. Maninfior to our Litigation Practice Group as an associate of the Firm. Maninfior has experience representing clients in civil and criminal cases throughout central Pennsylvania. His expertise includes trial and appellate advocacy, making him a valuable addition to our team. “I am thrilled to join such a talented team of legal professionals,” said Maninfior. “The breadth of knowledge and experience at CGA is inspiring, and I’m excited to hone my skills as an advocate to provide exemplary legal representation to the York and surrounding communities.” Maninfior has a diverse background,… read more »
PA Home Improvement Consumer Protection Act (HICPA): Are You in Compliance?
On July 1, 2009, the Pennsylvania Home Improvement Consumer Protection Act (HICPA) went into effect. HICPA applies to all persons owning or operating a home improvement business doing $5,000 or more each taxable year, including those who are subcontractors. The Act requires that each home improvement contractor or subcontractor register with the Bureau of Consumer Protection in the Office of the Attorney General. This involves providing various pieces of information in order to obtain a registration number which must be clearly included on all contracts, advertisements, estimates, and proposals. Home improvement contractors are required to list a physical address and… read more »
Steer Clear: Avoid DUI and Financial Ruin this Holiday Season
Driving Under the Influence (DUI) not only jeopardizes your life and the lives and safety of others – it’s also a financial nightmare with ruinous consequences. Court fees, costs and restitution are higher than you might think – not to mention potentially enormous damages demanded by victims for property damage and personal injury. When you factor in the potential loss of your driver’s license or employment, the picture of financial devastation becomes very clear. As part of my bankruptcy practice, I help people get a fresh start from debt. Most of the time, these debts involve situations outside of my… read more »
Important Changes to Pennsylvania Corporate Law: Annual Reporting Obligations
Business owners in Pennsylvania should take note of a significant new change to corporate law that will be effective starting in 2024. Act 122 has replaced Pennsylvania’s traditional decennial corporate filing requirements with new annual reporting obligations. Failing to comply with the new regulations may result in administrative repercussions for entities. Below are some frequently asked questions to help you navigate these changes: Pennsylvania’s Act 122 requires annual reports from all organizations including but not limited to: Corporations Limited liability Companies (LLC) Most Partnerships Non-profit corporations Registered foreign entities (out of state companies registered to do business in Pennsylvania). Starting… read more »
Business & Corporate Law Guidance: Caveat Emptor (Buyer Beware)
“Caveat emptor” was frequently applied to commercial transactions in the past. Caveat emptor is a Latin phrase that translates to “let the buyer beware”. It was a warning to those buying, primarily goods, that they should do their own research and ask pointed questions of a seller before making a purchase. Modern laws concerning the purchase and sale of goods often provide protection in that regard. However, investigating and asking questions remains valuable, even when obtaining services. These days, many legal services are available online. But they are not as helpful or inexpensive as they might seem. For example, you… read more »