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Burton Law LLC
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Добавлен 15 ноя 2017
Attorney Thomas B. Burton uses this channel to share legal information, and explain legal topics related to estate planning (wills and trusts), business law, real estate and related matters. Attorney Burton is licensed to practice in the state of Wisconsin and owns and operates Burton Law LLC. From his office in Eau Claire, Wisconsin, Attorney Burton works with clients throughout the state of Wisconsin. Attorney Burton is a graduate of the University of Wisconsin Law School, and the University of Wisconsin-Eau Claire, and in his free time enjoys golfing, tennis, traveling, and following Badger sports.
What Happens to a Bank Account When Someone Dies Without a Beneficiary? | Question and Answer
Attorney Thomas B. Burton answers the following question: "What Happens to a Bank Account When Someone Dies Without a Beneficiary?"
Attorney Burton answers a question and explains what happens to bank accounts in Wisconsin that do not have payable on death or "P.O.D." beneficiaries named, upon the bank account owners death. Attorney Burton also discusses alternatives to the probate court process, such as namig P.O.D. beneficiaries directly with the bank, or placing the bank account inside of a revocable living trust during life to avoid the probate court process at death.
➮ Subscribe to Burton Law LLC’s channel to get notified when we post new videos. Subscribe here: bit.ly/BurtonLawLLC
Af...
Attorney Burton answers a question and explains what happens to bank accounts in Wisconsin that do not have payable on death or "P.O.D." beneficiaries named, upon the bank account owners death. Attorney Burton also discusses alternatives to the probate court process, such as namig P.O.D. beneficiaries directly with the bank, or placing the bank account inside of a revocable living trust during life to avoid the probate court process at death.
➮ Subscribe to Burton Law LLC’s channel to get notified when we post new videos. Subscribe here: bit.ly/BurtonLawLLC
Af...
Просмотров: 134
Видео
How Much Does it Cost to Set Up an LLC in Wisconsin? | LLC Filing Cost
Просмотров 92Месяц назад
Attorney Thomas B. Burton answers the following question: "How Much Does it Cost to Set Up an LLC in Wisconsin?" Attorney Burton discusses the LLC filing fee and the annual report fee due to the state of Wisconsin to set up an LLC in the state of Wisconsin in 2024. You can find the latest information on the filing fee to set up various entities in the state of Wisconsin on the Wisconsin Departm...
Can My Business Have Multiple Different Addresses? | Business Question
Просмотров 713 месяца назад
Thomas B. Burton answers the following question: "Can My Business Have Multiple Different Addresses?" Attorney Burton discusses how a Limited Liability Company in Wisconsin must must maintain an official registered agent and registered office in the state of Wisconsin, and must keep this information up to date with the Wisconsin Department of Financial Institutions, but also discusses how a bus...
Can One Trust Own Property in Three States? | Revocable Living Trust
Просмотров 2854 месяца назад
Attorney Thomas B. Burton answers the following question: "Can One Trust Own Property in Three States?" Attorney Burton answers this question and explains how a revocable living trust can be used to own real estate in three different states, and also explains how the use of a revocable living trust can avoid a probate court process in three different states. ➮ Subscribe to Burton Law LLC’s chan...
Is There an Annual Fee for an EIN? | LLC Tax ID Number
Просмотров 4014 месяца назад
Thomas B. Burton answers the following question: "Is There an Annual Fee for an EIN?" Attorney Burton explains how there is no initial filing fee or annual fee to obtain an Employer Identification Number (EIN) from the Internal Revenue Service (IRS) for a Limited Liability Company (LLC). Certain applicants can obtain an EIN directly from the IRS via their online EIN Assistant website applicatio...
How is a Single Member LLC Taxed? | Disregarded Entity
Просмотров 1,4 тыс.6 месяцев назад
Attorney Thomas B. Burton discusses how single member LLC's are treated by default as disregarded entities for federal tax purposes by the IRS, and explains why a single member LLC treated as a disregarded entity is taxed similar to a sole proprietorship. This is why you will sometimes hear a single member LLC referred to as a "single member LLC taxed as a sole proprietorship" or a "single memb...
How Do I Pass Co-owned Real Estate in Michigan to my Daughter in Wisconsin? | Estate Planning
Просмотров 757 месяцев назад
Attorney Thomas B. Burton answers the following question: "How Do I Pass Co-Owned Real Estate in Michigan to my Daughter in Wisconsin?" Attorney Thomas B. Burton answers a question from a person who lives in Wisconsin but co-owns real estate jointly with their cousin in Michigan. The questioner would like to know how to leave their interest in the co-owned real estate to their daughter through ...
How Do I Set Up a Living Trust in Wisconsin? | Estate Planning
Просмотров 6657 месяцев назад
Attorney Thomas B. Burton answers the following question: How Do I Set Up a Living Trust in Wisconsin? Attorney Thomas Burton answers the following question: "How Do I Set Up a Living Trust in Wisocnsin?" Attorney Burton discusses the steps to set up a revocable living trust in Wisconsin and provides advice to the viewers on how to go about setting up their legally valid trust in the state of W...
How Does a Revocable Trust Work After Death? | Estate Planning
Просмотров 1,1 тыс.7 месяцев назад
Attorney Thomas B. Burton answers the following question: "How Does a Revocable Trust Work After Death?" Want to know what type of estate planning documents are best for your situation? Download a free copy of my easy estate planning guide. Obtain Your Free Will vs. Trust Estate Planning Guide here: bit.ly/3jxgz3R ➮ Subscribe to Burton Law LLC’s channel to get notified when we post new videos. ...
3 Reasons Parents of Minor Children Need a Will | Estate Planning 101
Просмотров 3569 месяцев назад
Attorney Thomas B. Burton discusses the 3 Reasons Parents of Minor Children Need a Will in the latest episode of Estate Planning 101. Estate Planning 101 is our educational series, where we discuss various estate planning topics in detail, so that you can take charge of your own estate planning. Want to know what type of estate planning documents are best for your situation? Download a free cop...
Do Bank Accounts with Beneficiaries Have to Go Through Probate? | Estate Planning Question & Answer
Просмотров 4,4 тыс.9 месяцев назад
Attorney Thomas B. Burton answers the following question: "Do Bank Accounts with Beneficiaries Have to Go Through Probate?" Welcome to another informative episode of our Estate Planning Question & Answer series, where Attorney Thomas B. Burton addresses your pressing estate planning queries. In this episode, we tackle a common question: "Do Bank Accounts with Beneficiaries Have to Go Through Pr...
Is There a Yearly Fee for a Trust? | Attorney Answers Question
Просмотров 1,7 тыс.9 месяцев назад
Is There a Yearly Fee for a Trust? | Attorney Answers Question
What is the Difference Between a Will and a Trust in Wisconsin? | Attorney Explains
Просмотров 24310 месяцев назад
What is the Difference Between a Will and a Trust in Wisconsin? | Attorney Explains
Does a Will Overrule a Trust? | Attorney Answers Estate Planning Question
Просмотров 39610 месяцев назад
Does a Will Overrule a Trust? | Attorney Answers Estate Planning Question
Why Everyone Needs a Living Revocable Trust? | Revocable Living Trust Question & Answer
Просмотров 1,4 тыс.10 месяцев назад
Why Everyone Needs a Living Revocable Trust? | Revocable Living Trust Question & Answer
What is an LLC Good For? | Limited Liability Company Question & Answer
Просмотров 17510 месяцев назад
What is an LLC Good For? | Limited Liability Company Question & Answer
What Should I Know Before Starting an LLC? | Limited Liability Company
Просмотров 14310 месяцев назад
What Should I Know Before Starting an LLC? | Limited Liability Company
Do All Wills Go Through Probate in Wisconsin? | Estate Planning Question and Answer
Просмотров 38111 месяцев назад
Do All Wills Go Through Probate in Wisconsin? | Estate Planning Question and Answer
Do I Need Both a Will and a Trust? | Estate Planning Question and Answer
Просмотров 77311 месяцев назад
Do I Need Both a Will and a Trust? | Estate Planning Question and Answer
Why A Will Alone is Not Enough to Avoid Probate | Estate Planning 101
Просмотров 47711 месяцев назад
Why A Will Alone is Not Enough to Avoid Probate | Estate Planning 101
Is a Handwritten Will Legal in Wisconsin? | Attorney Explains
Просмотров 227Год назад
Is a Handwritten Will Legal in Wisconsin? | Attorney Explains
Who Could Be Custodian for My Trust Fund After Great Grandma Died? | Attorney Answers Question
Просмотров 53Год назад
Who Could Be Custodian for My Trust Fund After Great Grandma Died? | Attorney Answers Question
How Do You Write a Simple Will Without a Lawyer? | Attorney Explains Wisconsin Basic Will
Просмотров 1,2 тыс.Год назад
How Do You Write a Simple Will Without a Lawyer? | Attorney Explains Wisconsin Basic Will
Are Precious Metals Subject to Probate When an Individual Dies? | Attorney Answers Question
Просмотров 64Год назад
Are Precious Metals Subject to Probate When an Individual Dies? | Attorney Answers Question
Can A Living Trust Be Funded Strictly By Beneficiary Designations? | Living Trust Question
Просмотров 95Год назад
Can A Living Trust Be Funded Strictly By Beneficiary Designations? | Living Trust Question
What is the Difference Between an LLC and a C Corp? | Question and Answer Series
Просмотров 126Год назад
What is the Difference Between an LLC and a C Corp? | Question and Answer Series
Does Wisconsin Have a Transfer on Death Deed? | Attorney Answers Question
Просмотров 566Год назад
Does Wisconsin Have a Transfer on Death Deed? | Attorney Answers Question
How to Make a Power of Attorney for Health Care for Free | Wisconsin Health Care Power of Attorney
Просмотров 172Год назад
How to Make a Power of Attorney for Health Care for Free | Wisconsin Health Care Power of Attorney
Is it Better to Have a Will or a Trust? | Attorney Explains
Просмотров 97Год назад
Is it Better to Have a Will or a Trust? | Attorney Explains
Is a Handwritten Will Taped to a Door Valid in Wisconsin? | Attorney Answers Question
Просмотров 45Год назад
Is a Handwritten Will Taped to a Door Valid in Wisconsin? | Attorney Answers Question
Great refresher, thank you.
Thank you this is very helpful
Hmm. I wonder what happens if either or both have more children along the way
How to fill w9 form I’m single member llc but I don’t see any option on w9 form new version of 2024 please help
Does this situation need probate court?
Thank you for sharing your knowledge and expertise. I made all of my accounts POD, sounds like I made the right decision.
Thanks for your kind comment and for tuning in, glad this was helpful!
@@BurtonLawLLC You are welcome! I always enjoy your content.
Or you can have a holding LLC or "parent company". E.g. - Alphabet Inc. to Google and RUclips.
A California married couple owns a out of state Wyoming LLC (partnership per EIN application). They also own a subsidiary LLC in California with WY LLC as member to be qualified as "doing business in California". Since the CA LLC is classified as disregarded. Can they classify their WY LLC as disregarded to simplify their tax filing (to avoid partnership, 1065 &K1)
It makes sense. Thank you. You helped me understand that an LLC is an entity that holds the other businesses or services. It's sort of like an umbrella.
Thanks for your kind comment and for tuning in! Glad it was helpful!
I am not a financial expert but I have experienced being put on my parents bank accounts before they passed. For me and my 2 other brothers it worked out very well but I can see where for others it may not. I would say it can work out well if all the affected people are in complete understanding of the “senior” person(s) desires and there must be a completely trustworthy person involved.
This was extremely helpful as we are going through the same issue. Thank you very much!
Wow...I thought my sister was bad! The sister is fine with keeping everyone else from inheriting or profiting. She has had more than her fair share. Get an actual offer on the property present it to the court, ask for her to be evicted!
There was no will and all the other kids has signed off on their part saying they don't want it
I had a irrevocable trust it ended. Every May he would take a $5000.00 fee. From May to may. He only served 4 months of that year. Can I get the 8 months he did not serve back. It's my money? I'm the only beneficiary?
If a revocable trust is created and the grantor dies making the trust irrevocable all the beneficiaries are due distributions in time, but say one of the brokerage accounts says TOD to only two beneficiaries at say 35% and 65% for the other. Do the two beneficiaries(one is just a beneficiary and the other is both a trustee and beneficiary) receive that money outright without having to put said money into the trust account for the other beneficiaries?
A beneficiary designation is a contract between the account owner and the brokerage company, so the terms of the beneficiary designation contract would dictate where the funds go at the death of the account owner. In this hypothetical it sounds like the funds would go directly to the two beneficiaries named and not to the trust, since the trust was not named on the beneficiary designation form. Only assets titled in the trust name at death, or directed to the trust, or to the Trustee's name "as Trustee" of the trust, via beneficiary designation at death would be subject to the terms of the trust. Since the beneficiary designation did not list the trust, in this hypothetical it sounds like the funds would go directly to the two named persons. For details on your specific situation you should seek legal counsel licensed in your state.
What state are you in does this vary state to state? I’d be curious to hear your input on my personal situation to see what direction I should go in. Do you do consults like that?
We are in Wisconsin, and due to the rules governing attorneys, we can only serve clients in Wisconsin. Yes, the rules can vary state to state so you should to seek a consultation with an attorney licensed in your state. This channel is general information only, and not specific legal advice, so yes for your situation your plan to seek out a consult from an attorney licensed in your state is a good idea. Thanks and have a great day!
Great teaching thank u. So complicated for 2 person.
How would this work with Trust for the Trustee knowing the trust is in the box rather than a will open to probate. Trusts avoid probate.
If you store it in a safe deposit box you would want to make sure the successor Trustee is on the access card allowing access to the safe deposit box after death. The successor trustee could also have a copy of the trust. This would make sure they have it available for reference.
Ok, I will change name, who the hell knew this was so complicated. Some articles suggested to have dba for different brands, so this made me confused. I will find a new name
If I transfer 401k to living trust do I have to pay taxes, as if I cashed out?
Hello, generally you would not want to put retirement accounts such as a 401k into a living trust during your life for the tax reasons you mention. Instead many people use the beneficiary designation to direct the funds to a trust or to a beneficiary upon their death. This article has a good overview of this topic. www.nerdwallet.com/article/investing/estate-planning/what-not-to-put-in-a-living-trust
Great information, many thanks.
Need home repairs for disabled
I am sole heir since 2008
If my parents have a living trust in CA. and pass away, would I need a lawyer to make a distribution from the revocable trust? If so, how much would that service cost?
Hey, if all the assets are in the trust, you can avoid probate in California and administer everything via the trust. You can administer a living trust on your own, but it is often helpful to consult with an attorney about steps to take after they pass away. There is no requirement though that you use a lawyer...there are many publications and books available that outline the process and steps to take. I have heard probate is quite expensive in California so it is wise they set up a trust to avoid probate. We are not licensed in California, so if you need advice I suggest consulting with a California licensed attorney. Thanks and have a great day!
quick question I am a co owner in a 2 person LLC in PA. do we have to file for s corp selection or is it okay to default into the partnership classification
You do not have to make the S Corp election when you first form your LLC, this is something you can elect to do, but it is not required. You are correct the default tax status as a two member LLC will be taxation as a partnership, unless you elect to be taxed as a corporation. This is from the IRS: "Specifically, a domestic LLC with at least two members is classified as a partnership for federal income tax purposes unless it files Form 8832 and affirmatively elects to be treated as a corporation." www.irs.gov/businesses/small-businesses-self-employed/limited-liability-company-llc This article has a good overview of the advantages and disadvantages of the S Corp election, there are multiple factors to consider: www.legalzoom.com/articles/can-an-llc-be-taxed-as-an-s-corp There are increased administrative costs as an S Corp and there really is no one size fits all answer on this. The S Corp election is something you would want to discuss with your CPA/Tax professional, as it depends on your specific revenue level and expenses whether it makes sense for your situation. You could also look for some youtube videos by CPAs on this specific topic. Best of luck with your business!
Thanks for this detailed and easy to follow along video. Very helpful!
Thank you for letting me know and for your kind comment, I am so glad it is helpful as that was my goal in creating this video!
Thank you!
Are animals considered tangible personal property?
Yes, they are. One additional thing to note regarding pets...Wisconsin and all 50 states now allow you to create a "pet trust" for the care of animals. This blog post also has more information neiderboucher.com/including-pets-in-wills-and-trusts/
@@BurtonLawLLC okay, are you able to answer this problem I’m having regarding them being tpp? If a tv is considered tpp than are they no different from tv’s? And if you could answer this part more specifically but if not I understand; If I’ve been given all medical records and have in text/audio that the animal is being given to me do I now own the animal regardless if their name is on its medical records? I’m on my way to micro chip them next week incase that matters I’ll read that pet trust though!
@@AnimationWizard Even though many pets and animals are like family to their human owners, for estate planning purposes pets are currently considered tangible personal property. This blog post might help you with determining what paperwork you have is relevant. We do not handle animal custody cases, litigation, etc, so for the specifics of your situation you would want to consult with an attorney licensed in your state about the specifics. www.justgreatlawyers.com/pet-paperwork Thanks and have a great day!
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Hmmm ✓
Considering Multi Member LLC in Texas, Please help me answer the question: We have filled and submitted SS-4 form for EIN, in section 9a. its asking for entity type, we have selection "other" as option and mentioned "Forign Owned Disregarded Entity". Did we make a mistake? Thanks!
Thanks for tuning in. I am not sure about this as we do not offer tax advice, or do tax preparation especially for foreign owned entities. There may be some CPAs or others who have covered this topic in depth on their channels. If you look at the bottom right of page 4 of the IRS instructions, www.irs.gov/pub/irs-pdf/iss4.pdf they list a variety of options for this type of situation. For questions on your specific situation I would contact/call the IRS directly with this question, since it sounds like you already submitted the form, if you need to amend or modify this answer, you could discuss with them by phone.
They could have borrowed money from a bank
I leave a million dollars to my cat 🐈
I want to open a non-profit to give away homes to pretty much anyone who go through my program. In order to achieve this as the entity do we buy be home only behalf of the recipient or do we purchase the home and then gift it to them via a title transfer?
I would consult with a lawyer who focuses on non profit law licensed in your state for this question and the most cost efficient way to structure these transactions. There may be specific real estate transfer fees in your state to also consider, that may make structuring the transfer one way versus the other more advisable. Best wishes for your new venture!
Hi. A lot of good info here for someone looking for advice, thank you. Canadian law may be different here. But I would think the principles of estate planning and wills are similar.
Yes, this video is applicable to estate planning topics here in Wisconsin, USA. Canadian law and the law of your specific province, may be different, so for your specific situation you would want to get advice from an attorney licensed where you live. This article appears to have a good basic overview. www.canadianlawyermag.com/practice-areas/trusts-and-estates/wills-and-estates-law-in-canada-the-basics Thanks for your kind comment and for tuning in from Canada!
Hey Thomas ! Very useful Video. I have a single member LLC in Wyoming as a non-resident Alien. My LLC was incorporated in June 2023 and I started actual operations in Jan 2024 as an Amazon FBA seller ; Could you let me know when I have to file for Federal taxes and which form I have to fill ? Will form 1120 be enough ? Do I have to file any other taxes apart from Federal tax filing ? Thanks in advance for your help !
Hey congratulations on your new business and thanks for tuning in! As for your specific questions on which forms you need to file as a non-resident Alien I am not sure, we do not give tax advice or do tax preparation. Here is a blog post I found on the topic, the information appears to be relevant, but again do your own due diligence to determine if it applies to your situation. onlinetaxman.com/foreign-owned-llc-taxation I think you should discuss the specifics of your situation with a CPA/Tax professional. This is not legal or tax advice. Thanks!
Incredible. Thanks.
I am a Beneficiary in a Will and have been left with All Balance of Monies in the Deceased’s Bank Accounts. I am still confused as to what that means exactly.
I like 😮
Thanks a lot 😊👍
Well it's better than the bank getting it.
What do you do with the presence of your own sister and brother who just died March 25,2024 . He is buried and I just got the info from the network May 5,2024 and I have witnessed the brutal force of my sister who kidnapped Mom and kept her the last 3yrs. She is not above murder I found out that our dad died in 2021/22/Nov, on December 28,2021. My mother is alive and I need to be able to find her and I don't know how My father or brother who are in the ground and I have never been able to know. Our uncle died in 2021 and at the funeral My sister called the police and told them that I was in the service with a gun and I was going to kill her. I Left before the law enforcement came to the church. The basic instruction before leaving Earth manual (BIBLE) SAYS that Perilous times will come (2tim3) I know that The ERA is Now.
Do you know if filling in some of the fields of a typed will by hand is ok?
It is best to type the information in on any typed Will you are creating in Wisconsin. If you use a word processing program you can type in the information you desire. The Wisconsin Basic Will, created by the legislature in the Wisconsin statutes allows you to print in certain information and sign next to your choice, but you must read the notice and instructions and follow the instructions very carefully if you choose to use that document.You can find that document in the Wisconsin statutes here docs.legis.wisconsin.gov/statutes/statutes/853.pdf#page=7 The Wisconsin Basic Will is basic and is not appropriate for all situations, so it is important to read the notice and information provided at the beginning before deciding if it appropriate for your situation. If it does not fit your needs you may want to consult with an attorney as noted in the notice. This general information and not legal advice. Hope this helps!
@@BurtonLawLLC It says on Google that a hand written will is only valid if it is executed in front of witnesses or signed in accordance with local or state domicile laws. Google is wrong a lot though. LoL
@@BurtonLawLLC Oh great🙄 Another Google article says the holographic will Must be typed & signed by yourself & 2 witness's. I constantly find contradictions on everything I Google any topic 🙄🤦
Superb!
Great info. Knowledge is power we all need it. Thanks fir being clear and easy to understand
My mother left her house in Wi to my brother and me through a TOD and has passed away. I live in Wi and he lives in Florida. He has agreed to transfer his share to me. Should fill out the HT 110 to transfer from her to us and then use a Quit Claim Deed to transfer his interest to me? Any thing else we should consider?
I am sorry to hear about the passing of your mother. We cannot give legal advice in the comments, however in general, the HT 110 will work to transfer on death from mother to the beneficiaries. A Quitclaim deed would also work to transfer interest from sibling to sibling, however if brother gifts his ownership interest to you for no consideration there may be gift tax considerations. Check out this blog post for an overview. www.peytonbolin.com/2023/01/11/are-quitclaims-taxable We do not file gift tax returns or handle this type of transaction. I recommend working with legal and tax counsel near you as to the specifics of your situation. This is not legal or tax advice. If you need help locating an attorney near you, you can contact WI State Bar Lawyer Referral at www.wisbar.org/forPublic/INeedaLawyer/Pages/LRIS.aspx Hope this helps and have a great day!
In what case would it make sense for anyone to have 1 LLC with 2+ DBA’s and not just make separate LLCs. Because having 1 LLC and multiple doesn’t sound like a good deal if something goes wrong with one, you get sued & then affect everything else
A DBA, could be used if you wanted to use a different name for marketing or for offering a certain line of products, but not set up a separate LLC, and maintain separate books and records, annual filings etc. However, as you point out, anytime you combine businesses under one entity, you risk the liabilities of one business affecting the other. Agree with you, that forming separate LLCs is the safest approach!
@@BurtonLawLLCyeah , that’s exactly what I was thinking. Thank you for your expertise
Can you do a TODD naming revocable trust as beneficiary ?
Yes you can!
Hello Sir, Are you looking for a professional RUclips thumbnail designer to grow your views?
#WhereHaveYouBeenMyWholeLife 😭😭😭😭😭🤯
What if u have 2 cars one insurance and one not on insurance i am on disability
Hello this question was about the general rules to qualify for long term medicaid (nursing home care). You should consult the medicaid rules in the state where you reside, as Medicaid is administered on the state level. This blog post has a general overview choicemutual.com/blog/medicaid-asset-limits-by-state/ The rules regarding assets and income you are allowed to have when receiving disability are different, so I would consult directly with the office that administers this program for you on this question. Here is a short overview of the different programs brossfrankel.com/2023/05/18/ssd-asset-income-limits/
@@BurtonLawLLC I send other massage other video.almost the same different type my son will be 11 year old.i am lost in ssdi there's limited.medicaid my wife was telling me we could have one car each.for my son medicaid.doesnt make sense?if I am ssdi they won't count mying?
@@BurtonLawLLC from Pennsylvania
@@shanenice5380 If you are in Pennsylvania, you can contact your local Social Security office directly for help with this question re your SSDI benefits we do not deal with disability benefits. It will depend if you are on SSDI or SSI, the asset and income limits are different for each. You can contact Pennsylvania Attorney Bar Referral for assistance with you particular situation with you and your son www.pabar.org/site/For-the-Public/Find-a-Lawyer Thanks and have a great day!
@@BurtonLawLLC thanks