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Time Business News
a day ago
- Business
- Time Business News
What Happens to Your Assets When You Go to Prison: Property, Accounts, and Legal Rights Explained
When an individual is incarcerated, their assets—ranging from real estate to financial accounts—can quickly become vulnerable to government action, civil claims, and mismanagement. In particular, prison and frozen bank accounts are a serious concern, often triggered by court orders, investigations, or unpaid financial obligations. Knowing how incarceration affects personal property and finances is critical to ensuring long-term protection and legal compliance. Bank accounts can be frozen upon incarceration, especially if tied to financial crimes or outstanding debts. A Power of Attorney (POA) is crucial to allow someone you trust to manage your assets legally while you're in prison. Real estate and vehicles remain your responsibility, and without proper planning, they can be foreclosed, repossessed, or seized. Asset forfeiture laws can result in permanent loss of property even without a conviction if linked to criminal activity. Post-release asset recovery requires swift legal action to reclaim accounts, titles, and property ownership. Once a person is incarcerated, they are typically unable to directly manage or access their assets. Without prior arrangements, control of bank accounts, business holdings, and property becomes complex. In most cases, a trusted family member or an appointed Power of Attorney (POA) must be legally designated to act on behalf of the inmate. Without this, mortgages may default, accounts may go dormant, and properties may be seized or neglected. Financial institutions may place holds or restrictions on accounts if notified of the incarceration, particularly in cases involving fraud, money laundering, or financial crimes. Joint account holders may still access funds unless a legal freeze is in place. A durable POA executed before incarceration ensures uninterrupted access and management. Bank accounts can be frozen through court orders or enforcement actions tied to criminal investigations or unpaid debts. These freezes are often preventative, ensuring that assets are available for restitution or fines. When this occurs, all account activity halts, including bill payments, withdrawals, and transfers. Frozen assets may be subject to federal or state seizures, especially under laws related to Racketeer Influenced and Corrupt Organizations (RICO), asset forfeiture, or financial fraud. To challenge a freeze, legal counsel must file motions to demonstrate that the funds are not tied to criminal conduct. Inmates who own property remain responsible for taxes, mortgages, and maintenance. Failing to make timely payments due to frozen accounts or lack of authorized access can result in foreclosure or tax lien sales. For rented properties, absentee landlords must designate a property manager to handle leases and repairs. Prisoners may also risk losing their primary residence through divorce settlements, civil litigation, or default judgments filed during incarceration. Without a strong legal defense, even legitimate property holdings can be diminished or sold off by creditors or the state. Automobiles and titled vehicles must be maintained, insured, and protected during imprisonment. If the incarcerated person is the sole owner, they must assign ownership rights or grant POA to ensure the vehicle is not towed, ticketed, or repossessed. Failure to keep insurance active can lead to fines, license suspension, or asset seizure by the DMV or local authorities. In certain jurisdictions, vehicles used during a criminal act can be seized and sold under civil asset forfeiture laws. A strong legal case is necessary to retrieve or protect such property. Business owners face serious disruption upon incarceration. If no succession or contingency plan exists, operations may stall, leading to insolvency or forced sale. A pre-appointed manager or POA can keep the business functional, pay taxes, and respond to legal inquiries. Courts may also intervene in closely held corporations if disputes arise among shareholders due to the incarceration. Licensing and permits may also be revoked or expire if left unattended. Bankruptcy proceedings or hostile takeovers are common risks for businesses without clear legal continuity. Incarceration does not absolve an individual from financial responsibilities such as child support or spousal maintenance. Courts may allow temporary modification of these obligations, but failure to file for such relief can result in debt accumulation, wage garnishment, or liens on property. Civil suits for damages, unpaid rent, or personal injury can still be filed and ruled upon during incarceration. If a judgment is entered, creditors may garnish prison wages, seize bank accounts, or force the sale of property. Asset forfeiture allows law enforcement to seize property suspected of being linked to criminal activity, even before a conviction. This includes cash, vehicles, homes, and other valuables. If not contested effectively, seized property can be auctioned or retained permanently by the state. Civil forfeiture cases place the burden of proof on the property owner, requiring them to demonstrate the legitimacy of their assets. Inmates must act swiftly through legal counsel to challenge unjust forfeitures. Before sentencing or surrender, it is crucial to: Establish a durable Power of Attorney Update property deeds and beneficiary designations Transfer assets to trusted relatives or irrevocable trusts Set up automatic payments for critical bills Consult a financial and criminal defense attorney These steps protect against administrative holds, creditor claims, and potential government action. For those serving long sentences, property degradation becomes a major issue. Unattended homes may suffer from vandalism, unpaid taxes, or zoning violations. Vehicles may depreciate or be lost through neglect. Banks may close dormant accounts, and investment portfolios may stagnate. Family disputes over inheritance, estate access, or POA misuse also commonly arise. Without structured oversight, even wealthy inmates may return to little or no financial security upon release. Upon release, former inmates must act fast to regain control. This involves: Reinstating account access Clearing liens and legal holds Filing motions to reverse forfeitures or asset seizures Updating titles, deeds, and legal documents Rebuilding credit and tax records Post-release reentry services can assist, but private legal representation often yields better results in asset recovery and dispute resolution. Being incarcerated drastically alters one's control over assets. From frozen bank accounts to the potential loss of real estate and vehicles, the legal and financial consequences are significant. Preparing before incarceration and acting quickly afterward is essential to preserving property, finances, and future stability. Comprehensive legal counsel and proactive planning remain the strongest safeguards. TIME BUSINESS NEWS
India Today
06-06-2025
- Business
- India Today
Stocks to watch on June 6: IREDA, Coal India, NTPC Green Energy, SpiceJet
NTPC Green Energy starts 110.25 MW Khavda-I Solar PV project. Stock market rises on RBI rate cut hopes for June 6 NCLT asks SpiceJet lessors to submit valid Power of Attorney NTPC Green Energy starts Khavda-I Solar PV project operations The stock market has ended higher with gains in the past two sessions, as investors anticipate a potential rate cut by the Reserve Bank of India (RBI) on June 6. Several stocks are being closely monitored, as they could be impacted by the announcememt of RBI's monetary policy committee decision. SpiceJet The National Company Law Tribunal (NCLT) has directed three aircraft lessors of SpiceJet to file a valid Power of Attorney. This development comes amid ongoing financial challenges faced by the low-cost carrier. NTPC Green Energy NTPC Green Energy has commenced operations of the first part of its Khavda-I Solar PV project, with a capacity of 110.25 MW. This is part of a larger initiative by its subsidiary, NTPC Renewable Energy. JSW Energy JSW Energy has successfully commissioned a renewable energy project in Maharashtra, comprising 215 MW of solar capacity and 66 MW of wind capacity, totaling 281 MW. This move marks a significant step in expanding the company's renewable energy footprint. Dr Reddy's Laboratories Dr Reddy's Laboratories has entered into a collaboration with Alvotech, an Ireland-based biotech company, to co-develop, manufacture, and commercialize a biosimilar version of the cancer drug Keytruda for global markets. This partnership could position Dr Reddy's as a significant player in the biosimilars market. ICICI Prudential Life Insurance ICICI Prudential Life Insurance reported that it disbursed over Rs 900 crore as loans against traditional policies to more than 42,700 customers during the fiscal year 2024-25. This indicates robust activity in the policy loans segment. IREDA The Indian Renewable Energy Development Agency (IREDA) has launched a Qualified Institutional Placement (QIP) with a floor price set at Rs 173.83 per share. The company may offer up to a 5% discount on the floor price as part of this fundraising initiative. Coal India Coal India has signed a non-binding Memorandum of Understanding with the Indian Port Rail and Ropeway Corporation to develop rail infrastructure. This agreement aims to enhance Coal India's logistics and transportation capabilities. Bajaj Finserv Promoters Bajaj Holdings and Jamnalal Sons are reportedly considering selling up to a 1.94% stake in Bajaj Finserv through block deals. This development is being closely monitored by market participants. Ashoka Buildcon Ashoka Buildcon has secured a Letter of Intent worth Rs 1,390 crore from the Motors Vehicles Department, Maharashtra. This contract underscores the company's significant presence in infrastructure development. The stock market has ended higher with gains in the past two sessions, as investors anticipate a potential rate cut by the Reserve Bank of India (RBI) on June 6. Several stocks are being closely monitored, as they could be impacted by the announcememt of RBI's monetary policy committee decision. SpiceJet The National Company Law Tribunal (NCLT) has directed three aircraft lessors of SpiceJet to file a valid Power of Attorney. This development comes amid ongoing financial challenges faced by the low-cost carrier. NTPC Green Energy NTPC Green Energy has commenced operations of the first part of its Khavda-I Solar PV project, with a capacity of 110.25 MW. This is part of a larger initiative by its subsidiary, NTPC Renewable Energy. JSW Energy JSW Energy has successfully commissioned a renewable energy project in Maharashtra, comprising 215 MW of solar capacity and 66 MW of wind capacity, totaling 281 MW. This move marks a significant step in expanding the company's renewable energy footprint. Dr Reddy's Laboratories Dr Reddy's Laboratories has entered into a collaboration with Alvotech, an Ireland-based biotech company, to co-develop, manufacture, and commercialize a biosimilar version of the cancer drug Keytruda for global markets. This partnership could position Dr Reddy's as a significant player in the biosimilars market. ICICI Prudential Life Insurance ICICI Prudential Life Insurance reported that it disbursed over Rs 900 crore as loans against traditional policies to more than 42,700 customers during the fiscal year 2024-25. This indicates robust activity in the policy loans segment. IREDA The Indian Renewable Energy Development Agency (IREDA) has launched a Qualified Institutional Placement (QIP) with a floor price set at Rs 173.83 per share. The company may offer up to a 5% discount on the floor price as part of this fundraising initiative. Coal India Coal India has signed a non-binding Memorandum of Understanding with the Indian Port Rail and Ropeway Corporation to develop rail infrastructure. This agreement aims to enhance Coal India's logistics and transportation capabilities. Bajaj Finserv Promoters Bajaj Holdings and Jamnalal Sons are reportedly considering selling up to a 1.94% stake in Bajaj Finserv through block deals. This development is being closely monitored by market participants. Ashoka Buildcon Ashoka Buildcon has secured a Letter of Intent worth Rs 1,390 crore from the Motors Vehicles Department, Maharashtra. This contract underscores the company's significant presence in infrastructure development. Join our WhatsApp Channel
Time of India
05-06-2025
- Business
- Time of India
Tribunal flags lapse: NCLT seeks updated Power of Attorney from SpiceJet's lessors; next hearing set for July 3
The National Company Law Tribunal (NCLT) halted proceedings on insolvency pleas by three Ireland-based lessors over a Rs 77 crore default, after SpiceJet raised a legal validity issue. The tribunal has asked three aircraft lessors of SpiceJet to submit a valid Power of Attorney (PoA) to continue insolvency proceedings against the airline, after it was pointed out that the current PoA on record expires in February 2025, PTI reported. The matter pertains to petitions filed in April 2024 by AWAS 36698 Ireland, AWAS 36694 Ireland, and AWAS 36695 Ireland, seeking to initiate insolvency proceedings against the low-cost carrier over alleged defaults totalling Rs 77 crore. During the hearing on June 2, SpiceJet's counsel argued that the PoA held by the person filing the petitions was only valid until February 11, 2025, and no fresh document had been submitted to prove current authorisation. The NCLT, in its order, noted the objection and said: 'In order to continue the proceeding by the person who has initiated this petition, there must be a valid Power of Attorney existing at present point of time.' In response, counsel representing the lessors requested additional time to file the updated document. Accepting the request, the tribunal posted the matter for next hearing on July 3, 2025. SpiceJet, which has been in operation for 19 years, is facing several insolvency petitions across forums. These include filings from creditors such as Willis Lease, Aircastle Ireland Ltd, Wilmington, and Celestial Aviation, both at the NCLT and the appellate tribunal NCLAT. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Daily Record
23-05-2025
- Business
- Daily Record
Estate planning experts explain why now is the time to protect your financial future
Summer brings with it so many wonderful things - good weather, holidays, garden parties, barbecues, and time with children and grandchildren. What it doesn't always bring is the motivation to check your legal and financial affairs and make solid plans for the security of your assets. We all know future planning is important - you'll have seen the TV ads from ILAWS Scotland offering to help you and your family protect your finances for the future, with 'no drama' - so with only a few weeks left until the summer begins in earnest, now is the time to act. Rated 4.8 on Trustpilot*, thousands of people in Scotland trust ILAWS to secure their family finances. They can help you protect your home with a Protected Property Trust (PPT); organise Power of Attorney (POA) so that major financial decisions can be made by your loved ones if you are unable to do so; or help you draw up a Will. Home protection As our elderly population increases and conditions like dementia and Parkinson's become more common, the demand for end-of-life care is increasing too. However, it is enormously expensive; the cost of round-the-clock care currently averages more than £60,000 per year - and if your capital assets are worth £29,750 or more, you are required to meet your own care costs in full. Whilst deliberate deprivation is not allowed, you can legally take steps to protect your home or other assets by setting up a trust or looking at transfers. No drama To set up a trust, you need a guiding hand that is reliable, helpful, and definitely 'no drama'. ILAWS' expert team can help you with all aspects of estate planning before the beautiful chaos of summer takes over, and much more besides. There are so many things you can do to safeguard your family's financial future, and ILAWS are on hand to guide you through them. Elaine, an estate planner at ILAWS, said: 'Proper estate planning is not just about getting a will. Trusts and transfers offer ways of protecting your house and your savings as well. 'Whether you've got an estate, including your home, worth £100,000 or £1,000,000 or more, there will be a trust appropriate for you. It's not 'one size fits all'. 'Even if a trust or transfer is something you've looked into before, but you've received a price that's put you off doing it, you should still investigate it with us. 'A comment we get frequently is: 'This costs less than I thought!'.' 'Don't put it off' People often think that they have left it too late to protect their home because of a seven-year-rule under inheritance tax law. Tony Marchi of ILAWS explained that this isn't the case if you are under the inheritance tax threshold, which could be as high as £1 million for a married couple who intend to pass their property on to their children. However, time is still of the essence. 'There is no timescale when you're under the inheritance tax threshold, but the longer you have to get it done, the better,' he said. 'Speak to us and see what we can do because it will cost you nothing to find out, and these things only get more expensive year-on-year. 'Don't neglect what's really important. If it's in your mind, don't put it off. 'Realistically, you're not going to do it when you're on holiday and you're not going to do it during the school holidays. 'If you wait again until winter and are six months down the line, then you've got Christmas coming up. Don't put it off, because you've probably done so for years!' Pet protection As well as your financial and property assets, did you know that ILAWS can help you protect the future of your furry friends too? It's all part of the service, highlighted by the regular appearances on the ILAWS social media pages from their resident pooch Harvey, looking smart in his collar and tie, and affectionately known as the 'CEO of IPAWS'. Tony added: 'There are so many things that people forget about in estate planning relating to their pets, animal charities, or animal laws, and that's what Harvey is there to raise awareness of via IPAWS for ILAWS. 'People want to ensure their pet is cared for after they're gone or perhaps donate to animal charities through their Will, which is very popular. Harvey is there as a reminder to think about your pets too – not just your humans.' From property to pets, ILAWS' comprehensive service will enable you to rest easy in the knowledge that your affairs have been sorted for whatever the future brings. Contact ILAWS today With over 30 years of experience, ILAWS helps many individuals and families across Scotland to plan for the future, understanding your needs and providing quality advice. The team will ensure the whole process is smooth - and will visit you in your own home if needed.
Daily Record
02-05-2025
- Health
- Daily Record
Legal expert shares crucial steps to take after dementia diagnosis to ensure protections are in place
An estimated one million people across the UK are living with dementia. There are currently estimated to be around one million people with dementia across the UK, but more than a third of people with the condition do not have a diagnosis, according to the Dementia UK charity. The number is expected to rise to 1.4 million by 2040. Dementia is an umbrella term for a range of progressive conditions that affect the brain. Each type of dementia stops a person's brain cells (neurones) working properly in specific areas, affecting their ability to remember, think and speak. Dementia can affect a person at any age but it's more common in people over the age of 65. However, John Roberts, Partner and Director of Austin Lafferty Solicitors, is urging people affected by dementia to familiarise themselves with a Power of Attorney as it could be crucial later on. Understanding a Power of Attorney A Power of Attorney allows a trusted person to manage someone's financial and/or health affairs if they lose mental capacity. Having a Power of Attorney in place acts as a legal safeguard, similar to insurance, helping avoid serious problems with financial and care decisions in the future. A diagnosis of dementia does not automatically mean a person cannot grant a Power of Attorney. Someone with early-stage dementia can still create a Power of Attorney if they understand what it is, what it does, and who they are appointing. However, it is important to act quickly, as dementia is a progressive condition, and any delays could result in the person losing the capacity to grant a Power of Attorney. A Power of Attorney can cover either financial matters (bank accounts, bills, property) or health and welfare decisions (medical treatment, care preferences). In either case, the individual must show sufficient understanding at the time of signing. Solicitors carry out an initial assessment to check mental capacity, including asking basic questions and explaining the Power of Attorney process. If there are doubts about capacity, a medical assessment by a doctor or specialist may be required before proceeding. If dementia has advanced too far, a Power of Attorney cannot be granted, and family members must apply for a court order instead: In England and Wales, this is a Deputyship Order from the Court of Protection In Scotland, it is a Guardianship Order through the Sheriff Court Setting up a Power of Attorney usually takes a few weeks, whereas obtaining a court order can take several months and involve complex legal and medical assessments. To ensure fairness, solicitors meet privately with the individual (without family members) to confirm the decision is voluntary and free from coercion. Solicitors will check family structures and the individual's choice of attorney to prevent disputes or suspicions of undue influence. John Roberts, Partner and Director of Austin Lafferty Solicitors, said: "Setting up a Power of Attorney is crucial for individuals diagnosed with dementia, allowing a trusted person to manage their finances or health decisions if needed. 'Early-stage dementia does not automatically prevent someone from creating a Power of Attorney, but acting quickly is essential as the disease progresses. If capacity is lost, families must pursue more complex and time-consuming court orders instead. 'Solicitors safeguard the process by ensuring the individual understands their decision and acts without coercion. A Power of Attorney provides legal protection, helping to avoid stress, delays and disputes in the future." The simple message from the legal expert is:'Do not delay. Seek legal advice early after a dementia diagnosis to ensure the right protections are in place.'
