Lormit Services BC - Vancouver

08/14/2026

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06/11/2026

Why is it risky to specify exact amounts for beneficiaries in a will, and what's a smarter way to handle it?

When I was the estate secretary years ago my co worker died from a brain tumor. In her Will she had left $25,000 to her son and the balance, which included her house, to her 2 daughters. Her son was fairly well off so it was a token gift because he didn't need the money. By the time her medical expenses were paid there wasn't $25,000 left. The son insisted he was to receive the whole amount. The daughters had to mortgage the home to pay him off. Only one was working at the time as the other had been home with their mom. This caused them great hardship for quite a while. The best way to write your Will is to state percentages and to really consider the situation of the recipients. You can leave your love without having to leave money.

06/03/2026

Divorce case. Man was hiding assets. He asked his elderly kind neighbor to “hide” some things in her home. Wife suspected he was hiding assets. The neighbor was called to testify in court. She was terrified. Her testimony made no sense. The judge stopped and told her that if she lied under oath it was a crime (Perjury) and he could personally call the District Attorney in Harris County to have her prosecuted. She spilled the beans on the guy. She burst into tears and said that she was only trying to help her neighbor. Judge slammed the guy. His attorney was a decent person and she sat there quiet and “in shock” to learn that her client had repeatedly lied to her about everything. None of the other attorneys held it against the attorney but we felt sorry for her. Her client was just a nasty guy that thought rules did not apply to him.

05/31/2026

What if I don't pay my credit cards and leave the USA?
Nothing!
Move overseas and come back after 7 years - start over

1. Debt is sold to collection agencies for a small percentage of its value.
This is correct. The original post states that debt is sold for "about 3% of original value," which is a realistic figure. Creditors sell delinquent debts to third-party "debt buyers" for "pennies on the dollar" to recover a fraction of what is owed . The exact percentage can vary, but 3% to 10% is common.

2. You can negotiate to settle the debt for less than you owe.
Yes, negotiating a "lump sum settlement" is a standard practice . However, the given example of settling at
(just 6%) is extremely optimistic. While creditors may accept less than the full balance, settlements often range from 30% to 80% of the amount owed . A 6% settlement would be highly unusual.

3. You should always get a written agreement before paying.
This is excellent advice and is strongly recommended by all financial and legal sources. You should always get the settlement terms in writing before making a payment to ensure the debt is resolved as agreed .

4. Credit card debt is unsecured and not tied to your house or car.
This is accurate. Credit card debt is unsecured, meaning it is not backed by physical collateral. Therefore, a creditor cannot automatically repossess your home or car for non-payment

but the claim that - Since you're moving to Europe you have a chance at a clean slate. Stress free."
This is false and misleading.

The Debt Still Exists: Moving abroad does not legally erase your debt. You still owe the money .

Creditors Can Still Pursue You: While it is difficult and expensive for a creditor to collect a debt internationally, they can still try. They could obtain a judgment against you in a U.S. court, which may impact any U.S.-based assets you still own (like bank accounts or property) .

It Can Affect Your Return: If you return to the U.S., the damaged credit will be waiting for you, potentially affecting your ability to rent an apartment, get a car loan, or even secure a job .

05/16/2026

Is it possible to sell your house below market value to your children or friends to avoid inheritance tax and property taxes?
In the US, I had a friend who did that with his mother and boasted on how he had avoided estate taxes.

I congratulated him, showing him how he had managed to eliminate a trivial estate tax liability and replace it with a huge capital gain tax issue.

Moral: all sorts of things are possible, but to actually know what the tax effect of a contemplated transaction, follow the usual three steps:

Hire competent tax professional;
Provide them the information they require and follow their advice;
(VERY IMPORTANT! DO NOT OMIT!) Pay tax professional.

05/12/2026

As an attorney, have you ever suggested—directly or indirectly—that a client should simply flee?

I am an accountant, and on two occasions I have hinted that a person should leave the country. One took the advice; the other did not.

The first was an Italian professor at an American university. He had been there for seven years and, due to the U.S.-Italy income tax treaty, had never had U.S. tax withheld. The problem is that the treaty exemption applies only to the first two years. He came to me after receiving an IRS notice. My calculation showed he owed well over 50,000—approximately 200,000 in today’s dollars. I told him that he could finish the semester, board a plane, and not return. The debt would remain, but without a U.S. address, collection would be nearly impossible. I never heard from him again and assume he followed my suggestion.

The second involved the husband of a client. She had built a highly valuable business. He was a stay-at-home father who had been unfaithful. She despised him for it. If she filed for divorce, he would likely receive at least half of the business’s value. Her strategy unfolded in three steps. First, she reconciled with him deceptively. Second, her attorney drafted a complex trust instrument requiring him to renounce his U.S. citizenship. Third, the attorney presented the plan to the husband. During that meeting, the lawyer and I both did everything legally permissible to warn him—advising him repeatedly to seek independent counsel. The man did not. He was thoroughly compromised in the divorce that followed once all arrangements were complete.

05/05/2026

What happens when two monkeys get a divorce?

They're banana split.

04/09/2026

Just a quick self-intro - I run a service office in BC - Lormit, we're expanding field support across Canada for debt collection & asset recovery teams.
5 signs your accounts need a field visit:
🫢 Calls/emails go unanswered
🧐Need to verify debtor/asset location
😠Collateral needs inspection
🫠Require current photos/condition report
🫡Time for clear field intel

Quick 72-hour reports from our nationwide agents.
Fully compliant, we don't do collections - just reports.
Worth chatting?
www.lormit.com

Ask for Greg

Expert legal support services: process serving, court filings, occupancy checks, mobile signing & witnessing. Contact us today!

04/09/2026

I busted a mirror and got seven years bad luck, but my lawyer thinks he can get me five.

04/03/2026

Many creditors don't implement real-world consequences to recover debts. They’d rather write the debt off or reluctantly excuse the debt than keep chasing after the money they're owed. In many cases they feel as though the time and energy to pursue the debt ends up being a waste of efforts.

After all, time IS money. And who wants to start paying the fees a lawyer will charge? Couldn’t your time be better spent growing your business? How do you do that when you’re busy chasing old debt?

Whether avoiding your calls or blocking your numbers, you're left with little recourse against a debtor. You know that if you start talking to a lawyer those legal fees compound exponentially!

We provide trusted “feet on the street” field services, including:
• Door knocks & delinquency interviews
• Process serving
• Site visits & inspections
• Debtor and asset location & verification
• Collateral inspections
• Photo documentation & condition reports
• Repossession coordination support

The debtors info is not up-to-date? Maybe they've changed cities or provinces? We can skip trace and find them.
Ask questions of the debtor to get them to call up and settle up to the debt.