Most people who have an estate plan have created a trust. But one thing many people forget is rather important: funding the trust. During the lifetime of the grantor who created the trust, the trustee can use the trust assets for the grantor’s benefit, if the grantor becomes incapacitated. If you want the trustee to do that, you must be sure your trust is funded. To fund the trust during your lifetime, you must change the
When you save for retirement, the goal is to keep the money growing until you are of retirement age. But sometimes unexpected financial crises arise, as is the case with many people due to the pandemic. The CARES Act, which was signed into law in March, offers some relief with expanded withdrawals from IRAs and retirement plans and expanded loan options from certain retirement plans. You are eligible for these relief options if you, your spouse
The longevity of a small business depends on a well-thought-out succession plan. For a family business, you want to evaluate who else can run the business and whether you have to look beyond family members as the business grows. An experienced attorney can help the key stakeholders create a succession plan or review your existing plan. If you want to choose a successor, here is a basic how-to-guide to help you get started: 1) Think about
Let’s say you’ve known for years that you are inheriting your father’s home when he dies. Hopefully, you also know that he has a will that indicates clearly that the house will go to you. Now let’s assume that your father is no longer living in the house and doesn’t need the money from the sale. Perhaps he just moved to assisted living and has long-term care insurance to cover the costs. Or maybe he just
Patent disputes are increasing, according to recent information gathered by Unified Patents, an organization that works to reduce patent abuse. According to the data, nearly 900 district court lawsuits relating to patents were filed in the second quarter of 2019. Patent fights tend to increase when the economy experiences a slowdown. New areas of patents, such as new smartphone-related technology, new cannabis products and new products in the life sciences space, may be behind an uptick
A Federal Trade Commission settlement with a California mortgage broker who posted personal information about consumers on Yelp after they posted negative reviews of his services is a cautionary tale to businesses, which should never publicly disclose clients’ personal information. According to a Department of Justice complaint filed on behalf of the FTC, mortgage broker Ramon Walker, owner of Mount Diablo Lending, responded to negative Yelp reviews by posting information about customers’ health, taxes, credit history,
The Occupational Safety and Health Administration has boosted its maximum fines for workplace safety violations. The new maximum fine for “serious” violations is $13,500 per violation, while the top fine for “willful” or “repeated” violations is $135,000 per violation. Typically, an OSHA investigation is prompted by a worker contacting OSHA anonymously or an employer filing a required report. Employers generally are not obligated to inform OSHA about workplace injuries except in certain circumstances: a fatality must
A new rule raises the minimum amount foreigners need to invest to qualify for a U.S. green card under the EB-5 program. Created in 1992, the program grants green cards to foreign nationals who make the necessary investment in a commercial enterprise in the U.S. In addition to minimum financial benchmarks, the program stipulates that an investment must also create (or, in certain circumstances, preserve) 10 permanent full-time jobs for U.S. workers. The EB-5 Modernization Rule
New “joint employer” rules make it easier for franchise owners to understand their responsibilities under the federal Fair Labor Standards Act. The final rule from the Department of Labor limits situations in which franchisors and franchisees are considered “joint employers” of workers under the act. It modifies a policy, enacted under the Obama administration, that potentially made a franchisor liable for the failure of a franchisee to pay overtime or minimum wage, even if the franchise
Worldwide GPS technology giant Garmin became the latest high-profile business to get targeted by cyber criminals. It was widely reported that Garmin suffered a ransomware attack and ultimately paid a ransom of close to $10 million to the perpetrators. While Garmin immediately issued press releases notifying its customers and the public that it was experiencing an outage when the attack first took place, there was still criticism surrounding Garmin’s lack of transparency with customers about the
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