10 April

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How Can I Get a Paycheck Protection Program Loan?

One of the key provisions of the landmark CARES Act is the Paycheck Protection Program. Congress allocated $350 billion to this program enabling the Small Business Administration to provide loans to small business owners. The loans are fully guaranteed by the federal government. If you are interested in applying for a loan through the Paycheck Protection Program, here is the application in a fillable PDF format. Objective of the Paycheck Protection Program The primary objectives of the Paycheck Protection Program include: Provide assistance to businesses so they can retain their employees; and Help businesses cover near-term operating expenses during the Coronavirus pandemic. Who is Eligible for a Loan Through the Paycheck Protection Program In evaluating the eligibility of a borrower through this program, a financial institution is required to consider two prerequisites: (i) whether the borrower was operational as of February 15, 2020 and (ii) whether the borrower had employees or independent contractors for whom...

10 April

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Important Info You Need to Know About the CARES Act – Webinar

Posted by Bobby Feisee

in Bobby's Blog, News, News at the Firm

https://youtu.be/JRWRPMT20ac?t=45...

09 April

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Do You Need to Amend Your Advance Medical Directive Due to the Coronavirus?

Posted by Bobby Feisee

in Bobby's Blog, News

One of my clients recently asked an important question about advance medical directives and whether amending this important legal and medical document is warranted in response to the Coronavirus pandemic. For context, my client has an advance medical directive stating that they do not want to be put on a ventilator. However, my client expressed a desire to be placed on a ventilator if they are infected with COVID-19. This prompted my client to ask – is it necessary to amend my advance medical directive in light of different treatment wishes for the Coronavirus? Answer: it is not necessary to amend an advance medical directive (i.e. living will) in this circumstance. Why Amending an Advance Medical Directive Likely Is Not Needed In many instances, when someone has an advance medical directive in their estate plan, it typically states their wish not to be put on a ventilator, but ONLY IF a doctors say...

31 January

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Your Estate Plan Could Help Grow – or Ruin – Your Family Fortune

Posted by Bobby Feisee

in Bobby's Blog

Most Americans have heard the names “Rockefeller” and “Vanderbilt.” The two families are firmly embedded in American culture through academia (e.g., Vanderbilt University), real estate (e.g., Rockefeller Plaza), charitable organizations, politics, etc. The progenitors of these now-iconic names were John D. Rockefeller and Cornelius Vanderbilt. Both men enjoyed incredible success in different areas of the business world which resulted in substantial fortunes. Both men left vast sums of money to their loved ones. However, the ways in which their fortunes were distributed between descendants varied greatly, which led to two completely different outcomes that highlight just how important proper estate planning can be to maintain your hard-earned fortune. Titans of Industry Cornelius Vanderbilt enjoyed success in the transportation industry, which included owning the New York Central Railroad system. John D. Rockefeller, on the other hand, enjoyed incredible success working in the oil and gas industry, which included founding and growing the...

28 January

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Personal Pain Fuels Desire to Protect Your Family Through Effective Estate Planning

Posted by Bobby Feisee

in Bobby's Blog

This month marks the 10th anniversary of my father’s death. He lived with dementia for seven years caused by a form of Parkinson’s called Lewy Body Disease. My father’s illness was one of the main reasons I decided to re-focus my legal career and specialize in estate planning. Another attorney helped draft my father’s estate plan. The attorney took the traditional approach of getting legal documents executed, but with very little counseling or follow-up. The result? A family left in the dark. We did not know my father’s wishes or preferences regarding his health care or what should be done if he became unable to care for himself. Unfortunately, many people mistakenly believe they checked the “disability planning” box because they executed an advance medical directive (AMD). For context, an AMD is a legal document designating an agent to make health care decisions on your behalf if you are unable to...

11 November

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Must-Know Info on How Charitable Deductions Work

Posted by Bobby Feisee

in Bobby's Blog

You need to itemize in order to claim your charitable deduction The latest tax act raised the standard deduction single filers to $12,200 and joint filers to $24,400. It appears the big increase in standard deduction has had a negative impact on the percentage of taxpayers who make charitable contributions because you are unable to deduct the contributions if you decide to go with the standard deduction rather than opting for itemization. Determining whether to itemize or not depends on your specific situation so you will need to consult an experienced and knowledgeable tax advisor. As a general rule, the interest on your mortgage is a factor in determining whether you should itemize as this is a write-off that you can take advantage of only if you itemize. The new tax law also limited the interest deduction to loans up to $750,000 for homes purchased after December 15, 2017. If you...

12 October

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Income Tax-Free States May Be Worth Considering for Residency in Retirement

Posted by Bobby Feisee

in Bobby's Blog, News

There are a number of states – such as Florida, Nevada and Texas - that do not tax income that have received an increasing amount of interest after the new federal tax law passed in 2018 capped state and local tax (SALT) deductions at $10,000. There are currently nine states that do not tax the income of residents. States with No Income Tax Below is an overview of the states with no income tax, according to Fox Business. Alaska In addition to not having an income tax, Alaska has no sales and use tax, generally. Though, local jurisdictions have the right to levy sales and use taxes. According to a study by WalletHub, Alaska has the lowest tax burden of any of the 50 states – at a cumulative 5.1 percent. The average property tax burden is 3.66 percent Florida In addition to no income tax, the effective real estate property tax rate in Florida is 0.98 percent,...

15 June

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Death and Credit – Important Info You Need to Know

Posted by Bobby Feisee

in Bobby's Blog

When a family member passes away, there are certain steps that should be taken to alert the passing to the major credit reporting agencies and to assess whether a freeze, or lifting a freeze, on their credit is needed. Swift action is important when it comes to a decedent’s credit. Why? Because if the major credit reporting agencies, along with the financial institutions where your deceased family member had open checking accounts, saving accounts, retirement accounts, etc. are not timely notified, your loved one’s accounts would remain open and could heighten the risk of identity theft and other issues. Suffice it to say, when someone passes on, their credit reports aren’t closed automatically. There needs to be action taken by a personal representative to ensure the accounts are closed properly. What Happens When Credit Reporting Agencies are Notified of a Death Credit reporting agencies are notified when someone passes on in one of...

17 May

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Time to Re-Brand “Do Not Resuscitate”

Posted by Bobby Feisee

in Bobby's Blog, News

Stories of hospitals being subjected to civil litigation for failing to intervene or, alternately, for wrongfully intervening to resuscitate a patient using advanced life support are quite common. These unfortunate incidents typically have at their core three central figures: A dying patient; The dying patient’s family; and A healthcare professional who misunderstands the meaning of the term: “do not resuscitate.” What Does “Do Not Resuscitate” Actually Mean? The term “Do Not Resuscitate” (also referred to by its acronym DNR) means that a patient should not receive cardiopulmonary resuscitation (CPR) in the event of cardiopulmonary arrest. This is a situation where the patient is unresponsive, has no pulse and is not breathing (i.e. they have died). Vague Terms Creates Confusion Unfortunately, a wide array of healthcare providers and patients misinterpret a DNR order to mean that no life support should be given when there is evidence of clinical deterioration. Basically, this is a fancy medical...

12 April

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Pros and Cons of a Revocable Transfer on Death Deed for California Residents

Posted by Bobby Feisee

in Bobby's Blog

The California legislature enacted a law in 2016 that offered residents an alternative to keep their homes out of the costly and inefficient probate process. This alternative is known as a “revocable transfer on death deed.” This type of deed is sometimes referred to as the “poor man’s trust.” Why? Because it is a less costly way to transfer real property to a named beneficiary without having to create a full-fledged trust. Limitations to a Revocable Transfer on Death Deed There are some limitations associated with transferring real property through this type of deed. For example, the only forms of real property that qualify for a transfer through this deed are (i) a single-family home or condo unit, (ii) a single-family residence that sits on agricultural property of 40 acres or less, or (iii) the residence has no more than four residential dwelling units. Advantages of a Transfer on Death Deed There are many advantages associated...