Again, yes! Sort of. In a prior blog entry, I discussed what impact working may have on drawing Disability Insurance Benefits (DIB). To complement it, I thought I would today focus on what impact working may have on drawing Supplemental Security Income (SSI) benefits. To reiterate, there are two sorts of Social Security Administration (SSA) disability benefits that I handle in my practice: DIB and SSI. DIB monthly monetary dispersals are tied to what you have paid into the system while SSI benefits are needs based. This is a very important distinction as if an individual or couple have too…Read More
I recently read an article in the New York Times about the incidence of bankruptcy filings among older Americans. I know from my own practice that I’ve seen more older clients in recent years than I did early in my career. Maybe this is a result of what the article discussed, or maybe not. At any rate, it’s an interesting topic. Bankruptcy Filings Among Older Americans According to the article, the rate of bankruptcy filings among those 65 or older has tripled since 1991, the year I first entered law practice. The article mentions several possible causes. Among these are…Read More
The Alabama Tax Delinquency Amnesty Program of 2018 was passed to allow Alabama residents who owe certain types of taxes to the state of Alabama a chance to have all penalties and interest waived with an approved tax amnesty application. The Alabama Department of Revenue (ADOR) launched alabamataxamnesty.com in July and the deadline to submit an application for tax amnesty is September 30, 2018. If you are a resident of Alabama who owes taxes and have NOT been contacted by ADOR in the last two years and you are not a party to any litigation or a criminal investigation concerning…Read More
More than 130,000 veterans are eligible to apply for refunds of taxes they paid on disability severance pay dating back almost three decades, according to the IRS. The payments come after it was found the Department of Defense improperly withheld taxes on payments dating to Jan. 17, 1991. Here is a recent article from AL.com about it. Also, the IRS recently published a detailed information paper describing this process as follows: IR-2018-148, July 11, 2018 WASHINGTON — The Internal Revenue Service today is advising certain veterans who received disability severance payments after January 17, 1991, and included that payment as…Read More
The answer to the question is, more than likely you will qualify to exclude from your income all or part of any gain from the sale of your home. Consider the below items when selling a home: Ownership and Use –To claim this exclusion, you must meet the two (2) ownership and use tests which are as follows: During a five-year period ending on the date of the sale your home, you must have: A: Owned the home for at least two years and B: Lived in the home as your main home for at least two years. Gain on Sale –If…Read More
The school season will be back in just a few weeks, and even though here in Alabama it still feels like Summer, the Fall season is fast approaching. It may seem strange to think of home finances at this time of the year, but this season actually provides several benefits when it comes to personal financial planning. I this blog post, I’d like to talk about planning a budget for the coming year. Why Make a Budget Now? The “Back-to-School” season is a great time for working on a household budget plan to help with getting your finances under control. …Read More
Valentine’s Day might look a little different next year. The plant that manufacturers Sweethearts candy closed suddenly last week. Round Hill Investments, LLC abruptly shut down the New England Confectionery Company, or Necco, plant in Revere, Massachusetts. Necco has been the oldest continuously operating candy company in the United States. In addition to the beloved Sweethearts candy, the company also makes Mary Jane and Squirrel Nut Zippers candy, among others. What Happened? Round Hill Investments, LLC is owned by billionaire C. Dean Metropolous. Round Hill bought Necco out of bankruptcy in May for $17.3 billion. At the time of closing…Read More
This episode of the Next Lawyer Up podcast features attorney Frank Caprio. In the world of intellectual property law (patents, trademarks, copyrights, infringement cases, etc.), it is not an overstatement to say that Frank Caprio is the gold standard. For as long as I have been in Alabama, anytime a question, concern or an issue regarding intellectual property comes up, there is an immediate, universal statement to “call Frank Caprio.” Frank, of course, has the pedigree that is expected for this area of law with both a bachelor’s degree and a master’s degree in engineering. He flew anti-submarine missions in the Navy…Read More
On August 9, 1993, I started working fresh out of college with Bond & Botes as the receptionist. I was 22 years old and thought I knew a lot. Little did I know how much I would have to learn. My 22-year old self was eager to learn, unsure about a lot of life’s mysteries, but still trusting of people. Now, twenty-five years later, I want to reflect about what I have learned through the many faces that have walked through our doors at Bond & Botes. Most people have good hearts. I have met so many people through…Read More
Back in 2015 I blogged about the infamous Real Housewives of New Jersey Guidice family and their bankruptcy woes, including the potential loss of their home to foreclosure. Now we have another infamous New Jersey resident facing the same dilemma, rapper Lil Kim. Why Lil Kim Filed for Bankruptcy Kimberly Jones, aka Lil Kim, is said to be one of the most influential rap musicians of the day. However, that moniker has not helped her to avoid bankruptcy court where she has filed a petition pursuant to Chapter 13 of the Bankruptcy Code in an attempt to save her home. …Read More
