Employment Separation Agreements are important contracts and as such they should be reviewed with an attorney. Separation Agreements generally provide, at a minimum, severance pay that a terminated employee would not otherwise receive in exchange for a release of the employer by that employee. Depending upon the circumstances of the employment termination, the employee may not have any claims against…
Even if all of your property is jointly owned with your spouse or children, you shouldn’t overlook the need for having a will. A will allows you to direct “who gets what and when”. In addition to the distribution of your assets, your will designates who will be in charge of your estate, and more importantly, your will is where…
Beginning January 1, 2009, the federal gift tax annual exclusion increased from $12,000 to $13,000. The gift tax annual exclusion is the dollar amount of assets you can give to any individual each year without it being considered a taxable gift. Married couples can give up to $26,000 to any number of donees (recipients) without any gift-tax consequences. However, if…
Employment discrimination laws focus on substantial adverse employment actions, not petty nuisances in the workplace. This point was illustrated in the March 20, 2009 New Hampshire Federal Court decision of Elyssa B. Slater v. Town of Exeter and Richard Kane . In May 2006, following her graduation from law school, Slater became employed by the Town of Exeter as its…
On Thursday, March 26, 2009, Senate Finance Committee Chairman Max Baucus (Dem-MT) introduced legislation which would make permanent many of the tax cuts enacted by President Bush in 2001. The relevant Estate and Gift tax provisions of the legislation are as follows: Make permanent the estate, gift and Generation Skipping Transfers (GST) tax cuts; Reunify the gift tax and estate…
As part of President Bush’s 2001 tax reform package, the amount of the estate tax exemption (credit shelter) for 2009 has risen to $3,500,000 per individual. In 2010 there will be no estate tax and in 2011 the exemption will revert to the Clinton level of $1,000,000. President Obama has indicated that he will propose making the $3,500,000 exemption permanent.…
Perhaps someone owes you money who at one point seemed to have a lot of assets but now has little or none. While it is possible that person because of dire financial straits legitimately had to sell off those assets, it is also conceivable that some of those assets were transferred to others for less than reasonably equivalent value. If…
A deed in lieu of foreclosure is the process by which a homeowner and its lender mutually agree to transfer title to the home in order to avoid a foreclosure sale. If the homeowner is in default of the mortgage and a modification agreement is neither desirable nor possible, a deed in lieu of foreclosure transfer may be a better…
In recognition of the significant decrease in the total value of many retirement accounts, Congress has suspended Required Minimum Distribution (RMD) from retirement plans for 2009. Normally, individuals, upon reaching age 70½, are required to withdraw annually from their retirement accounts an amount which approximates the total value of the retirement account divided by the individual’s life expectancy. (Life expectancy…
The limits on deferring income through contributions to retirement accounts have been increased for 2009 as follows: ************************Below 50 *******Age 50 and above********* IRA Contributions ————$5,000 ——-$6,000 Simple IRA Contributions -$11,500 ——-$14,000 401(k) Contributions ——–$16,500 ——$22,000 403(b) Contributions ——-$16,500 ——$22,000 457 Contributions———– $16,500 ——$22,000 In addition, the maximum deferral for Defined Contribution Plans and SEP/IRAs is $49,000, based on a…