Report from Counsel, Author at Ross Law Firm Ltd.

Nursing home abuse and neglect are surprisingly common

09/29/2015 by Report from Counsel

Recently, a retired scientist named Joseph Shepter died after a two-year stay at a California nursing home. He had been paralyzed from a stroke and suffered from dementia. The cause of his death was listed as heart failure, and his family naturally assumed that was correct.

But a later investigation revealed that he had actually died from symptoms of poor care, including an infected ulcer, pneumonia, dehydration and sepsis. He had also been given powerful antipsychotic drugs, which can have deadly side effects.

Shepter was not alone. Elderly patients are being neglected and mistreated in nursing homes far more frequently than most people realize.

According to the National Center on Elder Abuse, about one out of every three nursing home residents in America suffers from neglect. In one survey conducted by the Center,

Some bequests that ‘look’ equal really aren’t

09/29/2015 by Report from Counsel

When you’re writing a will and deciding how to divide your assets among multiple heirs, it’s very important to consider who will pay your estate’s debts out of their share. Two bequests that look equal in theory might be very different in practice once debts are taken into account. Generally, when a person dies, his … Read more

Late-night e-mails might entitle workers to overtime

09/29/2015 by Report from Counsel

These days, many employees feel like they’re never really “off the clock.” They’re expected to check e-mails at home, and occasionally to respond to emergency text messages from their boss or co-workers. But the truth is, many workers in this situation might literally be “on the clock.” If they’re expected to check texts and e-mails … Read more

Family and Medical Leave law now covers gay marriage

08/17/202007/23/2015 by Report from Counsel

The federal Family and Medical Leave Act (“FMLA”) allows many employees to take up to 12 weeks of unpaid leave to care for a spouse who has a serious medical condition. Recently, the U.S. Department of Labor approved a new rule saying that this includes spouses in same-sex marriages. According to the Department of Labor, … Read more

Converting to a Roth IRA can help with estate planning

08/17/202007/23/2015 by Report from Counsel

Converting a traditional IRA into a Roth IRA has many advantages and disadvantages, but what many people don’t realize is that it can provide some estate planning benefits.

If you convert to a Roth, you’ll have to pay income tax on the value of the IRA right away – just as if you received the entire amount as income. On the other hand, all future withdrawals will be tax-free, and there are no minimum required distributions during your lifetime.

Converting may make sense if

What businesses need to know about commercial leasing

08/17/202007/23/2015 by Report from Counsel

Companies that are leasing their own space for the first time are often surprised by the terms of a commercial lease – and even companies that have leased space before sometimes overlook important points where they might be able to negotiate matters to their advantage. Here’s a quick guide to what to look for:

Letter of intent. This sets out the basic terms of the agreement so everyone is on the same page before a formal lease is drafted. Be careful – the document should say that it’s non-binding. You don’t want to sign a general expression of interest and suddenly discover that it’s a legal contract.

Rent. Commercial rent is

Sale of business interests can trigger surprise tax result

08/17/202007/23/2015 by Report from Counsel

Did you know that if more than 50% of the interests in a partnership or LLC are transferred within a 12-month period, the business technically ceases to exist under federal tax law?

That’s true even if the business continues to operate as normal for all other intents and purposes.
This “technical termination rule” isn’t the end of the world, but it’s something you need to be aware of. For one thing, a special tax return is due within a few months after the “termination” occurs. Recently, one family business was hit with more than $12,000 in IRS penalties and interest because the family didn’t realize they needed to file such a return.

New laws may clarify estate planning for online assets

08/17/202007/23/2015 by Report from Counsel

Including online assets in estate planning is a new thing, and the legal rules aren’t always entirely clear. But a number of states are now considering laws that will make things easier.

For instance, Delaware recently became the first state to pass a comprehensive law addressing what happens to someone’s online assets when they pass away. And 13 other states are currently considering such laws, so it’s likely the legal landscape will change dramatically in the next few years. The bill being considered by Illinois’ legislature is the Uniform Fiduciary Access to Digital Assets Act, SB1376.

The Delaware law says that if a person dies, his or her executor can take control over the person’s online assets and distribute them to heirs. The same is true for trustees and other fiduciaries. This will be allowed unless the person specifically states otherwise in his or her will.

How to avoid common trust mistakes

07/23/201507/23/2015 by Report from Counsel

Trusts can be the linchpin of a solid estate plan. But it’s important to remember that you can’t just set up a trust and forget about it. It’s a good idea to periodically review how your trusts are working, to make sure you and your family are getting the full benefit of them. Not doing so can be costly!

Here are just a few things to consider, and some common mistakes to avoid:

Some older wills can cause unnecessary capital gains tax

08/17/202005/12/2015 by Report from Counsel

As a result of changes in the law, a lot of wills that were drafted even relatively recently may now result in a capital gains tax issue, and if you have such a will, you might want to consider revising it to save taxes.
Here’s the background: When a person dies, he or she can leave an unlimited amount of assets to a spouse without incurring the federal estate tax. If assets are left to anyone else, including children, then everything above the “exemption amount” is subject to a very significant tax.
In the past, the exemption amount was not very large. As recently as 2001, it was only $675,000. Back in 2008, it was $2 million.