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What Do You Do If Your Ex-spouse Owes You a Large Settlement Payment, But Has Filed For Bankruptcy?
This content has been archived. It may no longer be relevantI’m divorced and my spouse owes me a large settlement payment, but he/she has filed for bankruptcy. Am I out of luck? Not necessarily. In 2005, Congress enacted the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) and gave a boost to the rights…
The Weekly Scenario: My Son is Turning 18. What Does He Need In Terms of an Estate Plan?
Question: My son is turning 18. What do I need to do in terms of my son’s estate plan, if anything? Answer: Most 18 year olds don’t own any property of any significance (though obviously some do) so most people don’t think estate planning documents are needed. But remember, after a child turns 18, the…
Compensation and Compliance Matters: A Reminder of the Risks from Lending Through Third Parties
Last month, BMO Harris Bank changed policies on auto lending to pay a flat percentage of the loan amount to auto dealers making loans (sound familiar?). While the bank was under no obligation to do this and no other auto lenders have followed suit, the bank’s rationale should not escape the attention of lenders having…
4 Questions to Ask Before Pursuing a Government Contract Through GSA
On its surface, the government contracting process seems similar to sales in the private sector: A vendor finds an opportunity, draws up an offer, then submits a proposal. Dig deeper, however, and you will discover a plethora of contracting rules and requirements business owners often find daunting. Do not get discouraged by the paperwork. With…
Michael Mercurio’s Read|Delete: The Most Valuable Trophy In American Sports
The 2014 Preakness winner, California Chrome, took home over a million dollars in prizes; however, the Preakness Trophy made by Tiffany Co. in 1860 is not one of them. Known as the most valuable trophy in American sports, the winner is not permitted to hold the 13kg, solid silver Woodlawn Vase–worth $1 million. The…
May Employers Use an Involuntary Separation From Service Without Cause as a Substantial Risk of Forfeiture to Defer Executive Compensation?
Background. Internal Revenue Code section (“Section”) 83 provides rules for timing of inclusion in income of compensation consisting of restricted “property” payments, such as employer securities. Under Section 83, an equity-based award generally is not includible in income of the executive in the tax year of the grant if it is subject to a “substantial…
New Minimum Wage Law Signed In Maryland
On May 5, 2014, Governor Martin O’Malley signed a law to raise the minimum wage in Maryland to $10.10 an hour by July 1, 2018. The law, which goes into effect January 1, 2015, gradually mandates an increase in minimum wage a total of 5 times before it reaches $10.10 in July 2018. The minimum…
Neil Morris Named to Super Lawyers
Super Lawyers has named Offit Kurman attorney Neil A. Morris to its recent Philadelphia Super Lawyers 2014 listing. Neil Morris is Chair of Offit Kurman’s Philadelphia Labor and Employment Practice. He focuses his practice on Business Litigation and Labor and Employment Law. Super Lawyers is a rating service of outstanding lawyers from more than 70…
A Conversation with Doug Ulman, President & CEO, The LIVESTRONG Foundation and Founder, The Ulman Cancer Fund for Young Adults
Doug Ulman, CEO of the Livestrong Foundation tackles the organization’s considerable challenges with the same tactic he employed to defeat his own three cancer diagnoses: Double down and go forward with more vigor and resolve than ever. And, he does it with a unique brand of leadership grit and grace. Double down is a term you’ll hear…
Compensation and Compliance Matters: What Small Mortgage Lenders Can Learn from Credit Card Settlement
The Consumer Financial Protection Bureau has once again utilized its broadest and most powerful weapon—Unfair and Deceptive Acts and Practices—to levy large fines. This time, it was Bank of America that received a $727 million dollar fine for “illegal credit card practices.” These practices included alleged deceptive marketing by inaccurately describing the benefits of certain…
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