Beware of the “Clawback” Claim, but Also be Aware that it is as Much an Accounting Issue as a Legal One

There will be a time when your client's customers will go through a rough patch and have the need to file for bankruptcy protection. Before filing, one of these customers may, out of loyalty or with an eye to the future, pay this client. But if your client receives this sum less than 90 days prior to the debtor's bankruptcy filing, this payment could be deemed a "preferential payment," meaning your client may be required to return this sum for inclusion in a bankruptcy estate for equitable distribution among the debtor's creditors.

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Beware of the “Clawback” Claim, but Also be Aware that it is as Much an Accounting Issue as a Legal One2020-03-06T09:58:48-05:00

Long Term Care Insurance Policies

Long term care insurance is different from traditional medical care that is covered by an individual’s health insurance policy or Medicare, which is designed to rehabilitate or correct certain medical problems. Conversely, long term care insurance is intended to provide services to assist a person to maintain their level of functioning. Long term care services generally include, but are not limited to the following:

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Long Term Care Insurance Policies2020-01-03T11:32:57-05:00
Finance| Nov 05, 2015

Peace of Mind

| Nov 05, 2015

Buy Sell Agreement Remember when going into business with a friend or family member, the terms of the agreement was settled with a handshake, a “gentleman’s agreement?" Oh, how the world has changed. Nowadays everything has to be in writing.

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Peace of Mind2020-01-03T12:00:19-05:00
Finance| Oct 01, 2015

Education Connection

| Oct 01, 2015

College Financial Planning “Congratulations!” is the first sentence all high school seniors pray to see when they tear open that envelope from their desired college. Upon acceptance, the fun begins: finding a roommate, new student orientation, declaring a major, and joining clubs and teams.

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Education Connection2020-01-03T10:15:32-05:00

Private Foundations vs. Community Foundations

Pros and Cons to Private and Community Foundations By: Mark Ackerman, CPA For clients who have expressed the desire to use part of their wealth for philanthropic giving, the overwhelming vehicle used to accomplish this is to establish their own charitable foundation.

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Private Foundations vs. Community Foundations2020-01-03T12:27:48-05:00
Finance| Sep 02, 2015

Focusing on Your Finances

| Sep 02, 2015

End the Summer, Prepared for Fall In our last week of summer, it is important to prepare yourself and your finances for the year ahead. Summer is great, with shorter work weeks, weekends spent on the golf course and relaxing by the pool.

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Focusing on Your Finances2020-01-03T10:52:36-05:00
Finance| Jul 22, 2015

Euro Trip

| Jul 22, 2015

Save Money While Traveling As July is coming to an end, it is now or never to book your summer vacation. But instead of taking the same predictable trip you take every year, why not change it up and take that hop skip and jump across the pond and explore Europe?

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Euro Trip2020-01-03T10:39:59-05:00
Finance| May 07, 2015

Spousal Benefits of Social Security

| May 07, 2015

Spousal Benefits of Social Security There are many things we should know about Social Security. While the following is written from the perspective of a wife earning less than her spouse, the information here is the same for husbands who earn less than their spouse and may want to claim a spousal benefit.

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Spousal Benefits of Social Security2020-01-03T12:45:11-05:00