funds | Law Firm Newswire - Part 3

Virginia Beach, VA (Law Firm Newswire) December 4, 2015 – Retirement planning can be a very challenging process for couples, and even more so for singles. Several Americans will enter their retirement years on their own for various reasons, such as the death of a spouse, divorce and different lifestyles. According to the 2013 U.S. Census, 54 percent of women and 27 percent of men age 65 or over were unmarried. Financial advisers claim that the retirement planning needs of singles can be extremely different from those of married couples, and that many singles are unprepared. A study by Rand […]


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Sacramento, CA (Law Firm Newswire) December 1, 2015 – Sexual harassment/assault in the workplace or a college milieu is illegal. Recently, Governor Jerry Brown vetoed a California bill that would have mandated a minimum two-year suspension for students found guilty of sexual assault on college campuses, saying instead that such matters should be addressed not by the government but by the campus disciplinary process. It has taken years for the allegations of sexual harassment and assault victims on campuses across the nation to finally be heard in a way that has garnered enough attention to make changes to university and […]


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Virginia Beach, VA (Law Firm Newswire) November 20, 2015 – Medicare Advantage plans are part of the Medicare program in which one is still entitled to the same rights and protections as if one had traditional Medicare. They are private plans that may offer more benefits than those accessible in traditional Medicare, and sometimes at no extra cost to beneficiaries. Medicare Advantage plans may be able to operate with more efficiency than the traditional program, purchasing additional benefits for a lower cost, and regulating care in such a way as to ensure that patients make use of medical services more […]


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Virginia Beach, VA (Law Firm Newswire) November 6, 2015 – When a younger spouse inherits an IRA, it may be in the best interest of the spouse to continue being a beneficiary of the IRA. A beneficiary is not required to pay the 10 percent early distribution penalty on funds taken out of the IRA. The spouse would only have to pay income taxes on the amounts withdrawn from the account. But if the spouse were to move the inherited account into his or her own name, then the spouse would have to pay the penalty, unless an exception applied. […]


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San Francisco, CA (Law Firm Newswire) October 14, 2015 – The Social Security disability fund is running out of money and faces a nearly 20 percent cut to benefits at the end of 2016, according to a Social Security trustees report released on July 22. Nearly 60 million people currently receive Social Security benefits. The Social Security Disability Insurance and Supplemental Security Income (SSI) programs are vital sources of income for special needs children. The budget cuts would immediately affect around 11 million people receiving disability benefits as of 2014. Other beneficiaries could see reduced or interrupted payments in the […]


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Virginia Beach, VA (Law Firm Newswire) October 9, 2015 – There are several benefits associated with purchasing an annuity, but there are also risks. Several companies have announces that they are selling products called deferred-income annuities. This means that in return for a guaranteed paycheck for the rest of their life that starts many years later, they make a lump sum payment to an insurer. However, one cannot usually know for sure whether it would be prudent to purchase such annuities because it is unpredictable how long one will live. Nevertheless, one can consider the purchase of the annuity to […]


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Virginia Beach, VA (Law Firm Newswire) October 2, 2015 – When faced with the decision of whether to invest in a traditional or Roth 401(k) plan, many U.S. taxpayers find themselves weighing the advantages and disadvantages of each retirement option. A traditional 401(k) plan is offered by an employer to its employees. Such a plan represents the most typical type of defined contribution retirement plan. The employee decides the amount of the contribution he or she would like to make, and the employer deducts a percentage of the employee’s salary from his or her paycheck; the deducted amount is then […]


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Brandon, FL (Law Firm Newswire) September 30, 2015 – A recent U.S. Supreme Court decision is good news for Chapter 13 bankruptcy filers who convert their cases to Chapter 7. Chapter 13 bankruptcy allows debtors with regular income to reorganize their debts and make regular, manageable payments on them under a court-approved plan. However, many such cases are never completed. Bankruptcy attorney O. Reginald Osenton explains why. “Often, the debtor is eventually unable to make the payments,” Osenton said. “Other times, the issue that caused the individual’s financial trouble goes away. In the former case, the debtor’s next step often […]


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Virginia Beach, VA (Law Firm Newswire) September 29, 2015 – A job change can be an opportunity to improve the state of one’s 401(k) plan, but it is important to avoid unnecessary fees and taxes during this process. With careful planning, many people are able to put their 401(k) into better mutual funds with lower costs after a job change. “A job change is a great time to research your investment options and decide which type of account is best for your particular situation,” said Andrew H. Hook, a Virginia financial planning attorney with Hook Law Center, with offices in […]


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Tampa, FL (Law Firm Newswire) September 29, 2015 – Recipients of Social Security disability could experience an automatic 19 percent cut in benefits as the disability trust fund is projected to run out of money by the end of next year. Eleven million Americans rely on disability benefits from Social Security, which turned 80 on Aug. 14. Disabled workers and their families receive an average monthly payment of $1,019, which adds up to $12,228 a year. A 19 percent cut would decrease average annual benefits to under $10,000. “A cut to benefits would be detrimental to the millions of disabled […]


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Virginia Beach, VA (Law Firm Newswire) September 22, 2015 – Many people with Alzheimer’s disease and other forms of dementia eventually become unable to make informed decisions and to understand the consequences of their decisions, and a family member becomes responsible for making medical, financial and other decisions. This can often occur without court intervention, but legal guardianship may be necessary in cases where there is no power of attorney in place or when the elder refuses necessary care. Guardianship gives a person the legal right to make decisions on behalf of someone who is unable to make their own […]


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Virginia Beach, VA (Law Firm Newswire) September 1, 2015 – There are a number of different retirement planning milestones that determine which benefits retirees can receive. Anticipating these milestones can be important for executing a retirement plan, and making any necessary changes. “Retirees can expect to start receiving various private funds and government benefits at different ages, and understanding when these funds will become available is essential for avoiding unexpected penalties or gaps in retirement funding,” said Andrew H. Hook, a Virginia elder law attorney with Hook Law Center, with offices in Virginia Beach and northern Suffolk. Age 59½ is […]


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Tampa, FL (Law Firm Newswire) August 31, 2015 – An audit report released on July 1 reveals that the Social Security Administration (SSA) has overpaid almost $17 billion in disability benefits over the past decade, with some individuals still receiving payments despite being ineligible. The audit, issued by the Office of the Inspector General, examined a sample group of 1,532 Americans receiving disability benefits from October 2003 to February 2014. The results indicate that around 50 percent of the people were overpaid. The SSA estimates only $8.1 billion of the $17 billion in overpayments has been recovered, and that it […]


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Northville, MI (Law Firm Newswire) August 19, 2015 – The number of veterans on health care waiting lists of one month or more is now 50 percent higher than it was a year ago when the Department of Veterans Affairs (VA) was battling a scandal over falsified records and long wait times, according to VA officials. The agency is also facing a budget shortfall of $2.7 billion. According to the VA, health care costs have risen due to increased demand by veterans for new hepatitis C treatments and prosthetic limbs, as well as programs for sending patients to doctors outside […]


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Southfield, MI (Law Firm Newswire) August 14, 2015 – A drunk driver, his employer and a strip club are named in a wrongful death lawsuit as being at fault for the death of Lieutenant Eric Eslary. “This wrongful death lawsuit was filed by Eslary’s widow. She is seeking compensation to continue to care for her children in the manner in which Lieutenant Eslary would have provided for them,” said Daren Monroe, a Litigation Funding Corp. representative. Two of the named defendants in this case are Clair Fink, who is believed to have been driving drunk at the time of the […]


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Southfield, MI (Law Firm Newswire) August 7, 2015 – A state trooper’s son died as a result of driving under the influence. He was served alcohol continuously at a wedding, despite clearly being inebriated. 18-year-old Johnathan Taylor was heading home after attending a wedding party and was driving while under the influence when he lost control of his vehicle and slammed into a tree. His blood alcohol content was .20, which is 2 1/2 times the legal limit for an adult. Johnathan’s father, Greg Taylor, a state trooper, and his mother, Carrie Taylor, are now suing businesses that supplied and […]


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Virginia Beach, VA (Law Firm Newswire) July 30, 2015 – There are many tax savings that are available to older families. Such tax breaks can be achieved in several areas, including work, car and home, estate planning, medical expenses and rental property. In terms of realizing savings at work, a hefty tax refund implies that an excessive amount of tax is being withheld from one’s paycheck. One can correct this by filing a new W-4 form with one’s employer. There are also savings to be had regarding the payment of medical expenses. Some employers offer a medical reimbursement account, or […]


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Tampa, FL (Law Firm Newswire) May 12, 2015 – The Social Security Administration (SSA) is seeking information from insurance companies and local and state government to ensure an appropriate offset of disability benefits. In April, the SSA forwarded a proposal that, if enacted, will require states, local governments and private insurers to report workers’ compensation benefits to the agency when those benefits affect the offset of the Social Security Disability Insurance (DI) benefits that the SSA pays to disability insurance recipients. The proposal was included as part of the SSA’s Fiscal Year 2016 Budget Overview. Under current law, the SSA […]


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Virginia Beach, VA (Law Firm Newswire) April 10, 2015 – During retirement, seniors are typically operating on a much tighter budget than they were during their working years. This is especially the case when major life events, such as an early retirement or a health problem, have made finances tighter. Downsizing can be an important strategy for making retirement funds stretch farther, and there are a number of different methods. “It is important for seniors to evaluate their particular financial situation in order to make smart decisions about what should stay and what should be altered,” said Andrew H. Hook, […]


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New York, NY (Law Firm Newswire) April 2, 2015 – Zamansky LLC announces that it is investigating Lynn Tilton’s “Zohar” Loan Funds, the collateralized loan funds managed under the names Patriarch Partners, LLC, Patriarch Partners XIII, LLC, Patriarch Partners XIV LLC and Patriarch Partners XV, LLC (“Zohar Funds”). The investigation concerns the allegations against investment advisor Lynn Tilton and the Zohar Funds made by the U.S. Securities and Exchange Commission (“SEC”). On March 25, 2015, the SEC filed an Administrative Proceeding alleging that Tilton issued misleading values of the Zohar Fund’s CLO holdings to inflate management fees charged to the […]


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