Owning Property as Tenants by the Entireties
Protecting your personal assets from the claims of creditors is always an important goal, and the state of Florida has some of the country’s most generous asset protection laws. Often, a business misstep or an unexpected lawsuit can result in an unwanted financial crisis. You can protect the assets you have accumulated over the years […]
Can a Creditor Garnish My Stocks or Brokerage Account?
Whether you have been sued in a lawsuit or had a failed business venture, you may be worried about creditors trying to reach your personal assets. We know you have worked diligently to accumulate assets for you and your family, and we want to help you protect them. The asset protection attorneys of Kramer, Green, […]
Florida Homestead Law: Protecting Your Home from Creditors
Owning even the most successful business always involves some degree of risk. Despite your hard work and careful planning, a single lawsuit, accident, or bad investment can result in financial disaster. Therefore, you should always take steps to protect your personal assets from the reach of creditors to the greatest extent possible. Fortunately, the Florida […]
Asset Protection: Annuities, Life Insurance, and IRAs
[vc_row][vc_column width=”1/1″][vc_column_text]Florida law offers multiple ways that individuals can shelter their assets from collection efforts by creditors. Specific classes and amounts of property are exempt under state law, which allows you to protect significant assets that fall within these classifications. Some of the vehicles that you can use for asset protection include annuities, life insurance […]
New PPP FAQs – Good News for Necessity Requirement
[vc_row][vc_column][vc_column_text]As addressed in previous Legal Beats, in order to qualify for a Paycheck Protection Program (“PPP”) second draw loan, the borrower must demonstrate that they had a 25% reduction in gross revenues, comparing a 2020 calendar quarter to a comparable 2019 calendar quarter (i.e., comparing the 2nd quarter of 2020 to the 2nd quarter of […]
PPP Borrower Tax Relief Under New Act
Under the Coronavirus Response And Relief Supplemental Appropriations Act of 2021(the “Act”), passed last week by Congress and ultimately signed into law, PPP borrowers will now be able to deduct payroll and non-payroll expenses funded with their PPP loans, and will not have to include PPP loan forgiveness in income. PPP Loan Deductibility For the […]
Having Your Cake and Eating It Too: Using a Self-Cancelling Installment Note to Reduce Estate Tax
A number of our clients have asked us about making gifts to family members in order to avoid Federal Estate Tax upon the second death. Currently each spouse can give away either during lifetime or at death, or some combination, $11,580,000 without Gift Tax or Estate Tax. This is known as the Exemption. The fear […]
IRS Issues New Guidance On Treatment of PPP Loan Expenses
On November 18th, the Treasury released new guidance concerning the tax treatment of expenses paid with Paycheck Protection Program (PPP) loan funds. Newly issued Revenue Ruling 2020-27 provides that recipients of PPP loans may not deduct expenses paid with PPP funds in the year in which such expenses were paid or incurred. The Ruling further […]
PPP Update – SBA Issues New Simplified Forgiveness Application for Small Loans
On October 8, 2020, the Small Business Administration “(SBA”) provided a simpler forgiveness application for PPP loans of $50,000 or less. The key simplification is that the borrower can ignore reductions in either employee headcounts or of salaries or wages! If you are eligible to use the simpler PPP loan forgiveness form, you probably want to […]
PPP Update – New SBA Notice Addresses Change of Ownership of PPP Borrowers
As the SBA gears up for borrowers to apply for forgiveness for their PPP loans, on October 2, 2020, they issued Procedural Notice 5000-20057 (“Notice”), the purpose of which is to provide information concerning the required procedures for changes of ownership of an entity that has received Paycheck Protection Program (PPP) funds (a “PPP borrower”). […]