Posts by Kick & Gilman

Stimulus money not subject to claims of your creditors

Posted in Uncategorized

Ohio’s Attorney General has made it clear: creditors cannot attach or seize your stimulus money. Ohio law protects certain assets from creditors’ claims. These are called “exemptions.” For example, you can have a certain amount of equity in your car and in your house that your creditors cannot take from you. And you can keep those assets if you file bankruptcy. We can now add to that list the money you receive from the CARES Act.  To be sure it is protected, you may want to put the money into a separate bank account so that it is not co-mingled with money from any other sources. This...

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“I’ve been needing to do this for 10 years.” “That was so easy!”

Posted in Uncategorized

“I’ve been needing to do this for 10 years.” “That was so easy!” Those are two recent comments we received from estate planning clients. Everyone knows they need a last will and testament, powers of attorney, trust, living will, or other tools to plan their estate and protect themselves and their loved ones. Unfortunately, too many people put it off. Procrastination, confusion, questions about costs, and other issues get in the way and cause people to wait years to complete their planning. Unfortunately, some wait too long and never put a plan in place. Our firm has worked to...

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Your stimulus payment and Medicaid

Posted in Uncategorized

As the $1,200.00 stimulus payments are distributed, many people receiving Medicaid coverage in nursing homes and other settings are finding their bank account creeping over the $2,000.00 they are normally allowed to have. Fortunately, this is not a problem. Stimulus payments will be exempt from resource calculations for a period of one year. This means Medicaid recipients will be allowed to have their normal $2,000.00 AND the $1,200.00 for the next twelve months. Remember: if you are over the $2,000.00 mark after the one-year period is over, you will be disrupted from your Medicaid...

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1099 independent contractors and CARES Act forgivable loans

Posted in Small Business

Several people have asked how the Paycheck Protection Program forgivable loans (sometimes referred to as grants) created by the CARES Act apply to 1099 independent contractors. The early information released by the Small Business Administration created a lot of confusion on this topic. On April 2, the SBA released new regulations that clarified it. Let’s use an example to help make it clear. Let’s say a company called XYZ Enterprises, Inc. has 10 employees and an owner who works at the company. XYZ Enterprises also uses the contract services of Bob Smith, and issues him a 1099...

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Employers are required to post new posters related to COVID-19

Posted in Uncategorized

In addition to new federal loan opportunities for businesses, the federal government has also instituted new protections for employees at businesses with fewer than 500 workers. In instituting those changes, they have mandated that employers post two posters at their place of business. Many people are also suggesting these be shared directly with remote workers. Links for the posters are below. Contact us if you need clarification on how they apply to your business. FFCRA Poster 1 FFCRA Poster...

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