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Stimulus money not subject to claims of your creditors

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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!”

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“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

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

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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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Understanding the COVID-19 Federal Lending Option Basics

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There are two federal programs available to help businesses and non-profits in response to the COVID-19 epidemic. They serve very different purposes and have very different provisions for repayment or forgiveness. Paycheck Protection Program (PPP) PPP loans are designed to help businesses and non-profits keep their employees and owners paid at normal wages and salaries. The borrower completes an application and provides required documentation with an SBA-approved bank. The loan is for 2.5x the company’s average monthly payroll costs (which is a phrase that includes a lot of parts of...

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Van Halen, Brown M&M’s, and the importance of reading your contracts.

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The ‘80’s rock band Van Halen had a provision in their concert contract requiring M&M’s in their dressing room, but banning brown M&M’s. Urban legend has it that this was evidence of the bizarre behavior of eccentric musicians. Instead, it was a very intentional requirement. Van Halen’s concerts were complex productions. They involved significantly more stage, sound, and light equipment than the average show. This created technical requirements that were much more stringent than the average show that a venue might normally host. Those rules were all built into their...

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