A special needs trust is a trust that protects the assets of disabled individuals who are physically or mentally challenged. The disabled individual is named as the beneficiary of the trust and a trustee is appointed to ensure that the beneficiary enjoys the use of property and assets that is held in the trust for his or her benefit. The most common use
A trust is generally defined as an arrangement where a person, called a trustee, holds assets for the benefit of one or more beneficiaries. The grantor is the person who places assets in the trust. The advantage of a trust is that it generally avoids probate, i.e. proceedings to pay the estate’s debts and distribute property to heirs. When a grantor passes away,
Approximately 15 years ago California became the first state to provide paid time off to workers to care for a new child or ailing family member. The law, which is funded by required worker contributions, provides for up to 6 weeks of wage replacement in connection with certain qualifying events, which events include the temporary disability of an individual worker, caring for certain
When it’s a service charge. Revenue Ruling 2012-34 was issued by the Internal Revenue Service to provide guidance to employers and employees on the difference between tips and service charges as well as on certain reporting requirements. The ruling states, among other things, that service charges paid to employees are taxable as regular wages and not as tips. Although the IRS initially delayed enforcement
We have all lived in a highly regulated, pro-employee environment for years. Moreover, there is no hiding it; employers are bombarded by news about the hazards of having employees which illustrate the various pitfalls, often in painful detail. Yet, I continue to hear from employers desperate to terminate a problem employee, an employee who has been unacceptable “forever”, but whose personnel file reads