What Professional Standards Apply to Business Valuations?
Business valuation experts who testify in court are often asked, "Did you follow appraisal standards in performing your engagement?" The next question is likely to be: "Which ones?" There are a number of different standards that cover business appraisal practice....
Back-to-School Tips for Grownups
ABCs of Education-Related Tax Breaks It’s back-to-school time in Maine and across the country. Whether or not the school buses are already disrupting your commute to work, the start of the school year brings opportunities for tax breaks. There are numerous...
Different Ways to Find No Claim to Enhanced Value of Nonmarital Asset
Berg v. Young, 2015 Fla. App., LEXIS 13077 (Sept. 2, 2015) In a Florida divorce case, the trial court heard copious expert testimony on the value of the husband’s interest in a car dealership. The dispute turned on the validity and interpretation of the parties’...
Reduce Contention and Cost in a Divorce with a Joint Appraiser
Determining the value of the business interest to include in the marital estate can be one of the most time-consuming and contentious issues when a business owner is getting a divorce. Rather than hire separate experts to argue it out in court, many spouses opt to...
‘Reasonably Equivalent Value’ Analysis Meets FMV Standard
In re Mercury Cos., 2015 Bank. LEXIS 3443 (Oct. 9, 2015) (In re Mercury II) After filing for Chapter 11 bankruptcy, the plaintiff claimed the sale of certain subsidiaries to the defendant entities was an avoidable fraudulent transfer. The Bankruptcy Court considered...
Utility Bills Can Unlock Secrets
It's often necessary to uncover money during legal proceedings like divorce or bankruptcy, by conducting a financial investigation to expose hidden assets, fraud or embezzlement. Unfortunately, the paper trail of hidden assets isn't always clear and it takes a...
Tracking Plastic Spending Accounts for Hidden Assets
Cash is the most difficult item to trace when a bankruptcy or divorce case involves embezzlement, fraud, defalcation, or hidden assets. It's interchangeable and leaves no record of ownership or transfer if kept outside of the banking system. It’s very rare that we...
FAQs about Social Security Retirement Benefits
The Social Security system has been questioned by people for years. In June, the Social Security Board of Trustees released its annual report on the long-term financial status of the Social Security Trust Funds. It projects that the combined asset reserves of the...
No Legal Barrier to Expert’s Adjusted Lost Profits Analysis
Akamai Techs., Inc. v. Limelight Networks, Inc., 2015 U.S. App. LEXIS 19848 (Nov. 16, 2015) In a protracted patent case, the defendant challenged the jury’s lost profits award to the plaintiff, claiming it relied on unsound expert testimony. The price disparity...
It’s Time to Review Your Financial Planning Options
One of the best times to pause and review your financial planning strategy is Fall. A lot can happen in a year. You may need to revise your long-term financial plans if your personal life, market conditions or tax laws have changed. Here are some retirement and estate...