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...
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...
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...
‘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...
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...
Do You Own a Vacation Rental Home with Limited Personal Use?
Vacation properties in Maine are subject to different federal income tax rules depending on how much personal and rental use they have during the year. Now is a good time to plan how to use your Maine vacation property for the rest of this year with tax savings in...
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....
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...
Appraiser Lacks Necessary Valuation Expertise, Dissent Says
Shaffer v. Visaggio’s, Inc., 2015 Pa. Super. Unpub. LEXIS 2403 (July 29, 2015) A Pennsylvania dissenting shareholder case raised questions about who is qualified to resolve valuation issues as well as what constitutes competent financial evidence. Valuators may find...
New Study Confirms the Prevalence and Cost of White Collar Crime
The Association of Certified Fraud Examiners (ACFE) has been publishing studies every two years for the past 20 years to raise awareness of occupational fraud, and the role strong internal controls can play in limiting these schemes. The 2016 Report to the Nations on...