Kramer Green Recent Posts en-us Mon, 18 Oct 2021 04:18:18 -0400 How You Can Avoid Probate 2021-10-12 07:48:42 Situations in Which Probate Might Make Sense 2021-10-04 16:24:19 Should You Avoid Probate? 2021-08-11 12:38:53 Everyone Needs a Will 2021-08-03 08:42:49 How Federal Estate and Gift Taxes Work Many people are concerned that a significant portion of their estates will be consumed by federal estate tax. Federal estate and gift taxes are really a single tax on the value of property transferred from one person to another. The gift tax applies to transfers during life and the estate tax to transfers on death. Estate and gift tax rates are high. However, very few gifts and estates are actually taxed because of generous exemptions, exclusions, and deductions. The Estate Tax Lifetime Estate and Gift Tax Exemption Each individual is entitled to transfer a certain dollar value of property without any estate (or gift) tax liability. The Tax Cuts and Jobs Act of 2017 doubled the estate tax exemption to approximately $11 million. The exemption is indexed for inflation and is expected to rise each year. In 2025, the exemption will be cut in half to its 2017 level unless Congress enacts a new law. The amount of the exemption is reduced by any taxable gifts you have made during your life. Because of the exemption, less than .1 percent of estates will be subject to estate tax. That translates into fewer than two thousand estates per year.

2021-05-17 09:24:41
PPP deadline extended to May 31 2021-03-29 20:35:51 PPP Likely Extended to May 31 2021-03-19 15:03:49 New PPP FAQs – Good News for Necessity Requirement 2021-03-12 12:24:55 PPP Update - New Rule Good News for Schedule C Filers 2021-03-08 16:31:35 Biden Administration Takes Steps to Promote Equitable Access to SBA Relief 2021-02-22 18:42:26 HOW TO SET UP YOUR ESTATE PLAN DURING THE CORONAVIRUS PANDEMIC The coronavirus global pandemic has made people confront their mortality and spurred many to think about an estate plan. If you are one of them, you may be wondering, what documents you need and how to have them prepared and executed while maintaining the safety of social distancing.


The estate planning documents you need during a pandemic or other crisis:

2021-02-10 09:48:47
Additional Expense Categories Eligible For PPP Forgiveness 2021-01-25 07:07:19 Paycheck Protection Program resumed January 11, 2021 2021-01-18 00:00:00 New IFRs For Paycheck Protection Program Second Draw Loans On January 6, 2021, the SBA issued interim final rules (“IFRs”) regarding the implementation of section 311 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the Economic Aid Act). The Economic Aid Act authorizes the SBA to guarantee loans under the Paycheck Protection Program (PPP), which was established under the Coronavirus Aid, Relief, and Economic Security Act. The Economic Aid Act adds a second temporary program to SBA’s 7(a) Loan Program titled, “Paycheck Protection Program Second Draw Loans.” The SBA may guarantee loans under the PPP Second Draw Program under generally the same terms and conditions available under to borrowers through March 31, 2021 (“Second Draw PPP Loans”) that previously received a PPP loan (“First Draw PPP Loans”) and have used or will use the full amount of the initial PPP loan for authorized purposes on or before the expected date of disbursement of the Second Draw PPP Loan. The key differences between First Draw PPP Loans and Second Draw PPP Loans are described in the IFR, which explains the loan terms, eligibility requirements, and application process for Second Draw PPP Loans. The last day to apply for and receive a PPP loan is March 31, 2021.

2021-01-10 18:55:45
PPP Borrower Tax Relief Under New Act 2020-12-30 09:18:46 HAVING YOUR CAKE AND EATING IT TOO 2020-12-16 18:57:23 IRS Issues New Guidance On Treatment of PPP Loan Expenses 2020-12-01 10:38:45 PPP Update – SBA Issues New Simplified Forgiveness Application for Small Loans On October 8, 2020, the Small Business Administration “(SBA”) provided a simpler forgiveness application for PPP loans of $50,000 or less. The key simplification is that the borrower can ignore reductions in either employee headcounts or of salaries or wages!

If you are eligible to use the simpler PPP loan forgiveness form, you probably want to do so. The new 3508S application form is easy to complete. The form asks for identifying information including your business name, contact information, tax identification number, the loan number and amount.

Instead of having to show your forgiveness amount calculation as you do on the 3508EZ application form, you need to certify the following seven things:


2020-10-15 17:08:51
PPP Update – New SBA Notice Addresses Change of Ownership of PPP Borrowers 2020-10-11 12:47:25 PPP Update - Summary of August 24th Interim Final Rules (“IFRs”) 2020-09-07 17:39:37 HOW TO TOGGLE LARGE RETIREMENT BENEFITS TO YOUR HEIRS 2020-09-04 11:09:45 PPP Update – New SBA FAQs After more than a month of silence, on the part of the SBA, they issued new FAQs on August 4, which provided some additional guidance and clarification, most of which was not borrower friendly! Below are the highlights from the new FAQs. Following the highlights is a deeper dive into specific issues addressed, relative to forgiveness for health insurance and retirement benefits and owner compensation, whether owners of a C Corporation, S Corporation, Partnership, as well as for those self-employed. The highlights are as follows:1.  Scanned Copies, E-Signatures and E-Consents allowed to be used. This is intended to simplify the documentation requirement part of the forgiveness application, especially in light of the ongoing pandemic. 2.  Interest is only owed on portion of loan that is not forgiven, and payments are not required to be made until SBA remits the forgiveness amount to the lender. It is expected that banks will have 90 days to review forgiveness application and, thereafter, the SBA will have 120 days to determine forgiveness and submit the proceeds subject to forgiveness to the bank. 3.  Forgiveness not permitted for healthcare and retirement benefits accelerated from periods outside of the Covered Period. 4.  Owner compensation limitation ($20,833, based on a 24-week forgiveness period) applies cumulatively across all businesses. This is a significant limitation as, previously, borrowers who were owners of various businesses were of the belief that the owner compensation limitation applied on a per business/entity basis!

2020-08-16 16:18:55
PPP Funding Extended to August 8! What’s Next? Late Wednesday, Congress voted to extend funding for the Paycheck Protection Program (PPP), which was scheduled to end on June 30, until August 8. It was signed into law on the 4th of July. To date, the PPP has distributed over $500 billion in forgivable loans to more than 4.7 million American businesses. This extension will give many small businesses, which did not initially file for the PPP, additional time to evaluate their needs. With PPP money already running low for many borrowers which availed themselves of the funding and the ongoing  spread of the coronavirus continuing threatening their business, there appears to be some consensus in Washington, as to what to do with the $125 billion that remains in the program. In recent weeks, lawmakers have been increasingly voicing support for the Prioritized Paycheck Protection Program Act (P4), which, among other things, would further extend the application deadline for PPP loans to Dec. 30, or longer. The final deadline as well as administration of P4 would be left up to the SBA. P4 would be open only to companies that have already exhausted or are about to exhaust their PPP loans. It calls for stricter eligibility requirements and creates additional carve-outs for companies hardest hit by the pandemic. Publicly traded companies would be barred from participating.

2020-07-06 09:23:47
New PPP Rules Answer 8/24 Week Question; Others Still Remain! On June 22, the SBA released new Interim Final Rules (IFR) relating to Loan Forgiveness. The IFR updates prior IFRs to conform to the PPP Flexibility Act (PPPFA), specifically relating to the maturity of PPP loans, the deferral of PPP loan payments, and the PPP loan forgiveness process.

The highlights of the IFR are as follows:

1.  Borrowers can file for forgiveness during the 24-week period immediately after they have spent their PPP loan proceeds on “eligible expenses.” They do not have to wait until the end of their 24-week period, which is what was originally thought under the PPPFA. As addressed in a prior Legal Beat, under the PPPFA, borrowers who received their loans on or after June 5, 2020 have a 24-week forgiveness period, while those who received the loan prior to such date, could elect, instead, an 8-week forgiveness period.

The IFR specifically provides that a borrower may submit a loan forgiveness application any time on or before the maturity date of the loan – including before the end of the covered period – if the borrower has used all of the loan proceeds for which the borrower is requesting forgiveness. So long as a borrower has spent all of their loan proceeds, they will be able to apply for forgiveness at any point.

2020-06-29 00:00:00
PPP Update – PPP Flexibility Act, New Interim Rules and PPP Loan Forgiveness Application 2020-06-21 15:14:27 I DON’T CARE IF MY COMPANY GETS SUED…I WILL JUST FORM ANOTHER ONE-BANKRUPTCY- PART 5 This Part 5 of our bankruptcy series.  So far, we have covered what you need to know if the event of bankruptcythe premise of bankruptcy in the era of COVID-19, protecting your LLC and/or Limited Partnership, and what to do with a lease.

Many people are under the impression that they are free to form a new company at any time to cut off legal problems with an old company.

This gets into an area in the law known as “successor liability.” When a business is sold, it depends upon what was sold and whether or not the successor expressly or by implication, accepted the old company’s liability.  If just the assets were sold, ordinarily the purchaser has not assumed the liabilities.

2020-06-15 12:09:43
Treasury/SBA Clarification on PPP Flexibility Act 2020-06-12 07:07:51 Paycheck Protection Program Flexibility Act – A Deep Dive The Senate has approved a bipartisan measure that would give more time and flexibility to employers who receive forgivable loans from the Small Business Administration's Paycheck Protection Program (PPP), sending the House-passed bill to President Donald Trump, who is expected to sign it. The PPP Flexibility Act (Act) passed the Senate by unanimous consent, meaning no senator objected or demanded a vote. The House previously approved the measure with a 417-1 vote, but it stalled as several Republican senators raised concerns about a variety of unintended consequences for the $660 billion program meant to sustain small businesses and nonprofits and their employees while the pandemic locked down much of the U.S. economy. The Act gives employers 24 weeks to spend the money and have the loans forgiven, tripling the current covered period of 8 weeks. While an earlier version of the bill would have eliminated any requirement about how much companies must spend on payroll, the final version instead lowers the threshold from 75% to 60%. The following are the highlights of the Act:

2020-06-08 00:00:00
BREAKING NEWS! – Payroll Protection Program Flexibility Act Passes House and Senate 2020-06-04 07:15:40 Loss of Loan Forgiveness for FTE Reduction The Paycheck Protection Program (PPP) specifically requires certain reductions in a borrower’s loan forgiveness based on reductions in full-time equivalent (FTE) employees  during the 8-week loan forgiveness period (covered period). The SBA has adopted exemptions to the FTE reduction rules for borrowers who have rehired employees and restored salary and wage levels by June 30, 2020, or who have offered to rehire employees or restore employee hours, even if the employees have not accepted. Specifically, in calculating the loan forgiveness amount, a borrower may exclude any reduction in FTE employee headcount that is attributable to an individual employee if:

2020-06-03 11:36:37
COVID-19 AND I NEED OUT OF THIS LEASE- BANKRUPTCY- PART 4 2020-06-02 08:58:26 PPP – What’s Next? 2020-05-29 00:00:00 PROTECTING YOUR LLC OR LIMITED PARTNERSHIP- BANKRUPTCY- PART 3 2020-05-25 11:43:04 New SBA Rules on PPP Loan Forgiveness Late Friday, May 22, 2020, the SBA issued new interim rules, providing further guidance for borrowers on forgiveness of their  Paycheck Protection Program (PPP) loans. The following is a summary of some of the highlights of these rules. First, a quick overview of the PPP. Paycheck Protection Program (PPP) Requirements for Loan Forgiveness The CARES Act was enacted to provide immediate assistance to individuals, families, and organizations affected by the COVID-19 emergency. Among the provisions contained in the CARES Act are provisions authorizing the SBA to temporarily guarantee loans under the PPP.  Loans under the PPP will be 100% guaranteed by the SBA, and the full principal amount of the loans may qualify for loan forgiveness. Next, highlights of the newly issued SBA Rules on PPP loan forgiveness.

2020-05-25 00:00:00
PPP Loan Forgiveness Guidance The Department of the Treasury posted the Loan Forgiveness Application and Instructions for borrowers with Paycheck Protection Program (PPP) loans on May 15, 2020. Below is a summary of highlights, procedures for borrowers to follow and definitions contained in the application.


Timing of expenses eligible for forgiveness. Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, borrowers are eligible for forgiveness if PPP loan proceeds are spent on eligible expenses “incurred and paid” during the 8-week loan period.  Previously, it was unclear whether that required an expense to be both incurred and paid during the 8-week loan period. The application instructions clarify timing requirements for eligible expenses. Certain expenses will still be eligible for forgiveness, even if paid after the loan period.

Payroll costs: Payroll costs “paid” and payroll costs “incurred” during the 8-week loan period are eligible for forgiveness. Payroll costs are considered “paid” on the day that paychecks are distributed or an ACH credit transaction is initiated. Payroll costs are considered “incurred” on the day that the employee’s pay is earned. Payroll costs incurred but not paid during the last pay period of the loan period are still eligible for forgiveness if paid on or before the next regular payroll date. Otherwise, payroll costs must be paid during the loan period. Payroll costs paid but not incurred during the loan period should be counted toward forgiveness (i.e., a borrower can pay wages owed to employees on the date it receives PPP funds).

2020-05-22 00:00:00
Bankruptcy in the Era of COVID-19 - Part 2 WHAT YOU NEED TO KNOW JUST IN CASE: BANKRUPTCY- PART 2 This is Part 2 of a series on Bankruptcy.  Our first article discussed the differences between Chapter 7 (Liquidation), Chapter 11 (Reorganization) and Chapter 13 (Wage Earner Plan). If you want to review Part 1, click HERE. This Part 2 will discuss residency, its effect on your ability to choose State or Federal exemptions and the Florida homestead exemption.  Florida has an extremely generous exemption statute.  Cash value life insurance, annuity contracts, qualified retirement plans, IRAs, wages payable to a head of household and disability benefits are exempt from general creditors without limit.  Florida also exempts the homestead without value limit, but there are size restrictions.

2020-05-18 18:29:33
SBA Releases Guidance on PPP Loan Forgiveness 2020-05-18 08:11:35 PPP Loan Necessity Update Late yesterday, the SBA released the following FAQ, which states that if the PPP loan amount is less than $2,000,000, it is deemed to be necessary.  If it is over $2,000,000 and determined not to be necessary, the loan will need to be repaid. However, there will apparently be no penalty or criminal exposure, provided the borrower repays the loan after receiving notification from the SBA.  This should put borrowers at ease that, if they did not intentionally answer the question of necessity on their PPP loan application inaccurately, then they are likely safe from possible SBA administrative enforcement action!

2020-05-14 07:07:18
Additional Details Regarding $50 Billion Provider Relief Fund General Distributions 2020-05-13 09:15:18 WHAT YOU NEED TO KNOW JUST IN CASE: BANKRUPTCY COVID-19 is turning out to be the “black swan” of our lifetimes.  Ask yourself, what are you going to do if the pandemic goes on for another year or two?  Will you put money into your business in an effort to save it? What happens if you use up your liquid assets, max out your credit cards, and still come up short?

2020-05-11 07:31:12
PPP Issues – Rehiring Employees; 12 Weeks Forgiveness Period? 2020-05-08 07:27:07 PPP Update: Warnings to PPP Loan Recipients; What is Necessary? In one of the latest updates, on April  23, 2020, the U.S. Small  Business  Administration (SBA) sent an important  message: loans under the Paycheck  Protection  Program (PPP) are not for larger “small”  businesses that  have adequate  sources  of liquidity  and  access  to  capital  markets. Those  types  of  companies are unlikely to qualify for PPP loans. They did this by updating their questions and answers, with a new question 31, set forth below, which sets forth guidance for both public companies and other companies with other access to capital, as same pertains to their prior or pending PPP loan applications, with potential criminal penalties for those companies that make false certifications relative to their PPP loan applications. For those companies which already received their PPP loans, provided they return the funds by May 7, 2020, their prior certifications shall be deemed to be accurate! Many of us are taking this as a not-so-subtle threat to such companies that should they not return PPP loan proceeds previously received by them and should it be determined that they had other access to capital readily available, they would be subject to criminal penalties!             

2020-05-07 07:20:10
IRS DENIES TAX DEDUCTION FOR FORGIVABLE PPP EXPENSES 2020-05-04 07:09:51 CARES Act Provider Relief Fund - Over $40 Billion in Additional Distributions Now Available The Coronavirus Aid, Relief and Economic Security Act (CARES Act) makes $100 billion in funds available to hospitals and other health care providers for health care-related expenses or lost revenues that are attributable to COVID-19 through the Public Health and Social Services Emergency Fund (Provider Relief Fund). Earlier this month, the Department of Health and Human Services (HHS) distributed an initial $30 billion general allocation from the Provider Relief Fund based on the providers’ share of the Medicare fee-for-service payments to all providers in 2019.

2020-05-01 07:03:46
PPP Update: Additional $310 billion ready to be funded by SPA; Warnings to large PPP Loan Recipients 2020-04-28 07:09:34 Senate Approves Additional Funding for PPP Loans 2020-04-23 07:37:48 COVID-19 AND TAX FREE INCOME 2020-04-21 07:07:25 CARES Act - Health Care Providers to Receive Immediate 6.2% Bonus on 2019 Medicare Fees In addition to relief provided to small businesses, pursuant to the Paycheck Protection Program (PPP), under the Coronavirus Aid, Relief and Economic Security (CARES) Act, the Act earmarked $100 billion for health care providers.  The Department of Health and Human Services (HHS) announced April 10 that an initial outlay of $30 billion would be distributed directly to physicians, group practices and hospitals.

2020-04-20 07:13:39
Update on Economic Injury Disaster Loan (EIDL) Advance 2020-04-17 07:04:27 PPP Update – SBA Publishes Rules for Self-Employed Individuals 2020-04-16 07:22:17 CARES Act Tax Benefits as Alternative to PPP and EIDL There has been much discussion about the Paycheck Protection Program (“PPP”) and the Economic Injury Disaster Loan (“EIDL”) program as created or modified by the CARES Act.  For those businesses who are not able or do not wish to take advantage of these programs, here are two other ways to get a cash infusion.    

2020-04-15 08:08:30
PAYCHECK PROTECTION PROGRAM LOANS - New Frequently Asked Questions (FAQs) as of 04/13/2020 The Small Business Administration (SBA), in conjunction with the Department of the Treasury, intends to provide timely additional guidance to address borrower and lender questions concerning the implementation of the Paycheck Protection Program (PPP), established by section 1102 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act or the Act). This document will be updated on a regular basis. 

2020-04-14 08:11:20
PPP Loans for 1099 Independent Contractors A Paycheck Protection Program (PPP) loan is part of the $2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES) Act, with $349 billion designated for PPP loans. Independent contractors receiving 1099-MISC forms and self-employed individuals are eligible to apply for these potentially 100% forgivable loans, beginning this past Friday, April 10, 2020.

2020-04-13 08:05:36
ASSET PROTECTION IN THE ERA OF COVID-19 2020-04-11 10:39:43 New Limits on Economic Injury Disaster Loans (EIDL) Intended to Provide Small Businesses with Immediate Cash 2020-04-10 08:22:09 PAYCHECK PROTECTION PROGRAM LOANS - FAQs Frequently Asked Questions (FAQs)  The Small Business Administration (SBA), in consultation with the Department of the Treasury, intends to provide timely additional guidance to address borrower and lender questions concerning the implementation of the Paycheck Protection Program (“PPP”), established by Section 1102 of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act” or the “Act”). This document will be updated on a regular basis.

2020-04-09 07:33:53
I NEVER WOULD NEVER HAVE AGREED TO THIS IF I HAD KNOWN... GETTING OUT OF CONTRACTS IN THE ERA OF COVID-19 2020-04-07 07:28:28 PPP LOAN ALERT: SBA ISSUES INITIAL GUIDANCE ON PAYCHECK PROTECTION PROGRAM LOANS 2020-04-06 10:37:55 Ready, Set, Wait: Update on Paycheck Protection Program While the SBA initially announced they would begin accepting applications for Paycheck Protection Program (PPP) loans as of 12:01 this morning, most banks (even the biggest banks, including Chase, Wells Fargo and Bank of America), were not yet set up to accept them electronically. They were also waiting on some additional guidance from the SBA. While we are trying to provide you with the latest information, by the time some of you read this some of this information may already be outdated! 

2020-04-03 08:36:59
U.S. DOL PUBLISHES INITIAL GUIDANCE ON FFCRA 2020-04-02 09:46:14 PAYCHECK PROTECTION PROGRAM (PPP): THE LATEST UPDATE FOR BORROWERS FROM THE SBA The following is the latest information received from the Small Business Administration (SBA), as of late yesterday, as same pertains to The Paycheck Protection Program (“PPP”). As discussed in our prior newsletter, this program authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone. 

2020-04-01 13:32:03
MORE HELP UNDER THE CARES ACT: EIDL LOANS In addition to the Paycheck Protection Program (“PPP”) loans discussed in our last email, there is another program, which has been expanded and somewhat simplied under the CARES Act, that could help you to get much-needed funds for your business. This program is known as the Economic Injury Disaster Loans or “EIDL.”  Both loan programs are sponsored by the SBA

2020-03-31 08:57:30
PAYCHECK PROTECTION PROGRAM: KEEPING SMALL BUSINESSES AFLOAT If your business has been adversely affected by COVID-19, you are probably eligible for an SBA guaranteed loan. Here are the highlights of Paycheck Protection Program (“PPP”) that was created under The Coronavirus Aid, Relief and Economic Security (CARES) Act, signed into law on March 27, 2020. The PPP is an incredible opportunity for businesses impacted by COVID-19, which likely includes your business, to quickly and easily obtain a significant SBA loan!

2020-03-30 09:17:32
FLORIDA SMALL BUSINESS EMERGENCY BRIDGE LOAN PROGRAM Following the shutdown of bars and restaurants throughout Florida, intended to slow the spread of COVID-19, Florida Governor Ron DeSantis announced the activation of the Florida Small Business Emergency Bridge Loan Program. This program, which is administered by the Florida Department of Economic Opportunity, offers emergency bridge loans to small businesses impacted by COVID-19.  Perhaps most critically in this time of uncertainty, the program does not, as of this time, contain any requirement for personal guaranties or collateral.

2020-03-30 08:54:44
Families First Coronavirus Response Act On March 18, 2020, the Families First Coronavirus Response Act was signed into law. The Act, among other things, amends the Family and Medical Leave Act (FMLA) to provide paid emergency leave to eligible employees and requires covered employers to provide paid sick leave to employees in need of such leave due to the Coronavirus pandemic. The Act also provides reimbursable tax credits to covered employers for the costs associated with providing this paid leave and sick time.

2020-03-30 08:25:48
THE "CARES" ACT BECOMES LAW Late Friday, the President signed into law a $2 trillion Coronavirus stimulus package, known as the Coronavirus Aid, Relief and Economic Security (CARES) Act, which passed the House following several days of intense negotiations between Congressional leaders and Treasury Secretary Steven Mnuchin. The bipartisan legislation passed the Senate in a 96-0 vote late Wednesday after lawmakers reconciled differences over expanded unemployment benefits, business tax breaks and aid to states and hospitals.

2020-03-30 08:19:59
A COVID-19 WAKE-UP CALL If nothing else, COVID-19 is a wake-up call about how precarious life can be and how quickly things can change. While you are at home and looking for something to do, do yourself and your family a good deed by making it is easier for them should you become incapacitated or pass away.  Otherwise, your family will be subjected to a scavenger’s hunt. 

2020-03-26 09:42:28
Families First Coronavirus Response Act On March 18, 2020, the Families First Coronavirus Response Act was signed into law. The Act, among other things, amends the Family and Medical Leave Act (FMLA) to provide paid emergency leave to eligible employees and requires covered employers to provide paid sick leave to employees in need of such leave due to the Coronavirus pandemic. The Act also provides reimbursable tax credits to covered employers for the costs associated with providing this paid leave and sick time.

2020-03-24 09:11:54
MAJOR 2020 TAX ACT AFFECTS RETIREMENT AND ESTATE PLANNING Here are major points of the new tax law concerning contributions to and distributions from retirement plans that are of most interest to our readers.   The age for the required minimum distribution for the commencement of retirement benefits has been increased from 70½ to 72. IRA owners may contribute to traditional IRAs if they are otherwise eligible, after age 70 ½. Qualified plan and IRA monies must be distributed to the beneficiary within 10 years after the death of the participant or IRA owner.

2019-12-27 12:09:08
Stuck With An Irrevocable Trust You Don't Like? There are a number of ways an irrevocable trust can be modified without court approval.  This article discusses two of them.  They are a (i) non-judicial consent agreement and a (ii) non-judicial settlement agreement.

2019-09-16 15:09:59
Fraud Alert: Genetic Testing Scam Fraud Alert: Genetic Testing Scam The U.S. Department of Health and Human Services Office of Inspector General is alerting the public about a fraud scheme involving genetic testing. Scammers are offering Medicare beneficiaries cheek swabs for genetic testing to obtain their Medicare information for identity theft or fraudulent billing purposes. Fraudsters are targeting beneficiaries through telemarketing calls, booths at public events, health fairs, and door-to-door visits.

2019-09-16 14:49:14
New Tax Bill Forever Changes Retirement Planning A new tax bill has passed the House and is now being considered by the Senate.  It  enjoys bi-partisan support and will probably become law.  Trying to be poetic, Congress has strained to come up with an acronym- the SECURE Act of 2019. This stands for Setting Every Community Up for Retirement Enhancement Act of 2019.

2019-08-27 12:02:25
Professional Practices: Choosing The Best Entity For Tax And Asset Protection Drs. Jose Smith and Ryan Abraham, fed up with the bureaucracy of their large group practice, left to start a new practice together. They consulted their tax attorney for advice as to the best entity for tax and asset protection.

2019-08-27 11:41:09
Tenancy In Common: How Not To Own Property Here is a typical estate scenario. Father and Mother own their $1,000,000 homestead jointly with right of survivorship.  They have three children- Sam, Stan, and Dora, all in their 50s.  Father dies and the Mother becomes the owner.  Mother dies a few years later intestate. 

2018-10-02 09:55:46
Should Doctors Allow Patients to Record Their Conversations? Should Doctors Allow Patients to Record Their Conversations? Copyright © 2018 by Mitchell F. Green According to the Pew Research Center, 77 percent of all U.S. adults own smart phones. With the ubiquity of these devices and their convenient audio-visual recording capabilities, it is no surprise that patients are increasingly requesting to record clinical visits, and, in some cases, secretly recording conversations with their doctors.    

2018-10-02 09:50:19
The New Tax Act May Be Complicated, But Don’t Let That Scare You from Significant Tax Savings 2018-07-16 11:37:04 Fraud Investigation Leads to Prison Time for Fla. Pharmacy Owner 2018-05-03 09:31:02 Texting of Patient Information among Healthcare Providers 2018-03-09 14:40:55 How to Save 20 Percent or More on Federal Income Taxes 2018-03-09 10:23:28 Good News: The Alternative Minimum Tax is Going Away for Most of Us 2018-03-09 10:17:12 How the New Tax Law May Benefit Your Business with a 20 Percent Tax Deduction How the New Tax Law May Benefit Your Business with a 20 Percent Tax Deduction

Tax advisors will be busy helping doctors, lawyers and other professionals make their practices qualify

2018-01-22 11:48:04
Quick Read: How to Protect Your Inheritance from Creditors and Lawsuits to Protect Your Inheritance from Creditors and Lawsuits/ 2017-08-22 09:21:42 to Protect Your Inheritance from Creditors and Lawsuits/ Sudden Death Can Mean The End of Your Business No one expected this. Dr. Thomas, age 55, died suddenly when he fell off his bike and hit his head on the pavement.

Dr. Thomas was a well respected internist with several offices, four associates, and 25 employees. As the only shareholder, he was the only signatory on his corporate account.

2017-06-19 12:33:39
TAX REFORM: DOES IT EVER END? Although everyone agrees that reform is needed, the devil is in the details. Or in other words, whose ox is getting gored?

2017-03-29 15:25:31
2017 Annual Report Notice Reminder 2017 Annual Report Notice Reminder  This Notice is for General Partners and/or Limited Partners of Limited Partnerships (Ltd.) and Limited Liability Limited Partnerships (LLLP), as well as Officers and/or Directors of Corporations (Inc. or P.A.) and Members and/or Managers of Limited Liability Companies (L.L.C.).  This is a courtesy reminder that your 2017 Annual Report must be filed by you with the Florida Department of State by May 1, 2017.

2017-01-20 14:33:57
DIVORCE AND ESTATE PLANNING BY DEFAULT 2017-01-20 14:28:41 PROTECTING YOUR INHERITANCE THROUGH A DISCRETIONARY TRUST 2016-09-12 12:11:33 Three Individuals Charged in $1 Billion Medicare Fraud and Money Laundering Scheme 2016-08-02 11:07:15 HALF THE TAX AND FULL ASSET 2016-07-18 07:40:11 DIGITAL ASSETS RELIEF DIGITAL ASSETS RELIEF

Copyright, Robert M. Kramer. 2016. 

Earlier this year, we wrote an article concerning what happens to your digital assets, such as email accounts, social network, on-line bill paying accounts, etc., if you became incapacitated or died.

2016-04-26 15:38:29
Phishing Remains on the IRS “Dirty Dozen” List of Tax Scams for the 2016 Filing Season Phishing Remains on the IRS “Dirty Dozen” List of Tax Scams for the 2016 Filing Season  The Internal Revenue Service warned taxpayers to watch out for fake emails or websites looking to steal personal information. These “phishing” schemes continue to be on the annual IRS list of “Dirty Dozen” tax scams for the 2016 filing season.

2016-03-16 10:37:20
Kramer Green profiled in Attorney at Law magazine Kramer Green profiled in Attorney at Law magazine

Click Here


2016-03-11 10:32:47
DIGITAL ASSETS: INTO THE ABYSS 2016-02-19 12:28:03 2016 Annual Report Notice Reminder 2016-02-09 15:13:56 Bill Gates and Jeff Bezos Pour Millions into New Cancer Test 2016-01-27 15:12:55 Miami Today Health Update by Carla Vianna Miami Today Health Update by Carla Vianna

Some doctors reenter insurance market, others go uncovered

2016-01-27 14:50:00
21st Century Oncology to Pay $19.75 Million to Settle Alleged False Claims for Unnecessary Laboratory Tests 21st Century Oncology to Pay $19.75 Million to Settle Alleged False Claims for Unnecessary Laboratory Tests 

The following was recently posted of the DOJ web site:

21st Century Oncology LLC, has agreed to pay $19.75 million to the government to resolve allegations that it violated the False Claims Act by billing federal health care programs for laboratory tests that were not medically necessary, the Justice Department announced.  21st Century is a nationwide provider of integrated cancer care services that is headquartered in Fort Myers, Florida.

2016-01-14 12:39:30

Copyright © Robert M. Kramer.  2015.

An old adage in financial planning is that an individual has two great risks in accumulating wealth:  Dying too young prevents adequate time to create a large estate.  Living too long could cause the money to run out.

2015-09-02 11:13:02

Copyright ©Robert M. Kramer 2015

Dr. Allen, a retired surgeon in his early 70s, is not well.  His big concern is his spouse, who is a spendthrift, knows nothing about finances, and has never missed a sale.

2015-07-27 12:09:25

Copyright © Robert M. Kramer, 2015

Asset protection attorneys are concerned about a new Florida case which increases the Statute of Limitation on certain asset protection-motivated transfers from 4 years to 20 years.  

2015-06-11 10:13:01

This past July, Johns Hopkins Hospital agreed to a $190 million settlement with more than 8,000 patients of Dr. Nikita Levy, an employed gynecologist of the facility, who covertly photographed and videotaped women he examined with a pen-style camera.  The settlement resolves one of the largest cases of sexual misconduct by a physician in the United States.

2015-05-07 09:29:59
Disability Insurance Benefits . . . Just When You Thought You Were Safe (A True Story)[1] Disability Insurance Benefits . . .

Just When You Thought You Were Safe (A True Story)[1]

By: Craig M. Greene Esq.


Dr. Schmukoluvitz (“Dr. S.”) was an orthopedic surgeon practicing in South Miami.  In 1989, Dr. S purchased a Pays A Lot Disability Insurance Policy which provided lifetime disability benefits should he ever become Totally Disabled as defined by the policy.  Dr. S had a thriving surgical practice when, in 1993, he was involved in a skiing accident, suffering a significant injury to his low back.  Dr. S filed a disability claim, and after several insurance company IME’s agreed Dr. S could no longer perform surgery, Pays A Lot began paying benefits.  Under the terms of Pays A Lot’s policy, Pays A Lot was required to determine Dr. S’s disability on a monthly basis.  That is, 12 times a year, the insurance company was required to evaluate Dr. S’s claim and makes a decision whether he was or was not disabled and was therefore entitled to benefits.



[1] The names and dates have been changed to protect the innocent.  

2015-03-23 12:56:46
Florida’s New Information Protection Act – HIPAA for the Rest of Us Florida’s New Information Protection Act – HIPAA for the Rest of Us

During the last legislative session, the Florida legislature approved and Governor Scott signed into law the Florida Information Protection Act of 2014 (“FIPA”), effective July 1, 2014.  FIPA repeals Florida’s existing breach notification statute and significantly expands the obligations of all businesses, including medical practices and other health care entities (defined as a “covered entity”), as well as governmental entities, that maintain data in electronic form containing personal information of individuals.  Some of the highlights of HIPAA, together with changes to existing law include:

2015-02-25 09:33:14

Copyright© Robert M. Kramer, 2015.

Last year we released four HealthBeat articles on the new LLC law- the Florida Revised Limited Liability Company Act.  As of January 1, 2015, all Florida LLCs are now covered under the new law.

2015-02-10 11:51:47

Copyright © 2014 Robert M. Kramer.   All Rights Reserved.

Many of us have signed agreements with confidentiality /non-disclosure provisions with little thought.  These clauses are often included as part of a Settlement Agreement in a lawsuit.

Here’s what happened to Patrick Snay, the former headmaster at Gulliver Schools (“Gulliver”), a well-known private school in Miami.

2014-12-17 11:19:50

           Copyright © 2014 by Robert M. Kramer.  All Rights Reserved.

Here is a typical estate planning problem for our clients: Husband and Wife, both in their 60s, have a combined net worth of $9,000,000, with $8,000,000 titled in the Husband’s name and $1,000,000 titled in the Wife’s name.  They wish to leave their assets to their two children with minimal taxes.

2014-11-25 15:29:04
U.S. Department of Health and Human Services, Office for Civil Rights BULLETIN: HIPAA Privacy in Emergency Situations U.S. Department of Health and Human Services, Office for Civil Rights

BULLETIN: HIPAA Privacy in Emergency Situations

In light of the Ebola outbreak and other events, the U.S. Department of Health and Human Services (HHS), Office for Civil Rights (OCR), is providing a bulletin to ensure that HIPAA covered entities and their business associates are aware of the ways in which patient information may be shared under the HIPAA Privacy Rule in an emergency situation, and to serve as a reminder that the protections of the Privacy Rule are not set aside during an emergency.

2014-11-19 15:15:20

Recently, one of our physician clients asked our advice as to proper ownership of a vessel that she was purchasing.
We explained that there were two aspects to this.  First, we need to be concerned about the possible loss of the equity in the vessel to a creditor, should she be sued for medical malpractice or for any other reason.  Second, unlike a safe asset- such as stocks and bonds- a vessel is a potential source of liability, should someone be injured.

2014-11-04 16:42:24

Copyright © 2014 by Robert M. Kramer.   All Rights Reserved.

Sometimes common legal problems are hard to solve.

For example, Dr. Kellogg’s mother, Mrs. Kellogg, a widow, died recently.  She owned a $300,000 homestead and various liquid investments. Her estate planning attorney set up a Revocable Trust and transferred all her assets, including the homestead, into it in order to “avoid probate”.   Dr. Kellogg, the successor trustee and sole beneficiary of the Revocable Trust, just found out that the title company is requiring a judicial determination of the homestead.  He also learned that in order to do this, a probate will have to be conducted as this is a prerequisite to a judicial determination. Result- several months delay in being able to convey good title to a third party-buyer and several thousand dollars in legal fees.

2014-10-31 12:41:32

Copyright ©2014 by Robert M. Kramer.  All Rights Reserved.


For years, conservatives have advocated the concept of a “flat tax.”  Under a true flat tax, all taxpayers- rich and poor alike- pay the same tax rate on their income.   The truth is there is already a flat tax in existence that goes by another name- the Alternative Minimum Tax or AMT.  Be careful what you wish for.

2014-10-24 15:49:38

Copyright © Robert M. Kramer, 2014.  All Rights Reserved.

Meet Mario Webley, M.D. a successful surgeon with a lovely wife, Marcia, and their daughter Julie, age 17.
Dr. Webley knew from a wealth preservation seminar that Florida had an unlimited creditor exemption for his home (up to ½ acre) and his qualified retirement plan, and he had each. The rest of his wealth- stock, bonds, a vacation home, and bank accounts were put in Marcia’s name as she was unlikely to be sued.

2014-10-08 15:05:57

This Article is reprinted from a Chicago Tribune article, dated March 13, 2014.  It remains to be seen what will be the effect of the recent actions of the Florida Supreme Court, which declared unconstitutional a 2003 Florida law capping non-economic damages to $1,000,000.  After seeing the cycle of medical malpractice rates over the past 25 years, I can  only assume increasing malpractice premiums will follow, which will likely lead to more physicians going bare. It will also likely make it more difficult to recruit out-of-state physicians. 


2014-10-06 11:05:47

Wealth accumulated over a lifetime can be lost in a lawsuit.  Although Florida is well-known as a hotbed for litigation, it is also well-known as a debtor’s haven.

2014-10-06 11:03:05
Affordable Care Act Enrollment Numbers Affordable Care Act Enrollment Numbers

Subsequent to the closing of the 2014 enrollment period, the White House released the following information:

2014-10-06 10:58:07

 The Florida Consumer Collection Practices Act (the “Florida Act”) defines a consumer debt as one incurred for “personal, family or household use.” Unlike the Federal Fair Debt Collection Practices Act (the “Federal Act”) which only applies to a third party debt collector, the Florida Act applies to any individual or entity who collects consumer debts on its own account, which would include a medical practice which does its own billing and collections.  This Article will solely address the Florida Act, as the Federal Act is beyond the scope of same.


2014-10-06 10:55:36

Copyright © 2014 by Robert M. Kramer.  All Rights Reserved.

As discussed in a number of our articles Florida has a well-deserved reputation as a debtor’s haven. The reason for this is Florida’s generous exemption statute.  It is not so much the category of assets that are exempt under Florida law that is unusual, but that most of these exemptions have no dollar limit.


2014-10-06 10:53:46

Copyright © 2014. Robert M. Kramer.  All rights reserved.

Recently, Congressman Dave Camp (R-MI), who is chairman of the powerful House Ways and Means Committee, set forth what can arguably be described as the most sweeping tax reform and simplification proposals since the Tax Reform Act of 1986.  These proposals were the result of much study and hearings with representatives of various economic sectors, industries, and includes those suggested by both parties.

2014-10-06 10:52:05
By Robert M. Kramer.
Copyright © 2014.  All Rights Reserved. 

Physicians are rightfully concerned about being a target in a legal action.   A plaintiff’s attorney will need to know that if he takes the case and wins, there are assets to satisfy the judgment.  In the malpractice arena, a targeted physician will need to disclose his malpractice carrier and the amount of coverage well before litigation is commenced.  While we are not recommending those who maintain malpractice coverage to cancel their policies, many attorneys believe that having malpractice insurance increases your chances for being sued.

2014-10-06 10:47:47
Copyright ©, 2014. Robert M. Kramer. All Rights Reserved

Recently, the Supreme Court of the United States struck down part of Federal Defense of Marriage Act (“DOMA”) which prohibited all Federal agencies from recognizing same sex marriages.  What was not struck down by the Supreme Court was the provision in DOMA permitting the States not to recognize same sex marriages that were created in another State.  

2014-10-03 15:55:25

2013-04-30 15:50:44
Hill vs. Davis In Hill vs. Davis, Davis, a New York resident, filed a petition for administration where he asserted that he was entitled to be appointed the personal representative for the decedent’s estate because he was the stepson of the decedent and he was nominated as personal representative in the decedent’s will.

2013-04-30 15:46:04
EMPLOYERS MUST INFORM THEIR STAFF OF THEIR WORK PLACE RIGHTS As a follow-up to my recent email regarding the National Labor Relations Board’s actions regarding social media policies...

2012-10-16 09:51:42
YOUR WORKPLACE SOCIAL MEDIA POLICIES MAY BE ILLEGAL! Regardless of your business or profession and whether or not you have union employees, if you are an employer, you should review your company’s internet and social media policies...

2012-10-16 09:50:57
U.S. to Force Drug Companies to Disclose Money Paid to Doctors To head off medical conflicts of interest, the Obama administration is poised to require drug companies to disclose the payments they make to doctors for research, consulting, speaking, travel and entertainment.

2012-10-16 09:48:16
Walgreens Pharmacy Chain Pays $7.9 Million to Resolve False Prescription Billing Case Walgreens, an Illinois-based corporation operating a national retail pharmacy chain, has paid the United States and participating states $7.9 million to resolve allegations that Walgreens violated the False Claims Act, the Justice Department announced today.

2012-10-16 09:47:14
HHS Issues Final Exchange Rules Under Health Reform On March 12, 2012, the U.S. Department of Health and Human Services (HHS) published a final rule on Affordable Health Insurance Exchanges, which combines policies from two Notices of Proposed Rulemaking (NPRMs) published last summer.

2012-10-16 09:22:56
Health Care Fraud Prosecutions on Pace to Rise 85% New government statistics show  federal health care fraud prosecutions in the first eight months of 2011 are on  pace to rise 85% over last year due in large part to ramped-up enforcement  efforts under the Obama administration.

2012-10-16 09:22:23
HEALTH CARE FRAUD PREVENTION AND ENFORCEMENT EFFORTS RESULT IN RECORD-BREAKING RECOVERIES TOTALING NEARLY $4.1 BILLION$4.1-billion-/ WASHINGTON –Attorney General Eric Holder and Department of Health and Human Services (HHS) Secretary Kathleen Sebelius today released a new report showing that the government’s health care fraud prevention and enforcement efforts recovered nearly $4.1 billion in taxpayer dollars in Fiscal Year (FY) 2011.

2012-10-16 09:20:24$4.1-billion-/
Beware of Corporate Scams Please be aware that Corporate Records Service, a private business, is mailing to business entities requesting that Annual Minutes and a fee of $125.00 be sent to them for filing. 

2012-10-16 09:17:53
IRS Releases the Dirty Dozen Tax Scams for 2012 As we are now in the midst of tax season, I thought it timely to share the following information recently issued by the IRS, which information has been reprinted from their web site.

2012-10-16 08:56:33
New Offical Website of Kramer, Green, Zuckerman, Greene, & Buchsbaum, P.A. PaperStreet Web Design launches, the new official website of Kramer, Green, Zuckerman, Greene, & Buchsbaum, P.A., a Hollywood Florida based law firm.

2012-09-11 10:11:52