In Today's Sunday edition, I will discuss some risks that might expose you to liability and resulting judgments or liens (2) discuss some court cases that interprets some of the statutory exemptions and (3) provide a list of assets that are not exempt and (4) ponder about what Spider Man and the Bible say about those of us who have non-exempt property. To learn more about asset protection visit www.MarquardtLawFirm.com

Attorney Todd Marquardt brings you insightful topics every Saturday morning, but he's not stopping there! Join Todd every Sunday afternoon at 4:30pm for a special bonus segment! He addresses unique topics in more detail with a professional perspective.

www.TalkLawRadio.com

So what are you waiting for? Discover your hidden legal blind spots by listening to all the impactful Talk Law content every weekend!

See omnystudio.com/listener for privacy information.

How much money does your spouse make? What about your significant other? What about your roommate or kids?

Many clients get confused that bankruptcy is based on their income alone. Unfortunately, when someone files bankruptcy, whether they can file Chapter 7 or 13 is based on the household income whether or not the spouse, significant other, roommate, etc. files bankruptcy. Unfortunately, this can cause issues when the person filing makes no money, but others in the house make a significant amount of money. How do we calculate how many people are in the household? That's the subject of today's Crushing Debt Podcast episode.

I also provide an update on the Paskay Memorial Bankruptcy Seminar, as well as the proposed increase in the automobile exemption in Florida to $5,000.

We have a second sponsor, who has actually been with the show from the very beginning. Mark Purvis, owner of Real Time Productions, Inc. is the audio editor for the show. Mark has also helped with various videos on the Yesner Law website (www.YesnerLaw.com) and our YouTube channel (Yesner Law - YouTube). You can visit Mark's website at www.RealTimeTelevision.com.

We also want to mention our long-time sponsor, Sam Cohen of Attorneys First Insurance. If you know an attorney starting his or her own law firm, or a brand new title company, that would be a great referral to Sam to write their professional liability coverage (malpractice coverage). You can reach Sam at Sam@AttorneysFirst.com or www.AttorneysFirst.com. 

Who is "Judgment Proof" or "Uncollectible"?

In July 2018, I posted a blog titled "Bluffing Your Creditors? Debt Settlement Ain't Poker." You can find that post here: Bluffing Your Creditors? Debt Settlement Ain't Poker | Florida Bankruptcy Lawyer (yesnerlaw.com)

In the blog post, I advocate that if you have facts or circumstances that show the creditor that you are "uncollectible" then you should be 100% open and honest with the creditor - there's no need to bluff when you have nothing the creditor can collect; there's no need to bluff in debt settlement when you have the winning hand!

What are some of those factors:

• Exempt Assets (like FL Homestead, 401k, IRA)
• Head of Household Wage Exemption
• Unemployment
• Assets that are fully encumbered or leveraged by debt
• Income that is exempt (like social security or disability)

When is bankruptcy a good option versus doing nothing at all?

When is settlement of the debt a good option and under what terms - lump sum or over time?

One way to support the Crushing Debt Podcast is to support our sponsor Sam Cohen of Attorneys First Insurance. You can support Sam by referring a new attorney or title company that you know, that needs professional liability insurance to Sam@AttorneysFirst.com or www.AttorneysFirst.com. 

Please also visit our website to read the blog that inspired this post, and for further information at www.YesnerLaw.com. 

In this episode, Curt and Bill Maccarone discuss the recent decision by the US Fourth Circuit Court of Appeals in the case of Emmons v. City of Chesapeake on the issue of whether battalion chiefs are eligible for overtime, or exempt executives.

Copies of the supplemental materials discussed including a copy of the Emmons ruling (BCs are exempt executives), a copy of Morrison v. Fairfax County (captains entitled to overtime), and the First Responder Regulations, and available at: http://www.firelawblog.com/2020/12/08/fire-officers-and-overtime-emmons-v-chesapeake/

Behavioral Fundraising Part 1 of 3

During this episode, Crystal Suetterlin shared three behavioral constructs and how they are applied to fundraising. 

Social Norms

Commitment

Credible Messenger

Recorded October 28, 2019 at Clicksuasion Labs.

For more behavioral constructs, get the deck at clicksuasion.com/cards

This week’s Crushing Debt Podcast Episode is inspired by a few financial advisors we know, including past guests like Forrest Baumhover, and our sponsor, Chris Calandra with Elliot Wealth Management Services.

When someone files bankruptcy, their concern is “what can I keep?” That question is answered by reviewing the debtor’s exemptions - those things protected under State or Federal Law.  One of the items protected is IRAs, Individual Retirement Accounts.

However, the United States Supreme Court came out with a ruling that not all IRA’s are protected.  IRA’s that are inherited, while exempt from withdrawal penalties, are not protected under the bankruptcy code.  Meaning, if you inherit an IRA and have to file bankruptcy, that IRA will have to be paid to the bankruptcy trustee to repay creditors (unless some other exemptions apply).

In this week’s episode, we discuss the logic behind the Supreme Court’s decision.

Do you agree?  Do you think inherited IRA’s should be exempt, or subject to repay creditors?  Let me know at Shawn@YesnerLaw.com or www.YesnerLaw.com.

Are you worried that you will end up spending all of your savings on nursing home care? Yes, nursing home care does cost A LOT of money. And a high number of us will eventually be in a nursing home at some point. But it is possible, with proper planning, to become eligible for Medi-Cal if you are not already.

In this episode, we will discuss long-term care for disabled people over 65. We will break down what Medi-Cal is and how it differs from Medicare. We will also talk about how to become eligible and dispel some common myths and misconceptions regarding how Medi-Cal works.

Big Three from Episode #027:

1. Medi-Cal and Medicare are not the same things
2. A lot of times, people are already eligible
3. It’s important to see what your options are in terms of long-term care insurance

Time-stamped Show Notes:

1:55–What is Medi-Cal?

2:58–This is the difference between Medicare and Medi-Cal

6:56–Here’s how you become eligible for Medi-Cal

8:34–What assets can you have to qualify for Medi-Cal?

13:21–Kirsten highlights a common misconception on exempt assets

16:35–What should you do if you have too much income?

Episode #027 Freebie:

Wonder what type of assets you’re allowed to have to be eligible for Medi-Cal? Click here to download our FREE resource, Medi-Cal Resource Limits for Nursing Home Care–it lists all the exempt assets you can have.

Resources/Tools/Links Mentioned in This Episode:

Helping You With Effective Medi-Cal Planning Strategies

More on Medi-Cal Eligibility Planning

 We are fortunate to have three A.I. fund experts on this episode of IRR with Ben Lee Director of Canada, the founder Henrik Von Scheel and also the German director Nils Junge.

In the days a head the Epoque Plus fund will be available to qualified investors in Canada such as Accredited Investors, Institutions, Funds, Banks, and Family Offices. 

This technology operates in Europe for sophisticated investors via a Forex trading service which is automated in client's trading accounts. This method is not available or allowed in Canada so a fund has been created to allow investors to capture the same AI strategy but through a special fund, and not by trading accounts.

The strategy for the investment fund will give qualified individuals and institutions their first access to the Époque Plus Artificial Intelligence Trading system designed by German engineers. 

A fully autonomous trading system, from market analysis to opening and closing trades electronically in milliseconds. 

Past performance is not a guarantee of future results – but an indication of how reliable and risk responsive the AI trading service operates. Over the past years, the AI trading service has delivered an average monthly return of 1.55% in a highly volatile market. net of fees

Époque's Artificial Intelligence (AI) Trading Services generates returns from margin based products via leading Brokers. AI trading is not a trading algorithmic strategy, but a fully automated AI trading Software as a Service that manages the entire trading workflow in real-time across various symbols. The appropriate symbols are selected dynamically and segregated in large, small, and micro intervals.

This is a very interesting fund because it will bring uncorrelated returns and true diversification to most portfolios.

You can find more on the background of the founder Henrik Von Scheel at http://von-scheel.com/

The IRR podcast can also be found on iTunes, Spotify, Youtube and many other audio platforms.

One of the questions I'm asked most often, "What is the difference between a Chapter 7, Chapter 13 and Chapter 11?" This week's episode answers that question.

Chapter 7 is called liquidation. The Trustee will take any non-exempt assets, turn them into cash and pay off creditors. If all of your assets are exempt (protected) the creditors get $0.00.

Chapter 13 is called reorganization. The Trustee will pay your creditors based on any disposable income you have (or based on the value of any non-exempt assets, whichever is greater).

Chapter 11 is also a reorganization, but it is for businesses that want to reorganize, OR it is for individuals that don't qualify for Chapter 7 (because they have income or they have non-exempt assets), OR it is for individuals that don't qualify for Chapter 13 because they have too much debt (there is a limit to the amount of secured and unsecured debt you can have in a Chapter 13).

The main point of today's episode is to consult with a bankruptcy attorney in your area if bankruptcy might be an option. If you want me to help connect you to a bankruptcy attorney in your area, please contact me at www.yesnerlaw.com or shawn@yesnerlaw.com. 

HR LEGALCAST is a monthly HR-focused employment law podcast that provides timely information about changes in the law that will impact California employers the most. This program is presented by Murphy Austin labor and employment law partner, Aaron B. Silva.  Aaron has an extensive background defending employers before state and federal courts, the National Labor Relations Board, the California Division of Labor Standards Enforcement, the California Workers’ Compensation Appeals Board, the California Unemployment Insurance Appeals Board and Cal/OSH Appeals Board.