Mahdavi, Bacon, Halfhill & Young, PLLC

08/22/2023

By taking the time to think ahead when it comes to leaving an inheritance, you can avoid adding a headache to your loved one's heartache after you pass.

Passing on your home might not be the best idea

08/22/2023

Bankruptcy is a legal process that allows individuals and businesses to resolve outstanding debts owed to creditors while offering them some protection during the process. How you file depends on whether you are an individual or a business, your level of income, and the kind of debt you have.

Discover the different types of bankruptcies while learning the pros and cons of each kind. We cover chapters 7, 11, and 13 filings in our comprehensive guide.

08/21/2023

Your ex-spouse can use your record to get Social Security, but your benefits won't be affected.

As it turns out, you don't need to care.

08/19/2023

When you’re undergoing Chapter 13 bankruptcy and are working toward fulfilling your payment plan, making on-time payments is critical.

Being a week late on your Chapter 13 bankruptcy payment is probably no big deal, in most cases. Find out about the exceptions.

08/19/2023

Between state laws, beneficiaries, and dividing assets, disentangling your finances from your former spouse's can become incredibly complicated. This is a crucial time to rely on professionals that help ensure you've checked every box, found every account, and have fully protected yourself from financial damage.

Divorces can be messy, but taking the right steps to divide your finances can help cover your bases and recover your assets.

08/18/2023

A business legal structure, also known as a business entity, is a government classification that regulates certain aspects of your business. Choosing the right business structure from the start is among the most crucial decisions you can make.

When starting a business, you need to set up the proper legal structure. Learn about your options and how to choose a structure.

08/18/2023

An estate plan is a collection of legally binding documents that ensures you are in control of what happens to you, your assets and any dependents you may have if you become disabled or when you die. The plan can include a will, power of attorney forms, trusts and more.

A will, power of attorney and trusts are among the most crucial documents for young adults to draft to ensure they have a say after they die or are critically disabled.

08/15/2023

Americans increasingly turned to their credit cards to make ends meet heading into the summer, sending aggregate balances over $1 trillion for the first time ever, the New York Federal Reserve reported.

Total credit card debt increased by $45 billion in the April-through-June period, an increase of more than 4% and just above $1 trillion.

08/15/2023

Estate planning can take on a new dimension when you own a business. Not only do you need a strategy for managing personal assets but you also need to consider what will happen to your business in the long-term.

Estate planning can take on a new dimension when you own a business. Not only do you need a strategy for managing personal assets but you also need to consider what will happen to your business in the long-term. Estate … Continue reading ->The post Estate Planning for Business Owners appeared firs...

08/14/2023

Divorce rates have increased significantly for Americans 50 years and older since 1970.

Rising divorce rates for people over 50 are one reason why an increasing number of older Americans are living alone.

08/12/2023

Your marital status is not part of your credit history. But it's wise to check your credit reports before and after a divorce.

Your divorce is not on your credit report — and neither was your marriage. But that doesn’t mean your credit was not affected.

08/12/2023

More people in bankruptcy are beginning to use a legal process introduced in November by the Biden administration that is supposed to make it easier to discharge student debt. The process can be used for most federal student loans but excludes private loans.

Last year, the Biden administration provided a new path to make it easier to discharge student loans in bankruptcy. The results appear promising, but success has been limited.

08/11/2023

Due diligence is the process of gathering as much information and intel as you can before buying a business, and it is a critical step in your journey to becoming a business owner. During this period, you should work with an accountant and lawyer to make sure you have all the information you need to move forward.

Interested in buying a business? There are plenty of advantages to buying an existing business — and some drawbacks, too. Here's what to consider.

08/11/2023

One of the most common errors in estate planning is simply failing to have one. An attorney can work with you to make a plan that protects your legacy and loved ones.

Making an estate plan is an important part of protecting your legacy and your loved ones.

08/09/2023

Divorce rates among people aged 50 and over are on the rise and for some, that means an increased interest in what happens to their retirement accounts following divorce. If retirement is one of your greatest concerns, look for a divorce attorney with plenty of experience working with retirement benefits.

Divorce brings up emotional and financial issues. Keep reading to learn about one of those financial issues -- retirement accounts.

08/08/2023

It’s never too early to start thinking about your estate plan: The strategic decisions and investments you make now can increase the capital you’ll have available to finance your retirement years and late-in-life healthcare needs. An attorney can help you decide which estate planning tools make the most sense for your situation.

08/08/2023

How long bankruptcy stays on your credit report depends on the type of bankruptcy you file. Chapter 7 bankruptcy will stay on your credit report for 10 years, while Chapter 13 bankruptcy will only stay on your report for 7 years.

The time it takes for a bankruptcy to fall off your credit report depends on the type of bankruptcy and if it’s Chapter 7 and Chapter 13 filing. Learn more.

08/05/2023

Divorcing older couples face the typical challenges of splitting up at any age. But they also come with a new set of financially grueling obstacles to navigate.

People may be living longer, but more marriages aren't going the distance. What you need to know about gray divorce.

08/04/2023

A grantor trust is a type of living trust in which the person creating the trust (the grantor) remains the owner of the assets and property in the trust for both income and estate tax purposes.

This revocable trust has all its income and deductions reported on the owner’s tax return. Learn more about how it works.

08/04/2023

A partnership agreement can help you set your company up for success by addressing key issues, like what should happen to the funds in your business bank account and who will be responsible for which tasks.

Every partnership agreement should include a description of how duties will be distributed as well as a death and disability clause. Read on to learn why.

08/04/2023

Making the decision to file for any type of bankruptcy is likely to be a sounder one with the assistance of a qualified bankruptcy attorney.

The decision to file for bankruptcy when faced with overwhelming debt is one that most consider the last resort option. Here's when you should consider it, along with some alternatives.

08/01/2023

Probate is a legal process that occurs after a death. In most cases, probate is a key part of settling the estate of a deceased person. If you want your loved ones to avoid this process, an estate planning lawyer can help you identify ways to facilitate the transfer of most or all of your property outside of probate.

When someone passes away, their estate may need to be probated. But what is probate? This guide explains what probate is, how the probate process works and offers some insight into how assets can be transferred outside of the probate process.

08/01/2023

There are several ways a parents’ divorce can affect a student’s college financial aid application process.

Divorced parents should be aware of how a new family status can impact their child’s financial aid eligibility. Learn some tips for how to navigate it.

07/29/2023

Putting your property in a trust can be a smart way to ensure smooth transfer of ownership to your beneficiaries after your death, but it can be complicated. It's a good idea to consult closely with an attorney on your options

Assets placed in a trust, including a home, are protected in ways that they aren’t when owned individually.

07/29/2023

A divorce is a new chapter in your life, emotionally and financially. Being honest with yourself — and doing your financial homework — will allow you to lead your best life going forward.

Most married people would need an increase in income of about 30% to maintain their standard of living after separation, according to a national study. Divorce can be lots of things: painful, confusing, and nerve-wracking. It also can wreak havoc on your finances.

07/28/2023

As an employer, you could be found liable in a lawsuit if discrimination happened to an employee at work. Having policies in place to prevent discrimination is a way to protect all parties.

Follow these workplace anti-discrimination laws to keep your organization safe and compliant.

07/25/2023

Those thinking of how to preserve their family’s financial legacy can beat the so-called “third generation” curse through financial education, money management and hiring the right professionals to help.

As baby boomers prepare to transfer wealth to their children, those younger generations may be thinking of how to preserve their family's financial legacy. The "third generation curse" indicates that...

07/25/2023

Whether you're facing foreclosure, maxed-out credit cards or constant calls from creditors, you'll eventually have to do something for financial relief. One option is bankruptcy. However, you'll face a choice between Chapter 7 vs. Chapter 13 bankruptcy, so it helps to understand them.

Find out the key differences between Chapter 7 and Chapter 13 bankruptcy.

07/25/2023

By addressing the losses that come with divorce, it is possible to work through the ongoing and often conflicting emotions that arise and find ways to get through the most painful parts.

Regardless of how you feel after the marriage is over, you will grieve. Here is the process of grieving and tips on how to get through heartbreak.

07/22/2023

Should the unexpected happen, having a will in place can be a simple way to avoid leaving important decisions about your assets and guardianship wishes to your state’s laws and courts.

Having a will in place, even if you're young, can be a simple way to avoid leaving important decisions about your assets and guardianship wishes to the courts.

07/22/2023

A qualified domestic relations order (QDRO) is a legal document, typically found in a divorce agreement, that recognizes that a spouse, former spouse, child, or other dependent is entitled to receive a predefined portion of the account owner’s retirement plan assets.

In a divorce, a qualified domestic relations order (QDRO) requires that a portion of retirement account assets be paid to a former spouse.

07/21/2023

While in a Chapter 13 bankruptcy, you will need the court's permission to incur new debt. Getting a car loan during Chapter 13 bankruptcy is possible, but be prepared to pay higher interest rates.

Buying a car while in bankruptcy has a few more steps than normal. Learn how to navigate the process and alternatives.

07/21/2023

Proprietary information is one of the most vital assets of a business, and an effective way to protect it is to have key employees sign non-disclosure agreements. A well-drafted NDA can cover your intellectual property, customer contacts, licenses, contracts and other confidential data. An experienced business attorney can ensure that your NDA is compliant with state law and enforceable.

07/18/2023

The divorced spouse's benefit can be up to 50% of the ex-spouse's full retirement benefit, regardless of their ex-spouse's marital status or decision to remarry.

Yes, but it's complicated. Also, your gender doesn't matter.

07/18/2023

A living trust and will are not mutually exclusive. Many people choose both as pillars of their estate planning. An estate planning attorney can give advice specific to your situation.

There's more than one way to pass on your legacy.

07/18/2023

As an unofficial term, medical bankruptcy isn't explicitly included in the United States Bankruptcy Code. Instead, most people file for Chapter 7 bankruptcy to erase their medical debts.

Medical bankruptcy can help you discharge medical debt, but it shouldn't be declared lightly. Here's ways to avoid medical bankruptcy.

07/15/2023

There are a few ways you can set up your bank account to make things as simple as possible after your passing.

After death, your bank account may not go directly to your heirs. Learn how to set things up so that it does.

07/14/2023

The best defense when facing the financial concerns of a divorce is knowledge.

When it comes to divorce and money, splitting assets, dealing with debt, and understanding tax implications can cause financial stress. Guidance and preparation can help.

07/14/2023

Filing for bankruptcy is a serious step, but sometimes it is the best way to get a new start.

Follow this step-by-step guide to understand the process.

07/11/2023

When you enroll in a new 401(k) plan, or move one from a previous employer, you'll be asked to name beneficiaries. These are the people (or entities like a trust or a charity) that would inherit the 401(k) if you pass away.

You can designate a wide range of heirs to inherit your 401(k). In this guide, we’ll explain the rules you need to know.