Levin & Brend, P.C.Unique Financial Divorce, Mediation And Tax Solutions2026-05-14T06:13:18Zhttps://www.levinbrend.com/feed/atom/WordPress/wp-content/uploads/sites/1402085/2019/11/cropped-favicon-32x32.pngOn Behalf of Levin & Brend, P.C.<![CDATA[Forensic investigation, estate planning and elder abuse]]>https://www.levinbrend.com/?p=480862020-11-02T17:51:51Z2020-11-04T22:51:21Zfinancial abuse. Sadly, financial abuse is especially disruptive when it comes to an estate plan, and forensic investigation into your finances and your estate can help identify and handle instances of abuse.
How can forensic investigations address financial abuse?
For starters, some people fail to review all aspects of their financial circumstances and their estate plan closely. Taking a forensic look at one's finances and estate plan can root out financial abuse, whether someone is wrongly withdrawing funds from a family member's account, changing names and other information on a document or charging an account without permision. It is important to identify financial abuse swiftly in order to minimize the impact of the abuse.
How can victims address financial abuse?
If you have recognized financial abuse, or you suspect that someone is violating your rights with respect to your estate plan, it is paramount to review your estate carefully and address any wrongdoing swiftly. Go over all relevant documents and financial details and make sure that you make any necessary modifications to your estate plan.]]>On Behalf of Levin & Brend, P.C.<![CDATA[Estate planning and Alzheimer’s disease]]>https://www.levinbrend.com/?p=480832020-10-27T14:32:09Z2020-10-30T21:30:52ZHow can Alzheimer's affect your estate plan?
If you are battling Alzheimer's, you need to understand how this disease could affect your estate plan. According to the National Institutes of Health, Alzheimer's disease can have a negative impact on those who set up an estate plan in various ways. For example, many people cannot think clearly and struggle with reviewing relevant laws and going over key documents related to their estate plan.
How can you manage your estate plan with Alzheimer's?
Fortunately, many people who are dealing with Alzheimer's disease are able to set up effective estate plans that ensure their assets are distributed appropriately after their death and minimize the impact of legal issues related to their estate for their loved ones. Make sure you set aside additional time to go over your estate and carefully address any areas of uncertainty. If possible, finding support from a family member is sometimes very helpful.]]>On Behalf of Levin & Brend, P.C.<![CDATA[What experts might you need in a divorce?]]>https://www.levinbrend.com/?p=480742020-10-29T17:32:24Z2020-10-28T21:16:27Zprovide an opinion in the resolution of that dispute. It is common, although not strictly necessary, for both parties to have their own experts.
Business and other asset valuation
Business and asset valuation is one of the areas where people commonly need experts to submit reports and testify. The expert, typically a certified appraiser and/or a forensic accountant, will do a valuation of:
A business or professional practice
Investment real estate
Valuable collectibles, such as wine or artwork
Personal property, such as jewelry or antiques
Yachts or airplanes
Deferred compensation plans
Intellectual property
The expert you bring in should be sufficiently specialized to provide a credible appraisal of the assets in question. They should have a clear understanding of the current and expected markets. Real estate appraisers should ideally be brokers who are familiar with the local markets.
Income stream and lifestyle analysis
Depending on the complexity of your assets, you may lack a clear picture of your actual cash flow or income. You may need to bring in a forensic accountant or similar expert to determine what cash you have available to pay expenses and the sources of that cash.
Your expert may also be able to help you understand potential tax liabilities and benefits available to the family. And, the expert should be able to examine your spending to come to a clear understanding of your expenditures for the purposes of calculating support obligations.
Cash flow tracing
Before assets can be divided, they typically must be categorized as marital or separate property. For example, property acquired before the marriage may be the separate property of the spouse who acquired it, although any increase in value may be attributed to the couple. If you can categorize property as your own separate property, it will not be divided.
However, it can be a challenge to show that the property has truly been separate. This can require cash flow tracing, which shows the source of specific amounts of cash.
Hidden asset tracing
A forensic accountant or another expert may also be able to discover income and assets that your spouse has not revealed. Assets are sometimes not listed simply because they are unusual or difficult to find. In other cases, the omissions may be intentional.
Your expert can examine tax returns, financial statements, spending patterns, property registers and other documents in an effort to identify assets and income that have not been revealed during the divorce process.
Hire the right expert
In some cases, your own divorce attorney may also be a CPA and have the ability to assist with these matters. In others, you will need an expert who can be brought in to testify in court. You may need more than one expert in a particularly complex divorce. Your attorney can assist you in finding the appropriate experts for each necessary task.]]>On Behalf of Levin & Brend, P.C.<![CDATA[The financial advantages of forensic mediation]]>https://www.levinbrend.com/?p=480712020-10-19T20:18:50Z2020-10-21T21:27:25Zresolve disagreements while taking a neutral approach as those individuals with substantial assets need to focus on this aspect of their divorce.
How can forensic mediation protect your assets?
For starters, couples who work together with a forensic mediator to address divorce-related matters are often able to significantly reduce litigation fees and costs related to the divorce process. Moreover, couples can often find resolutions at a sooner point in time, minimizing the impact divorce has on one's career or business. In fact, if you are a custodial parent or you worry about alimony, the forensic process can ensure that you receive the support that you deserve.
How does forensic mediation benefit children?
By reducing the amount of time the divorce process takes and minimizing the amount of stress parents experience, forensic mediation can provide children with a more stable environment while their parents end their marriage. Moreover, children are more likely to receive the support they count on when financial matters are handled appropriately.]]>On Behalf of Levin & Brend, P.C.<![CDATA[Is mediation right for you?]]>https://www.levinbrend.com/?p=480652020-10-05T15:49:40Z2020-10-07T21:45:56ZIt was difficult to acknowledge that divorce was the right decision for you and your spouse, but now you must decide if mediation is the most favorable choice for the two of you. Would you be better off with traditional divorce or another alternative dispute resolution?Family Education explores the signs that mediation may not be right for a marital split. Learn where and how to focus your energy.
The value of assets
Do you suspect that your spouse may have assets you do not know about? If so, you may be better off with a forensic accountant rather than a mediator. A mediator does not have the power to force a spouse to reveal a hidden business, pension plan or retirement plan the way a judge does. Even if your spouse refuses to cooperate, a judge can penalize your husband or wife.
The bullying spouse
Is there a chance that your spouse may try to intimidate you during your mediation sessions? If so, the mediator could lack the skills to infuse peace into your talks, turning your mediation into bullying sessions. If this rings true for you, share this information with the mediator whom you want to preside over your case. Otherwise, you may want to forego this alternative dispute resolution process and go with a standard divorce.
The noncommunicative spouses
Perhaps you and your current partner no longer communicate the way you used to. Mediation sessions make for a poor space to rediscover and reopen the lines of communication. Mediators are not therapists, so they may be clueless on how to get spouses to talk to each other and work out the details of their marital split.]]>On Behalf of Levin & Brend, P.C.<![CDATA[Two types of charitable remainder trusts]]>https://www.levinbrend.com/?p=480592020-09-29T14:02:50Z2020-10-01T21:52:06ZThe multiple benefits of a charitable remainder trust
With a charitable remainder trust, a person may title liquid or non-liquid assets to a trust and receive some form of a tax deduction for doing so. The trust may then provide an income to the grantor for a certain period of time. Once the grantor dies, any assets remaining in the trust may be distributed to one or more charitable organizations per the terms of the trust.
Fixed payments or percentage payments
A charitable trust may provide a set dollar amount to be paid to the grantor. This type of trust, also known as the charitable remainder annuity trust (CRAT), does not allow the grantor to add more assets to the trust once it has been established. If the grantor wishes to add assets to the trust over time, he or she may opt to create a charitable remainder unitrust (CRUT). The income received from this trust by the grantor may fluctuate as payments represent a percentage of the trust's value.
Tax considerations
The Internal Revenue Service indicates that a settlement period may apply to some charitable remainder trusts upon the decedent's death prior to it being considered a charitable trust by the IRS.
If you have questions about how a charitable remainder trust can be used to benefit your estate, contact an experienced estate planning law firm for more information.]]>On Behalf of Levin & Brend, P.C.<![CDATA[What it can mean when a spouse hides money]]>https://www.levinbrend.com/?p=478962020-09-17T14:33:14Z2020-09-21T21:31:22Zthreaten the existence of the relationship.
Why do spouses hide money?
Sometimes a spouse has nefarious motives for hiding money. He or she is trying to get the better of a significant other or punish him or her in some way. However, other people have good, or at least sympathetic, reasons for hiding money. For example, some people set aside money in secret to be sure there is enough to meet monthly obligations because the significant other has a gambling addiction or poor spending habits.
However, even if the intentions are good, hiding money from one's spouse can backfire. The profligate spouse may spend the money anyway if he or she happens to discover it.
What does hiding money indicate about a relationship?
If one spouse feels that he or she has to hide money from a significant other, it can indicate a lack of trust between spouses and/or a breakdown in communication, specifically about family finances. These are both deep issues that could damage, and ultimately destroy, a relationship if not resolved.]]>On Behalf of Levin & Brend, P.C.<![CDATA[3 steps when looking for hidden assets]]>https://www.levinbrend.com/?p=478992020-09-10T18:21:42Z2020-09-14T21:47:46ZFinding physical hiding places
If your client suspects a spouse of hiding evidence of assets, fraud or other malfeasance, please begin quickly. It is typically a good idea to search desks, safes, safe deposit boxes and so on.
Again, please start as early as possible, preferably before filing in most cases. As the case begins, or as the spouse learns more about asset division, your client may have less access to these locations of essential information.
Searching shared files and assets
The next step after a physical search would probably be an examination of shared resources and information. For example, you may want to review shared bank account statements and identify suspicious transactions. Tax returns may also provide immediate and obvious clues about hidden assets.
Performing audits
Of course, it requires keen attention to detail and forensic accounting experience to identify the information and sources of such information you need. Sometimes, the evidence is already present in basic financial documents — if you know where and how to look. In other cases, you may need to continue investigating to find records that could confirm your client's suspicions.
When you advise your client about uncovering hidden assets, it is typically best to make case-specific recommendations and provide simple, step-by-step directions — even including visual aids, if possible. Many people who require guidance in this regard do not handle family finances and, therefore, may not recognize important articles without assistance.]]>On Behalf of Levin & Brend, P.C.<![CDATA[What should you look for when choosing an executor?]]>https://www.levinbrend.com/?p=478902020-08-27T20:33:10Z2020-09-01T20:28:05ZIllinois residents like you need an executor to carry out your will and manage your estate. Their role is so crucial that some experts call them the foundation of your estate plan. To this end, you want to ensure you pick a good one.But how exactly can you do this? What are the traits you should be looking for? Is there such a thing as an executor who excels on a universal level?
Traits of an objectively good executor
Forbes looks at ways you can choose an estate executor. The first thing they emphasize is that finding a good executor is not a one-size-fits-all task. Each person wants something different from their executor. The person who makes a "good executor" to you is not going to be the same as it is for your parents or best friends.But there are some traits that do appear often in objectively good executors. For example, a good executor often has strong organizational skills. They also tend to have good leadership skills, even if they have not held an official leadership position. They are good at communicating and can deescalate a situation if the need arises.
Finding the executor that is right for you
Other traits are more subjective, though. You may want someone whose values align closely with your own. You might want someone who sides with the opinions you voiced in your life. You may choose a person who will defend what you write into your estate plan.Finding an executor with a good balance of the traits you want is a hard task. This is why experts suggest looking for an executor as early as possible.]]>On Behalf of Levin & Brend, P.C.<![CDATA[Child support, alimony and working with a forensic accountant]]>https://www.levinbrend.com/?p=478862020-08-25T18:06:41Z2020-08-27T21:04:17ZForensic accounts and an ex's financial obligations
Forensic accountants often provide people with crucial information that ensures they receive a fair amount of child support or alimony. For example, some people split up with a wealthy spouse who has a hidden stream of income or secret assets. By withholding this information and failing to inform the court and one's former spouse of their income and assets, some people get away with making lower child support and alimony payments. This is very unfortunate when recipients find themselves facing financial hardships because of their former spouse's deception.
Forensic accounting, divorce and uncovering assets
Forensic accountants use a number of strategies to uncover hidden assets. For example, reviewing relevant documents, investigating off-shore financial accounts and performing business valuations are some of the ways in which forensic accountants help ensure that people receive the amount of child support and alimony that they deserve.]]>