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PLANNING FOR SPECIAL NEEDS CHILDREN AFTER WE ARE GONE – Begley Report

By:  Thomas D. Begley, Jr., Esquire, CELA Planning for children with special needs is extremely important, and often completely overlooked or done haphazardly.  The problem is many of our children with disabilities will be unable to take care of themselves after we are gone.  As long as we are living, we will do everything necessary to see that…

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INCOME TAXATION OF EMOTIONAL DISTRESS CLAIMS

by Thomas D. Begley, Jr., Esquire, CELA Questions frequently arise with respect to the taxation of emotional distress claims.  As a general rule, damages for emotional distress are subject to income tax.  However, a careful analysis can result in the elimination of this tax.   Emotional Distress             Emotional distress has been defined as a highly unpleasant emotional reaction…

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ARE LEGAL FEES IN PERSONAL INJURY RECOVERIES TAX DEDUCTIBLE TO THE PLAINTIFF?

by Thomas D. Begley, Jr., Esquire, CELA [Article originally published in The Barrister, Jan 2020] As a general rule, personal legal fees are not tax deductible, but legal fees in connection with business are deductible.  So, if a client gets divorced, this is personal and the legal fees are non-deductible.  If legal fees are paid in connection…

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What Is An Able Account And How Can It Help Protect Your SSI Check? – Begley Report

by Thomas D. Begley, Jr., Esquire, CELA An ABLE account is a new device available to the disability community that allows a disabled individual to have a limited bank account without risking eligibility for their means-tested public benefits.  ABLE accounts can receive $15,000 per year from all sources, and are capped at the maximum account…

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