Covering the week’s most noteworthy business news impacting the Filipino-American and Global Filipino community.
AT the end of September 2021, the Southern California housing market continued to increase in comparison to the prior year (September 2020)*. Los Angeles County showed an increase of 8.7% with a median sales price of $889,000 and an average sales price of $1.3m for single family homes. Orange County had an increase of 17.3%…
ARE you struggling to pay your debts every month, especially your credit cards? Do you barely have anything left to pay your mortgage, rent, food and other basic living expenses after you make your monthly debt payments? Do you want to lower your payments and make life a bit easier? One type of relief under…
I recently finished attending the telephonic bankruptcy hearing with my client and am reminded of his bankruptcy saga over the last 12 years. The client is married and 82 years old. By any standard, he’s a senior. The first time he and his wife, who is 10 years younger than him, walked into my office,…
IN the wake of the #MeToo movement, there has been a lot of attention focused on non-disclosure agreements (NDAs), also known as confidentiality agreements (CAs). Sexual harassment victims who agreed to settle their cases are often asked to sign NDAs in exchange for payment. In work situations, a non-disclosure agreement is required by the employer to prohibit the…
THE existence of the COVID-19 pandemic has lasted for almost two years, forcing the world to live in a “new normal.” Due to the constant lockdowns, businesses have been forced to close their doors under lockdown restrictions that have put most entrepreneurs in very difficult situations. To sustain the business, entrepreneurs have had to stay…
MANY people are of the perception that simply downloading a prenuptial agreement from the internet and signing it with their fiance offers them a bullet proof protection from a divorce. What many people do not know is that certain statutory requirements must be met in order for the prenuptial agreement to be valid and to…
WHEN the virus makes your income disappear overnight, it can be very frightening to realize that you can’t go very long without it because your bills don’t stop just because your income did. No one ever wants to file bankruptcy. But if you are one of the millions laid off and don’t even know whether…
THE client is 72. He still works his normal job and makes about $3K a month. He also receives social security of $1K. So, his total income right now is $4K. He tells me that he is tired of working. His wife doesn’t want him to work anymore. His wife retired ahead of him at…
Biden tax plan series WHAT Is a Gift Tax? Gift tax is a federal tax applied to an individual giving anything of value to another person. The donor must report the gift on a tax return and pay the gift tax. Normally, the recipient doesn’t have to report the gift. In summary: Gift tax is…
MANY people are of the perception that simply downloading a prenuptial agreement from the internet and signing it with their fiance offers them a bullet proof protection from a divorce. What many people do not know is that certain statutory requirements must be met in order for the prenuptial agreement to be valid and to…
TWO successful Filipino entrepreneurs in Australia and New Zealand recently entered into a $100-M engagement to jointly expand their respective businesses. New Zealand-based Starfleet Innotech, Inc., chaired by Jeths de Jesus Lacson, and SAM Digital Technologies, Inc. (SDT) chairman Rommel Santos, are offering a subscription-based program. Lacson said SFIO is a publicly-listed company on the…
THERE are two conditions that can determine the best time to sell your house. The first condition is during a “seller’s market” and the second condition is seasonal. A seller’s market occurs when there are more buyers actively looking to purchase, and there’s a low inventory of homes listed for sale on the market. The…
WHAT Is a Step-Up in Basis? The term “step-up in basis” refers to the readjustment of the value of an appreciated asset for tax purposes upon inheritance. It adjusts the value of an asset when it passes from owner to heir. The higher market value of the asset at the time of inheritance is used for tax purposes….
AARON Kudatsky worked as an implementation consultant in California for Tyler Technologies, a company that sells business and public sector operations software being used in finance, payroll, billing, and others. Tyler’s implementation consultants assist its clients in customization and training in the use of Tyler’s products. The implementation consultants are classified as exempt and are…
AS you probably are aware, an individual can file either Chapter 7 or Chapter 13 under the bankruptcy code when he or she needs relief from accumulated debt. In Chapter 7, the debtor gets a fresh start in life, without having to pay anything to creditors. The debtor gets to keep most if not all…
WHEN it comes to credit card debt, a lot of people are in denial that they have a problem. Of course, denying doesn’t help because until you get to that point where you can honestly admit to yourself and acknowledge that a problem does exist, you will never do anything to change your situation. Thus,…
THE purpose of spousal support is not defined by the legislature in that its purpose varies according to the facts and circumstances of each case. The facts and circumstances of a particular case may be such which call for no spousal support, or for support for a very limited period of time, with the purpose…
GETTING a new business off the ground isn’t an easy feat. Growing and moving it in the right direction aren’t without challenges, too. In a global economy that’s ever-changing, businesses are expected to keep up with the market’s demands and prepare for further funding opportunities — and oftentimes, seeking out outside funding is the solution…
Biden tax plan series WHAT is required minimum distribution (RMD)? A required minimum distribution (RMD) is the amount of money that you must withdraw from your traditional IRA, employer-sponsored retirement plan, SEP, or SIMPLE individual retirement account (IRA) when you reach retirement age. You must begin withdrawing from a retirement account by April 1 following the year you…
NO one ever likes to talk about bankruptcy. However, it’s simply a fact of life. Things happen. Whether it’s losing your job, going through a divorce, having huge medical bills that you can’t pay — or sometimes simply making poor financial decisions — any of these can lead to bankruptcy. It’s a scary thing to…
THE client is 66. He says he is now old all of a sudden. He migrated here in 2004 so that’s 15 years ago. When he deplaned at LAX, he was just 51 and single. He says he’s been working hard since he arrived, but hasn’t really been able to amass any wealth. He worked…
BACK in 2020, Proposition 22 was voted into law. App-based companies like Uber, Lyft, and Doordash spent upwards of $200 million in funding to get Californians to vote on this measure. Prop 22 styled its existence as a workers’ rights issue and touted the purported “flexibility” of workers being able to set their own work…
EPIPHANY Café [franchise group] was born from a love of coffee and donuts. Through passion, and much dedication, Epiphany Café quickly became the gourmet donut café in Hamilton, before expanding across New Zealand through its Regional Master Franchisees, serving an eclectic selection of artisanal donuts, coffee, and more. Epiphany has now expanded its wholesale business…
Smokefree Innotec, Inc. (SFIO), a New Zealand-based Filipino company, is starting its educational road tour in the United States. The company’s chairman, Jeths De Jesus Lacson, announced that SFIO has successfully acquired Agrokings, Inc. and its subsidiaries in August 2021. This roadshow is focused on digital entrepreneurial education, giving people a first-hand education in adapting…
IF you are searching for debt reduction solutions, no doubt you’ve been inundated with advertisements for various debt management programs, companies and solutions. The choices seem confusing to the average consumer. The truth is that every situation is different and what may work perfectly for others is not necessarily going to work the same way…
THE ongoing debate of real estate is — “Should you buy or rent?” The right answer is: it depends. It depends on your situation and the factors in your lifestyle, your short-term goals, and long-term goals. The real estate market is hyperlocal, meaning that the market is based on your local market, as specific as…
Biden tax plan series WHAT is the Social Security tax? Social Security tax is levied on both employers and employees to fund the Social Security program. It’s collected through payroll taxes mandated by the Federal Insurance Contributions Act (FICA) or a self-employment tax mandated by the Self-Employed Contributions Act (SECA). The Social Security tax pays for the retirement, disability, and survivorship benefits…
William Maner worked for decades as a biomedical design engineer in the laboratory of employer, Dr. Robert Garfield. Garfield’s laboratory initially operated in Texas. Maner’s coworkers were Dr. Yuan Dong, a male researcher, and Dr. Leili Shi, a female researcher. Maner learned shortly after joining the lab that Garfield and Shi were engaged in a…
SENIOR no. 1 and senior no. 2 are in the same boat. They each have car repossession deficiencies of over $100,000 and business credit card debt of $50,000. Just by looking at these figures, you know there’s something not right. At their age, why should they each have several car repo deficiencies of over $100,000?…
By Cora Mopera, Branch Manager, Chase Managing your money can be overwhelming but it doesn’t need to be. Understanding things like budgeting, saving, paying your bills, and even building your credit score are skills that can help you at any stage of your life. Even in these difficult times with the pandemic when so many…
