News & Articles
SECURE Act – What it is and how it might impact you By Ken Bloom, J.D., LLM
In December 2019 Congress passed the Setting Every Community up for Retirement Enhancement Act of 2019 (The SECURE Act). On December 20, 2019 the President signed the SECURE Act into law. The SECURE Act includes several important changes effective January 1, 2020 for individuals. There are some...
Limited Liability Corporation Versus a Sole Proprietorship
Understanding the Pros and Cons of Limited Liability Corporation Versus Sole Proprietorship Vital Before Starting a New Business
By Kenneth J. Bloom
Every April we celebrate Small Business Week, and the dream of owning a business is still alive and well...
By Kenneth J. Bloom
Every April we celebrate Small Business Week, and the dream of owning a business is still alive and well...
Aretha Franklin’s “Holographic” Will Shows the Need for Having an Official Will and Estate Plan
By Ken Bloom, J.D., LLM Although it was originally thought that Aretha Franklin did not have a will when she died, recent news reports of the finding of three handwritten documents in her home appear to have indicated she did have a plan for her assets. A holographic will is a...
Studies show people working into their “Golden Years” may not have saved enough for retirement
By Ken Bloom, J.D., LLM I recently read a study about the employment growth rate of people 65 and older that that startled me. Since 2000 the percentage of adults employed in the workforce has steadily declined while the percentage of elderly Americans working has steadily...
Having a Conversation with Aging Parents Regarding Financial Affairs Should Be on To-Do List for Adult Children
By Ken Bloom, J.D., LLM One of the biggest issues facing senior citizens these days is the increase in financial fraud and scams that can cause them to lose part or their entire retirement portfolio. And when they are the victims of a fraud seniors are too embarrassed to do...
Organizing All Your Financial Information Now Makes it Easier to Access After Death
By Ken Bloom, J.D., LLM It's a scenario I see all the time. One spouse seems to be in charge of the family's financial affairs, and the other spouse is only involved on the surface. Then, when the financially aware spouse passes away, the widow or widower is lost regarding...
Highlights of Tax Cuts and Job Acts (“the TCJA“)
By Ken Bloom, J.D., LLM
2018 brings a major change to the Internal Revenue Code. The Tax Cuts and Jobs Act (TCJA) include permanent changes to the tax code as well as many temporary changes. Regardless of your income bracket it is very likely the TCJA will impact you in 2018 and the years that...
Help Heirs Understand Your Estate Plan
By Ken Bloom, J.D., LLMWhen it comes to ensuring that your hard-earned assets are transferred to your spouse, children or other heirs easily and per your wishes, having the proper estate plan is the best way to go. But too often, people who work with an estate planning attorney to...
Unmarried Couples Need to Have Solid Estate Plan to Ensure Their Assets are Distributed to Their Partner in the Event of Death
By Ken Bloom, J.D., LLM The laws concerning estate planning were drafted for traditional families. However with the increase in couples of all ages living together and the growing acceptance of cohabitation of same sex couples, the laws governing estate planning...
Women Need to Become More Financially Aware to Reach Financial Goals
By Ken Bloom, J.D., LLM I recently read a survey by Prudential, Financial Experience & Behaviors Among Women, that indicated that although 95% of women are directly involved in their households’ financial decision, yet less than 20% of them said they feel very...
Reviewing estate plan especially important for retirees
By Ken Bloom, J.D., LLM As people approach retirement, they rightfully spend a lot of time thinking about whether their retirement portfolio will enable them to live the lifestyle they desire during their retirement years. But one area many retirees neglect is their overall estate...
Look at all the Factors Before Deciding to Start a Business After Retiring
By Ken Bloom, J.D., LLM For many people, retirement is a chance to turn off the alarm clock for good and never worry about working again. But not everyone looks to retire and travel the world or move to Florida. For some, retirement offers an opportunity to finally...
Proper Estate Planning Can Ensure Your Assets Don’t End Up in the Wrong Hands after Your Death
By Ken Bloom, J.D., LLM The purpose of an estate plan is to ensure that your assets are distributed to your beneficiaries per your wishes after you die. Unfortunately, when establishing a will or trust many people don’t factor in certain issues that could lead to their assets...
Estate’s Personal Representative could be liable for Deceased’s Debts
By Jonathan Goldberg, J.D., CPA
Being selected to administer an estate (sometimes referred to as the personal representative, executor or trustee) comes with a lot of responsibilities to make sure the deceased’s assets are distributed according to their wishes. But one thing many of these...
Prior Planning Needed to Determine Most Tax-Efficient Method for Withdrawing Retirement Funds
By Ken Bloom, J.D., LLM
For most investors, making sure they save enough money to retire comfortably is the focus of their investment strategies. But once you have reached retirement, you now need to determine which retirement account you should withdraw from in order to fund...
For most investors, making sure they save enough money to retire comfortably is the focus of their investment strategies. But once you have reached retirement, you now need to determine which retirement account you should withdraw from in order to fund...
Common Mistakes in the Estate Planning
Review Estate Planning Needs To Avoid Common Mistakes
By Ken Bloom, J.D., LLM
During the recent economic downturn and credit crisis, many people are trying to spend less, save more and make better financial decisions. But one area many people don't spend...
By Ken Bloom, J.D., LLM
During the recent economic downturn and credit crisis, many people are trying to spend less, save more and make better financial decisions. But one area many people don't spend...
DIY Legal Websites Can Lead to “Legal Doom”
By Ken Bloom, J.D., LLM
Bloom, Bloom & Associates The proliferation of do-it-yourself information available on the Internet today can help people do just about everything, from fixing a leaky faucet to diagnosing the pain in your back. And while videos on YouTube that show you how to...
Bloom, Bloom & Associates The proliferation of do-it-yourself information available on the Internet today can help people do just about everything, from fixing a leaky faucet to diagnosing the pain in your back. And while videos on YouTube that show you how to...
Baby Boomers Need to Prepare to Help Aging Parents with their Financial and Estate Planning Issues
By Ken Bloom, JD, L.L.M.
As the Baby Boomer generation approaches retirement age, most are concerned about whether their pension and investment portfolio will be sufficient to maintain their lifestyle during retirement. However, many Baby Boomers also have to worry about...
As the Baby Boomer generation approaches retirement age, most are concerned about whether their pension and investment portfolio will be sufficient to maintain their lifestyle during retirement. However, many Baby Boomers also have to worry about...
Performing Due Diligence
Performing Detailed "Due Diligence" Vital When Considering Purchase of a Business
By Ken Bloom, J.D., LLM & Jonathan Goldberg, J.D., CPA
For many business owners, a way to expand their current business is to purchase another business.. Before...
By Ken Bloom, J.D., LLM & Jonathan Goldberg, J.D., CPA
For many business owners, a way to expand their current business is to purchase another business.. Before...
Buy-Sell Agreement Is Vital To a Strategically Planned Business Arrangement
Having a Buy-Sell Agreement Is Vital To a Strategically Planned Business Arrangement
By Ken Bloom, J.D., LLM & Jonathan Goldberg, J.D., CPA
A recent television commercial for a large investment firm shows a business owner talking about how his life...
By Ken Bloom, J.D., LLM & Jonathan Goldberg, J.D., CPA
A recent television commercial for a large investment firm shows a business owner talking about how his life...
Review Michigan Law on Medical Powers of Attorney, Living Wills
By Kenneth J. Bloom
Michigan law specifically allows for the creation of a durable power for health care also known as a Patient Advocate Form. According to the statute, an individual ("Patient") is allowed to appoint a "Patient Advocate" to make medical treatment decisions...
Michigan law specifically allows for the creation of a durable power for health care also known as a Patient Advocate Form. According to the statute, an individual ("Patient") is allowed to appoint a "Patient Advocate" to make medical treatment decisions...
Tips on Protecting Important Documents
Having a Survival Plan Can Protect Important Documents In The Event of Natural Disaster or Fire
By Jonathan Goldberg, J.D., CPA
After the recent hurricanes along the Gulf Coast, the need for individuals to have a survival plan for their important papers...
By Jonathan Goldberg, J.D., CPA
After the recent hurricanes along the Gulf Coast, the need for individuals to have a survival plan for their important papers...
Employment Contracts Can Protect Valuable Company Assets and Information
By Ken Bloom, J.D., LLM
In today's competitive business environment, protecting company assets is often key to success for the small business owner. One area that is often overlooked is the importance of employment contracts for current and future employees to help safeguard...
In today's competitive business environment, protecting company assets is often key to success for the small business owner. One area that is often overlooked is the importance of employment contracts for current and future employees to help safeguard...
Why an LLC?
LLC Provides Businesses with Many Tax and Liability Advantages Over Other Forms of Entities
By Kenneth J. Bloom
If you are starting a new business, or are currently a sole proprietor and are considering incorporating, it is important to understand the...
By Kenneth J. Bloom
If you are starting a new business, or are currently a sole proprietor and are considering incorporating, it is important to understand the...