BBB hosts Women’s Networking Event

On June 9, 2016 more than twenty women from varying professions including banking, public relations, elder care, financial services, business consulting and entrepreneurs joined Baker, Braverman & Barbardoro, P.C. attorneys Lisa Bond, Susan Molinari, Theresa Barbadoro Koppanati, Elizabeth Caruso and Brandi Cerasuolo for a night of networking, laughs and painting. The event was hosted at the firms Quincy office and the paintings were supervised by Clare Donoghue of the Traveling Art Party. We enjoyed snacks and refreshments as well as lively conversation as we tried our hand at seascapes.

varying professions including banking, public relations, elder care, financial services, business consulting and entrepreneurs joined Baker, Braverman & Barbardoro, P.C. attorneys

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Lisa Bond named Top Women of the Law Nominee by Mass. Lawyers Weekly

Lisa Bond, Esq. has been nominated for Massachusetts Lawyers Weekly Top Women of the Law. Each year Lawyers Weekly honors women attorneys who have made tremendous professional strides and that have demonstrated great accomplishments in the legal field. Attorney Bond has been a lawyer at Baker, Braverman & Barbadoro, P.C. a Quincy based law firm since 2002. She was promoted to partner in January 2016. Her practice includes civil litigation, family law and personal injury.

Bond Lisa @ 500

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Boston Magazine selects Theresa Barbadoro Koppanati to Top Women Attorneys in Boston

Recently Theresa Barbadoro Koppanati, Esq was recognized as one of the Top Women Attorneys in Massachusetts by Boston Magazine. Attorney Barbadoro Koppanati has been an attorney at Baker, Braverman & Barbadoro, P.C., a Quincy based law firm, since 2010. Prior to joining the firm, she was a corporate associate at Latham & Watkins, LLP in London and an in-house counsel at Red Bull North America in Santa Monica, California.  Attorney Barbadoro Koppanati advises clients in all areas of corporate law, including, asset purchases, contract negotiation, commercial finance, secured transactions, mergers and acquisitions and joint ventures. She also counsels clients on corporate compliance and intellectual property matters.

Theresa Barbadoro Koppanati

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Elizabeth Caruso invited to present to Stoughton Council on Aging

Recently, Elizabeth Caruso, a probate and elder law/estate planning attorney at Baker, Braverman & Barbadoro, P.C., a Quincy based law firm, presented on basic estate planning and asset protection to a group of senior citizens at the Stoughton Council on Aging as part of a Massachusetts Bar Association sponsored event for Elder Law Month.

Caruso, Liz  @ 500

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SBA announces the return of the 504 loan refinance program

In late May of this year the Small Business Administration (“SBA”) has re-established the debt refinancing program consistent with the more well- known SBA 504 loan programs.  The 504 loan program was historically only available to purchasers of commercial property.  The debt refinancing program, while available several years ago, was temporary.  The program, which expired in 2012, is has now been made permanent.

sba fb

The benefit of SBA financing, and more specifically, debt refinancing, is that borrowers who are approved and funded have a fixed mortgage rate for 20 years.  In today’s commercial loan market, it is very difficult to obtain fixed rate financing, and almost never for 20 years.  Also, the interest rates which are set at funding have recently seen historic low rates.  For June 2016, the 20 year rate was about 4.3%.

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Applications are being accepted after June 24, 2016 and borrowers have to meet certain criteria, including, but not limited to, that the debt being refinanced must be “qualified debt” as that term is defined in the act, the borrowers must be current on their existing debt payments for at least one year prior to applying, and the assets to be secured (real estate or personal property) must qualify as “eligible assets.”  There are a host of other rules and regulations concerning these government guaranteed loans.  Therefore if you are interested in learning more about the SBA 504 Debt Refinance Program, the lawyers at Baker, Braverman & Barbadoro can answer your questions and introduce you to a Certified Development Company that can assist you with an application.

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Update On Regulations Defining And Delimiting The Overtime Exemptions For Executive, Administrative And Professional Employees

On May 18, 2016 the Department of Labor announced that it will publish a Final Rule updating the exemption of executive, administrative and professional employees from the minimum wage and overtime pay protections of the Fair Labor Standards Act.  The Final Rule updates the salary level required for exemptions to ensure that the Fair Labor Standards Act intended overtime protections are fully implemented and to make the exemption for executives, administrative and professional employees easier to understand and apply.

The focus of the Final Rule is primarily updating the salary and compensation levels needed for executive, administrative and professional employees to be exempt.  Specifically, in part, the Final Rule:

  1. Sets the standard salary level at $913 per week or $47,476 annually for a full-year worker;
  2. Sets the total annual compensation requirement for highly compensated employees subject to the “minimum duties test” to $134,004;
  3. Establish a mechanism for automatically updating the salary and compensation levels every three years (this will begin January 1, 2020); and
  4. Amends the “salary basis test” to allow employers to use nondiscretionary bonus and incentive payments to satisfy up to 10% of the new standard salary level.

Department of Labor updating the exemption of executive, administrative and professional employees from the minimum wage and overtime pay protections of the Fair Labor Standards Act

The Final Rule goes into effect on December 1, 2016.  If you are a business trying to determine how the Final Rule affects how you operate your business, contact one of the Employment Lawyers at Baker, Braverman & Barbadoro, P.C. to ensure that your business is prepared to be compliant with the Final Rule. – Susan M. Molinari.

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Tips on Filling Out Your Financial Statement Correctly in Divorce Matters

In all divorce cases it is required that the parties each complete a Financial Statement.  The Financial Statements are exchanged between the parties and filed with the Court.  Financial Statements are signed under the pains and penalties of perjury, therefore itis imperative that the information contained on your financial statement be accurate and contain all the required information.. For example, if one party fails to include an asset in his/her Financial Statement, that asset is subject to division even after the Separation Agreement has been approved by the Court.  It is important to distinguish who owns an asset listed on your Financial Statement; you only want to list the interest and dividends income produced by assets that you own.  Where assets are jointly owned, you should include only one-half (½) of the dividend and interest income and make this indication on the Financial Statement.

Financial Statments

Although Financial Statements are filed with the Court, they are impounded to protect your personal information; this means that access is limited to the parties, attorneys of record and the court.  Your Financial Statement must include all of your income.  If you are self-employed you must file a Schedule A to your Financial Statement.  Much of the information needed from the Schedule A may be taken from your income tax returns; however some deductions on your income taxes are not deductions for purposes of your Financial Statement.  For example, a depreciation deduction is appropriate for income tax purposes but not on your Financial Statement.

In addition to disclosing assets, parties must set forth their actual and anticipated expenses on their respective Financial Statements. It is not uncommon to have to estimate expenses particularly in cases where the other party was primarily responsible for the finances.  It is important to make a footnote indicating that these expenses have in fact been estimated.  Furthermore, reasonable anticipated expenses should be footnoted.

In a divorce matter, a Financial Statement is given great weight by the court in reviewing the assets and expenses of the parties, and therefore should be completed with great care and caution. Should you require assistance in the preparation of a Financial Statement you should contact the family law team at Baker, Braverman & Barbadoro, P.C. – Lisa Bond.

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