Easily Remove SNN Field in the Asset Transfer Agreement

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How to Remove SNN Field in the Asset Transfer Agreement

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hi this is john mcguire with the mcguire law firm in this video im going to talk a little bit about an asset purchase agreement so ive talked about a stock purchase agreement and an asset purchase agreements basically you are buying the assets of a business and generally the business that is purchasing these assets has formed a new entity so the assets uh the business selling the assets usually will be dissolving if in fact they are selling the majority of their assets an asset sale can be beneficial sometimes to the um the buyer because they will be allowed to take the amount that they are purchasing the purchase amount for depreciation purposes theres other advantages and disadvantages depending upon the facts and circumstances generally its going to be based on what party you are the purchaser or the seller if you have any questions regarding this type of agreement please feel free to contact the mcguire law firm to speak with a business attorney we do offer a free consultation

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Got questions?

Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

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How does Social Security decide if you need a payee?

We try to select someone who knows you and wants to help you. Our main concern is that your payee is someone who can see you often and who knows what your needs are. For that reason, if youre living with someone who helps you, we usually select that person to be your payee.

Does a trust fund affect Social Security retirement benefits?

The Social Security Act limits trust fund expenditures to benefits and administrative costs. Benefits to retired workers and their families, and to families of deceased workers, are paid from the OASI Trust Fund.

Does a payee have to return money back to SSA if he is no longer a payee?

Disposing Conserved Funds After You Stop Being the Payee If you will no longer be the payee, you must notify Social Security immediately. When you are no longer responsible for the beneficiary, you must return any funds, including interest and cash on hand to Social Security.

Does money from a trust count as income?

Money taken from a trust is subject to different taxation than funds from ordinary investment accounts. Trust beneficiaries must pay taxes on income and other distributions that they receive from the trust. Trust beneficiaries dont have to pay taxes on returned principal from the trusts assets.

Does irrevocable trust affect SSI benefits?

The SSA will usually count the assets in a trust against a person when deciding SSI eligibility. For example, all of the assets in a revocable trust would be counted against you. In an irrevocable trust, the portion of the trust that could be used to make payments to you would be counted against you.

Will a trust fund affect SSDI benefits?

SSDI does not depend upon having limited assets, and it is not affected by distributions from a Disability Trust.

How do I remove a Social Security representative payee?

Call us at 1-800-772-1213, or contact your local Social Security office. Note: there are additional changes and events for SSI beneficiaries at the end of the list. The beneficiary no longer needs a payee.

Does income from a trust affect Social Security benefits?

Funds held in a properly drafted special needs trust (SNT) will not affect a Supplemental Security Income (SSI) or Medicaid recipients benefits. However, funds disbursed in a manner that violates SSI or Medicaid rules can impact these benefits.

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Remove SNN Field in the Asset Transfer Agreement