Businesses Without Workers’ Compensation Insurance Beware!
Ryan McNeil|Generally speaking, in North Carolina an employer must provide workers’ compensation insurance coverage for its employees if it regularly employs three or more people. This coverage kicks in if the employee is injured on the job. Some small business owners do not realize they must provide the required coverage for their employees. Others make a conscious decision to avoid the related expense hoping they are not caught. What is Workers’ Compensation? The North Carolina Workers’ Compensation Act (§ 97, the “Act”) provides protection for employees injured by a specific event, afflicted by occupational disease, or killed during the course of their employment. This Act outlines the procedures the employee must follow to report the injury to the employer and the North Carolina Industrial Commission (NCIC, the state agency responsible for administering the Act). The Act also details required compensation for medical expenses and lost wages during the recovery period, payment for a permanent disability, or the award for lost wages and burial expenses to beneficiaries if the individual is killed on the job. The Three Employee Rule The biggest risk for small business owners is not understanding the three employee rule that triggers the requirement to maintain workers’ compensation insurance. Consider these requirements: You must include part-time employees in the count.Use caution when you classify someone as an independent contractor and issue a 1099. If the North Carolina Industrial Commission determines the individual should be properly categorized as an employee and not a contract worker, then you may be penalized for not having workers’ compensation insurance.Owners of an LLC or partnership are not treated as employees in the...
January Update
Estate Planning Guide Estate planning is important for all people and not just for senior citizens. Preparing documents, outlining procedures to follow and assigning assets to the right beneficiaries is essential in estate planning. In North Carolina, if you don’t have a Will, current state law will determine who receives your assets and in what portions. Not having a set plan can quickly become a costly nightmare for survivors or responsible individuals named after a loved one’s death. READ MORE What You Need to Know About the Secure Act The Setting Every Community Up for Retirement (or SECURE) Act is intended to make it easier for Americans to save for retirement and decrease the percentage of us who outlive retirement funds. It was signed into law on December 20, 2019, and most for its provisions became effective January 1, 2020. Some changes in the act may result in unexpected tax bills for beneficiaries. LEARN MORE Drew Nelson Promoted to Partner Congratulations to our own Drew Nelson on his promotion to partner. He has been with Brinkley Walser Stoner since 2013. Nelson holds a Juris Doctor degree from Elon University School of Law. His area of practice includes, but is not limited to: Estate PlanningElder LawTraffic/Criminal We look forward to Drew continuing to grow and share his knowledge with new associates. READ MORE Dancing With The Potential Stars Brinkley Walser Stoner is a proud sponsor of Dancing (and More) with Potential Stars. The annual dance competition is a fundraiser from the Project Potential of Lexington. The organization has funded more than 500 scholarships since its start in 1994. The winners...
What You Need to Know About the SECURE Act
By David Inabinett, Attorney at Law The SECURE Act (Setting Every Community Up for Retirement Enhancement Act of 2019) was signed into law December 20, 2019, and most of its provisions became effective January 1, 2020. The Act is intended to make it easier for Americans to save for retirement and decrease the percentage of us who outlive our retirement funds. While the purpose of the Act is positive, some of these changes may result in unanticipated tax bills for beneficiaries who were previously able to defer or “stretch” the withdrawal of such accounts over an entire life expectancy. The key provisions of the SECURE Act include: The age limit to begin mandatory distributions from retirement plans has been increased from 70 and a half years of age to 72 in recognition of the fact that people are living longer. This does NOT impact anyone who turned 70 1/2 before January 1, 2020. If you are still working at 70 1/2, your retirement savings may remain untouched for an extra 18 months.People of any age may now contribute to a traditional IRA. The prior age cap of 70 1/2 has been removed, so if you are still working and want to build your retirement account and get the tax benefits of a traditional IRA, you may do so. Timing is such that those turning 70 1/2 in 2019 will not be able to claim the IRA deduction for 2019’s taxes but will be able to do so for 2020 and moving forward. In addition, you now have extra time to convert your traditional IRA to a Roth IRA, should...
Drew Nelson Promoted from Associate to Partner
Lexington native and Elon University graduate joined Brinkley Walser Stoner in 2013 Lexington, NC – Brinkley Walser Stoner, PLLC, today announced that attorney E. Drew Nelson has been promoted from Associate Member to Member (the equivalent of Partner) effective January 1, 2020. His practice is concentrated in Estate Planning, Elder Law, Estate Administration, Corporate Law, Real Estate Law, and Gun Trusts. “We are happy to announce Drew’s promotion to Member,” says David Inabinett, Managing Member. “Over the past several years, Drew has become a valued member of the team, working with clients on a variety of cases and representing the firm at public events and speaking engagements. We look forward to Drew continuing to grow and share his knowledge with new associates.” “I am very pleased to be recognized for my work with the firm,” says Nelson. “Brinkley Walser Stoner has such a strong sense of history and community. I know I made the right choice when I joined the firm almost seven years ago and expect I will probably retire from the firm in the distant future!” Nelson became licensed to practice law in North Carolina in 2012. He graduated from Elon University with a BA in history/sociology before attending the Elon University School of Law, where he earned a Juris Doctor degree. Brinkley Walser Stoner prides itself on providing new and cutting edge legal counsel built on a foundation of knowledge and integrity. Brinkley Walser Stoner’s attorneys are first and foremost counselors, advising clients on their legal rights and options for appropriate solutions. Practice areas include business law, real estate, litigation, elder law, estate planning, injury and...
December Update
Attorney William Miller to Join Firm Local attorney Will Miller will join the firm as an Associate Attorney effective January 1, 2020. His practice will include Elder Law, Estate Planning and Administration, Business Law, Criminal Law, Traffic/DWI, and Family Law. Read More It’s Empty Stocking Fund Time! Once again this year the firm is supporting the Empty Stocking Fund. The Empty Stocking Fund was founded in 1981 to help provide a brighter Christmas to needy area children and families. The Dispatch coordinates this annual program that provides Christmas gifts for teens (ages 13-16) who do not qualify under many other gift programs and whose families cannot afford to buy presents. The Dispatch partners with the Salvation Army of Davidson County to manage the Fund. We are proud to support our local community Upcoming Events Estate & Long-Term Care Planning It’s never too early to begin planning for the future. The US Department of Health & Human Services estimates 70% of those 65+ will need long-term care in their lifetime, so having an estate plan in place that takes into account long-term care needs is common sense. Join attorney Ryan McNeill of Brinkley Walser Stoner to learn about estate and long-term care planning. Date: Thursday, January 9, 2020 Time: 6:00 p.m. – 7:30 p.m. Location: J. Smith Young YMCA Reserve your spot by calling the Y at (336) 249-2177. Learn More Holiday Closings As we prepare to spend valuable time with our families for the upcoming holidays, please be advised of our office closings Closed December 24th-27thClosed January...
Attorney William “Will” Miller to Join Brinkley Walser Stoner
Son of former law firm partner to expand firm’s support of Davidson County clients Lexington, NC – Brinkley Walser Stoner, PLLC, today announced that local attorney Will Miller will join the firm as an Associate Attorney effective January 1, 2020. His practice will include Elder Law, Estate Planning and Administration, Business Law, Criminal Law, Traffic/DWI, and Family Law. “I am excited and honored to join the firm where my father spent so many years,” says Miller. “I enjoy the practice of law because I get to help people, usually by educating them on the legal consequences of various courses of action. While I have been a solo practitioner for the past few years, managing day to day business operations was not as rewarding as working with clients. This move will allow me to spend more time doing what I love.” Miller became licensed to practice law in North Carolina in 2009. He graduated from the University of North Carolina at Chapel Hill before attending Wake Forest University School of Law, where he earned a Juris Doctor degree. Will practiced law in Kernersville and Raleigh before opening his own law office in Lexington. Miller, who is usually accompanied by his guide dog (a yellow Labrador retriever named Anja), battled leukemia almost 20 years ago and lost his sight during treatment. Based on his past personal and legal experience, Miller is well versed with the Americans with Disabilities Act. Miller is a Lexington native and the son of retired Brinkley Walser Stoner partner, G. Thompson Miller. Will Miller was featured in a 2017 article in The Dispatch titled, “Blind lawyer comes...
November Update
Alzheimer’s Awareness Month November of 1982 marked the official designation of Alzheimer’s Awareness Month. Communities since then have made it their mission to not only increase awareness of the disease but raise funds toward the research for a cure, too. Read More U.S News Best Law Firms Congratulations to Brinkley Walser Stoner for being named one of the best law firms in the Greensboro metropolitan area for 2020. The annual ranking by U.S. News Best Lawyers “Best Law Firms” recognizes the firm in two-tier categories, Elder and Trust & Estates Law. National Family Caregivers Month Since at least 2000, presidents have designated November as National Family Caregiver Month to honor the more than 40 million caregivers across the country who support aging parents, ill spouses or other loved ones with disabilities who remain at home. Learn More A Heartfelt Thank You This holiday season, Brinkley Walser Stoner has made donations to several food banks including, Pastors Pantry, Second Harvest Food Bank, and Greensboro Ministries, as a way to honor those who have referred clients to the firm. We appreciate your confidence and support. Have a wonderful holiday...
Alzheimer’s Awareness Month
Ryan McNeil | November of 1983 marked the official designation of Alzheimer’s Awareness Month. Communities since then have made it their mission to not only increase awareness of the disease but raise funds toward the research for a cure, too. What is Alzheimer’s? According to the National Institute of Aging, Alzheimer’s disease is a form of dementia. It is an irreversible, progressive brain disorder that slowly destroys memory and thinking skills, and, eventually, the ability to carry out the simplest tasks. There is no cure for Alzheimer’s. However, with new medical treatments, clinical trials, and with the help of advancements in technology doctors provide Alzheimer’s patients with a somewhat better quality of life. The Centers for Disease Control and Prevention (CDC) reports “The number of people living with the disease doubles every 5 years beyond age 65 and this number is projected to nearly triple to 14 million people by 2060.” Symptoms of Alzheimer’s Every person who is diagnosed with Alzheimer’s is the not the same. There are signs or indicators that manifest differently in people. However, there are symptoms that you should be on the look out for. According to the Alzheimer’s Association there are 10 symptoms of Alzheimer’s Memory loss that disrupts daily lifeChallenges in planning or solving problemsDifficulty completing familiar tasksConfusion with time or placeTrouble understanding visual images and spatial relationshipsNew problems with words in speaking or writingMisplacing things and losing the ability to retrace stepsDecreased or poor judgmentWithdrawal from work or social activitiesChanges in mood and personality Who Does Alzheimer’s Affect? Regular responsibilities like remembering to pay bills, turning off electrical appliances or just trying...