Our clients, from Boston and all over Massachusetts, ask us about IRAs, Roth IRAs and the new rules about conversion. First, an IRA is an Individual Retirement Account in which if you have earned income, you may contribute up to $5,000 in 2009; however, if you are 50 or over, you may add an additional $1,000. You must have earned income of the amount you are contributing. The good news is that you can deduct from your taxable income the amount you contribute. The bad news is that at the time of withdrawal, you must declare the amount you withdraw as income. Further, when you reach age 70.5, you must begin withdrawals (and pay the taxes) per an IRS schedule; and any monies left when you die are taxable to your estate.Read More
Personal Injury Law Firm Burns & Jain Injury Blog
We have been practicing law in Boston and throughout Massachusetts since 1985. I have represented clients in District Courts, Superior Courts, the Appeals Court, Housing Court, Probate Courts, Federal Bankruptcy Court and the Federal District Court.
Call Us 617-227-7423
Time and time again we urge our Massachusetts clients to pay for Underinsurance Coverage in their motor vehicle policies. For some reason insurance agents neglect to inform their customers that this is some of the most critical coverage you can purchase. In Massachusetts, you are only required to have $20,000 of liability coverage. Thus, if you are injured by another driver, no matter what your lost wages are, no matter how high your medical bills are, and no matter how badly injured you are, you can only get $20,000 from their insurance company. It is not likely that they have any other assets to pay you. There is an answer, however: buy more Underinsurance coverage! If you were to purchase a $100,000 policy from your insurer, you, or anyone in your vehicle, would be covered up to that amount in the event the other driver caused damage to you. Please see our website for a more detailed explanation of underinsurance in Massachusetts.Read More
Our office undertakes litigation with a personal injury and legal malpractice focus. While not many lawyers in Massachusetts will represent the victims of legal malpractice, our firm’s mission is to uphold the trustworthiness of the profession. When the facts are clear, the Courts of Massachusetts will uphold the law and find legal malpractice, treble damages and award attorney fees. We received a unique result in the below described case we tried before Judge Johnson, Chief Judge of the Boston Municipal Court, sitting as a Superior Court Justice.Read More
We have filed a record number of bankruptcies for our clients in 2009. Many ask questions before, during and after our representation. When the bankruptcy laws changed in October 2005, we filed what was at that time our record high number of bankruptcies, however, unfortunately, we are seeing even more this year. Thus, to better serve our clients, we are initiating this blog: Boston Bankruptcy Lawyer Blog or bostonbankruptcylawyerblog.com. One look at the Federal Reserve Bank of Boston’s statistics bears this out: in the first two quarters of 2008, there were 8,137 bankruptcies filed in Massachusetts – in the first two quarters of 2009, the number is 10,185. This is a significant increase. We feel it may be related to foreclosures, which, according to the Federal Reserve Bank of Boston’s statistics, 2008 was the high-water mark for foreclosures in Massachusetts: .57% of all houses (the former peak was 1992 with .52%). Their figures for 2009 are not out; however, the trend is against our clients. Our goal is to provide our clients with the most effective advice regarding filing a personal Chapter 7.Read More