Of course, there are many more action items when preparing for a hurricane. That aside, hurricane estate planning strategies is a great opportunity to weigh the pros and cons of storing documents in the Clo
Unemployment after a layoff is not as easy as it sounds. With inflation running wild and businesses laying off workers, I cannot help but address a very important point: unemployment is not a guarantee.
The law aside, there are many factors that go into whether or not a person qualifies for benefits. Even more, an employer’s actions after a job ends can drastically change how you look at application for benefits.
As a result, when employers confuse or blur the lines, guessing isn’t enough.
As many people are finding out, unemployment after a layoff sometimes comes with strings attached. Sometimes, this means a job loss is presented with a separation agreement.
This is followed with a wink, a nudge, and a monetary sum of money. Not to fast though, because signing the dotted line can lead to bigger problems down the road.
This is especially true when we do not whether the next job is around the corner or light years away.
After a Layoff, Prepare For Unemployment
Before applying for benefits, consider some light reading. First, look at Minnesota Statute 268.085. This law outlines all kinds of rules on the framework of eligibility. In fact, the name of the rule itself is called “Eligibility Requirements”.
When trying to understand unemployment benefits, you really cannot go wrong by reading the rules.
On the other hand, if a person is trying to obtain unemployment after either quitting or getting fired, consider reading Minnesota Statute 268.095. Under this rule, you will find all kinds of reasons addressing benefits after a discharge and benefits as a result of quitting.
That said, reading each rule isn’t going to be good enough. This is true because there are nearly 2,000 court cases helping us understand unemployment laws and to the extent benefits are granted.
I know this is a lot to absorb. Especially after a job loss. Start simple. The process of applying for benefits is just as important as submitting a resume.
In fact, some of the same principles apply in either situation. Every question is a trick and knowing why you are offering specific information is crucial to the bigger picture.
Inflation protection within an estate plan starts here. To begin, consider this brain teaser. How many cookies can you buy with ten dollars? If you are like me, the State Fair Cookie Test is likely the wrong sample type because of the infrequence of the event. That aside, perhaps you already reached this conclusion: prices always seem to rise. This is true for cookies, cars, and commodities.
Allow me to take the cookie test a little further. Assuming you selected the best person possible to manage your cookie supply, would you want them to make decisions on an empty stomach or defer to a hand selected baker with knowledge about ingredients and time?
Again, using cookies as an analogy, a revocable trust can require our trusted circle to act prudently. As an alternative, a trust can also be drafted in such a way that demands a trustee to seek advice from a more qualified professional.
Really, it depends a lot on the trustee’s skills and background. Perhaps your trustee is up to date on iBonds and treasury notes, so you might not have a cookie problem.
On the other hand, what about the back- up trustee? Are you equally as confident? For this reason, I like the drafting strategy of giving the trustee an option for support. Even better, I like the idea of a Grantor selecting a professional for their trustee, long before the professional is ever needed.
Therefore, inflation planning starts during the drafting process.
