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Deferred Compensation

Deferred Compensation

What is Deferred Compensation?
Deferred compensation is an arrangement where a portion of an employee’s income is delivered at a date after which that income is actually earned. Stock options, retirement plans and pensions are all common examples of deferred compensation. The largest benefit of deferred compensation is the fact that it is devoid of tax to the date at which the employee tangibly receives the funds. In the United States, deferred compensation is attached with stringent requirements regarding the timing of deferral elections and distributions. 
Deferred compensation is a formal/written agreement constructed between an employer and an employee where the employee will voluntarily agree to have part of their pay withheld by the company, subsequently invested on their behalf, and delivered back to them at a pre-determined time in the future. 
Deferred compensation is only offered to senior management or other highly compensated employees. Moreover, deferred compensation may be made available to certain public workers; deferred compensation is not restricted to public companies. 
When is Deferred Compensation Used?
Deferred compensation agreements are constructed either at the request of a high-ranking executive within the company or as an incentive by the Board of Directors. A deferred compensation plan is always constructed by lawyers and the subsequently recorded to ensure that the provisions are aligned with the company’s rules. 
Deferred compensation plans take a percentage of an employee’s pay to invest the funds in various stocks, bonds and other investment vehicles. A constructive receipt will be attached to the plan which impedes an executive from having control over the investment choices. If the executive is given free rein to invest the funds, he must fulfill immediate tax obligations and penalties.
Deferred Compensation is regulated—in regarded to usage—by the Employee Retirement Income Security Act of 1974. This piece of legislation implements the following regulations for employees looking to partake in a deferred compensation plan: 
1. Assets in plans (such as a pension) that fall under the Employee Retirement Income Security Act of 1974 must be placed in a trust for the employee. If the company goes insolvent, attached creditors will not be allowed to secure assets inside the company’s ERISA plan. Deferred compensation, because it does not fall under the Employee Retirement Income Security Act, is deemed as a general asset of the corporation. 
2. All plans formulated under the Employee Retirement Income Security Act are not allowed to discriminate in favor of employees based on compensation. 
3. The federal income tax rate will change on a regular basis. 
How is a Deferred Compensation Plan Taxed?
Under a qualified deferred compensation plan, the company’s contribution is deductible as soon as it is made; however, it is not taxable to the participants until the funds are withdrawn. So, for example, if a company puts $1,000,000 into a deferred compensation plan (like a 401k) for their employees, it will write-off $1,000,000 for that taxable year. If the company is placed in the 25% federal taxation bracket, the contribution is $750,000. 

Legal Definition of Subpoena

Legal Definition of Subpoena

A subpoena is a court order that is issued to an individual as a result of their failure to appear in court upon the receipt of a court notice. While a ‘notice to appear’ is a court order that informs an individual with regard to their requested presence in court, when an individual is subpoenaed, it is a result of that individual’s prior failure of appearing in court. 
In the event that an individual receives a subpoena and does not appear in court subsequent to its receipt, the court may choose to either hold that individual in contempt of court or issue a warrant for their arrest. Although the stipulations surrounding subpoenas vary from state to state, the implication of being subpoenaed is uniform; it is considered to be a punitive court order.

How to File a Subpoena Form?

How to File a Subpoena Form?

In the event that an individual requires witness testimony in a small claims suit, he/she can file subpoena forms to ensure that his/her witness will testify. In order to achieve this, an individual must obtain the appropriate subpoena form from his/her local court clerk. Subsequently, he/she will be required to accurately complete this form and provide vital information about the witness that he/she wants to subpoena. 
 
 
After the subpoena form has been completed, it can be returned to the court clerk. In most instances, an individual will be required to pay a fee to file this form, though the associated fee can vary notably from one state to another. The subpoena petition will be reviewed by the court. If the court authorized the subpoena, the individual will be required to serve the witness the subpoena. He/she must obtain a Proof of Service as evidence that the documents were properly served.
 

Steps to Sentence Reduction

Steps to Sentence Reduction

A motion of sentence reduction is a petition to acquire a sentence reduction for a convicted criminal. The procedures for filing a motion of sentence reduction vary from one state to another. Generally, an individual must wait one year following the sentencing to file a petition for sentence reduction. To achieve this, an individual must write a motion and file it with the court clerk in the court that sentenced the individual. 
The judge who sentenced him/her will review the motion and determine whether a sentence reduction is warranted. An individual can also file an appeal for sentence reduction. To initiate this process, he/she must obtain the proper appeal form from the court clerk’s office. He/she must subsequently complete and submit this form. The appeal form will then be reviewed and a decision will be made regarding an individual’s sentence reduction. Before creating a motion of sentence reduction, an individual may wish to obtain legal assistance to help him/her complete this process. 

Filing A Complaint

Filing A Complaint

When an individual is named in a civil complaint, he/she will be required to respond to the complaint. Generally, civil complaints will contain an associated date by which the recipient must reply. A civil complaint will detail all counts for which an individual is being accused. He/she must respond to each count detailed within the civil complaint. 

When responding to each count, an individual must state whether he/she is guilty or innocent of the allegation. In the event that an individual admits to an allegation, he/she will have an opportunity to defend him/herself against the accusation. For instance, he/she may claim that the plaintiff who filed the lawsuit was to blame for the incident or situation in question. In addition, he/she may attempt to discredit the lawsuit by detailing the laws and regulations that the plaintiff failed to adhere to when filing the civil complaint. If you need legal advice and assistance, contact a civil lawyer.

Trial law has additional information regarding civil and criminal trial proceedings, including motions, orders, and appeals. 

Using an Auto Replevin to Recover Property

Using an Auto Replevin to Recover Property

When an individual or a company wants to recover its property, it can obtain a replevin from a local court. A law enforcement official will then serve the replevin to the intended recipient. An auto replevin is a type of court order obtained by motor vehicle dealers and financial lenders, to recover motor vehicles. Auto replevins are often an important component of the repossession process. 
 
 
In the event that an individual is unable to pay his/her monthly motor vehicle payments, the bank or lending institution can repossess the car. If the leaser or buyer refuses to return the motor vehicle, the creditor can obtain an auto replevin from the court. This court order will require the borrower to return the motor vehicle to the lender immediately. Failure to do so can result in legal action and long term negative repercussions for the borrower. 
 
 
Trial law contains additional information regarding lawsuits and civil comp

Dispute A Replevin

Dispute A Replevin

When an individual is served a replevin, he/she will be required to respond to the court order. Replevins are issued when an individual or an organization wants to recover property that it rightfully owns, but is being held, leased, or borrowed by another individual. If an individual receives a replevin, he/she should return the property to its rightful owner immediately. Failure to do so can result in a lawsuit and even incarceration. 
If an individual has reason to dispute the replevin, he/she can request a court hearing with the court that authorized the court order. During this hearing, he/she will be required to provide proof that he/she owns the disputed property. This includes lawful documentation of ownership. If an individual cannot provide adequate proof of ownership, he/she will be required to return the property to its owner.

Settlement Conference Explained

 Settlement Conference Explained

A settlement conference is a formal meeting between the opposing sides of a lawsuit. During the settlement conference, the parties attempt to reach a mutually agreeable resolution for their underlying dispute. The point of such mediation actions is to avoid the legal costs associated with furthering their case through a trial hearing. 
A settlement conference may be initiated by either party of the dispute, but is usually convened by a settlement officer. That being said, a settlement conference may be ordered by the court as a preliminary step to holding a legal trial. In most instances, the plaintiff and defendant (the two sides to the dispute) are represented by their respective counsels or attorneys. Although a settlement conference is viewed as a precursor to a trial, it can act as the primary vehicle for resolution.

Case Conference Explained

Case Conference Explained

In many court systems in the United States, a case conference may be issued to help reach a settlement of a legal dispute. A case conference is similar to a settlement conference in that it is a form of mediation that aims at reaching a resolution without the inclusion of a judge or a court setting. 
A case conference is typically administered or mandated for one of two reasons: either to reach a settlement outside of the legal system or to act as a preliminary trial so the actual case is streamlined with through the delivery of all evidence and information associated with the trial. 
In some courts, the rules associated with a case conference require that before certain types of petitions or motions are heard by the judge, the opposing lawyers of the dispute must meet and confer in a case conference to resolve or facilitate a resolution for the legal dispute. 

Court Trials in the United States

Court Trials in the United States

In the United States, there are two primary types of trials: criminal trials and civil trials. When an individual is accused of committing a criminal offense, a criminal trial will usually follow. During a criminal trial, a defendant will be tried in a criminal court, and the state or the federal government will function as the prosecutor. As a result, the state will be responsible for presenting evidence that proves the defendant's guilt. 
 
 
If convicted, he/she may be sentenced to imprisonment or execution, depending upon the severity of his/her offense. A civil trial involves a dispute between two individuals or two organizations. During a civil trial, the plaintiff will attempt to prove that the defendant has caused injury or damage to him/her or his/her property. If the defendant is found guilty of the offense, he/she will be required to pay the plaintiff damages. However, in a civil trial, imprisonment and execution are never plausible outcomes.