Sabatini and Associates, LLC Attorneys at Law :: Newington :: Hartford :: Connecticut » Miscellaneous

Sabatini & Associates – 2010 Directory of Distinguished Attorneys

James Sabatini — Wed, 07 Oct 2009 02:21:44 +0000

Sabatini and Associates, LLC is pleased to announce that it has received induction into the 2010 directory of Distinguished Attorneys. The Martindale-Hubbell Directory of Distinguished Attorneys includes only firms with Very High Ratings in Legal Ability and Ethical Standards.

Worst Of Real Estate May Not Be Behind Us

James Sabatini — Thu, 07 Aug 2008 00:08:18 +0000

There are some so-called experts out there that have announced that the real estate market will bottom later this year or in early 2009. This theory is premised largely on the belief that once the worst of the subprime crisis ends, the market will bottom and slowly tick upwards. This theory may be failing to consider the following. In August 6, 2008 edition of the Wall Street Journal, the paper reported a story of FirstFed Financial a LA based bank that just posted a 70 million first quarter loss. The loss was not due to subprime mortgages which the bank largely and smartly steered away from. Instead, these loses are tied to payment option mortgages made to people with good credit. Certain bank analysts are prediciting that up to 48% of these option ARMS could wind up in default. Firstfed has taken the extraordinary effort of contacting borrowers with these loans that are current in payments and offering modifications so that the loans remain in good standing. I am afraid that the mortgage crisis will continue, simply moving to another group of mortgages turned toxic.

Connecticut Judgment Exemptions Law

James Sabatini — Thu, 25 Oct 2007 20:39:47 +0000

Connecticut law exempts certain property from people who have secured a court judgment (CGS � 52-352b). The exemptions includes such things as (1) necessary clothes, bedding, food, household furniture, and appliances; (2) one motor vehicle; (3) a primary residence; (4) health and disability payments, workers� compensation, social security, veterans� and unemployment benefits, alimony and support payments and court-approved child support payments, and (5) health aids necessary to work or maintain health.

The only exemptions that have a monetary threshold are the homestead exemption that applies to the primary residence ($ 75,000), motor vehicle exemption ($ 1,500), personal property up to a value of $ 1,000, and interest in an unmatured life insurance policy up to $ 4,000.

Connecticut�s exemption statute dates back to the 1700�s. It was modernized in 1977. The motor vehicle exemption was established in 1983 and has not been adjusted. The homestead exemption was added in 1993. It established the amount of the exemption as $ 75,000 and defined a homestead as a primary residence. In 2003, the homestead

exemption was increased to $ 125,000 for judgments relating to a hospital bill. The provisions for an interest in personal property up to $ 1,000 and the interest in a life insurance contract up to $ 4,000 were also adopted in 1993.

We used the conversion factor of the Consumer Price Index (CPI) for the Northeast Urban Area, provided by the Department of Labor Bureau of Labor Statistics (BLS) to adjust the monetary exemptions for inflation. See http: //stats. bls. gov. Applying this index, the homestead exemption would increase from $ 75,000 to $ 99,000 and the motor vehicle exemption would increase from $ 1,500 to $ 3,000.

All New England states have homestead and motor vehicle exemptions. The homestead exemptions range from a standard exemption of $ 35,000 in Maine to $ 500,000 in Massachusetts. Motor vehicle exemptions range from $ 700 in Massachusetts to $ 10,000 for one or more cars in Rhode Island.

EXEMPT PROPERTY

The current Connecticut exemptions from a money judgment established by CGS � 52-352b are:

1. one motor vehicle worth up to $ 1,500 (fair market value minus all liens and security interests on it);

2. necessary apparel, bedding, foodstuffs, household furniture, and appliances;

3. tools, books, instruments, farm animals, and livestock feed that the individual needs for his occupation, profession, or farming operation;

4. a burial plot for the individual and his immediate family;

5. welfare payments and wages the welfare recipient earns under an incentive earnings or similar program;

6. health and disability insurance payments;

7. health aids the individual needs to work or sustain health;

8. workers� compensation, social security, veterans’ and unemployment benefits;

9. alimony and support, other than child support, but only to the extent that wages are exempt from execution;

10. court-approved child support payments;

11. arms, military equipment, uniforms, and musical instruments owned by someone in the United States armed forces or militia;

12. wedding and engagement rings;

13. one residential utility deposit and one residential security deposit;

14. an individual’s assets or interests in a retirement, Keogh, Individual Retirement Account, or similar plan or arrangement;

15. an award under a crime reparations act;

16. benefits allowed by any association of persons in this state for the support of its members who are incapacitated by sickness or infirmity;

17. money due to the individual from an insurance company on any insurance policy issued on exempt property, to the same extent that the property was exempt;

18. an interest in any property that does not exceed $ 1,000 in value;

19. an interest of up to $ 4,000 in any accrued dividend or interest under, or loan value of, any unmatured life insurance contract the individual owns under which he, or someone whose dependent he is, is insured; and

20. irrevocable transfers of money to an account held by a bona fide licensed nonprofit debt adjuster for the benefit of the individual’s creditors.

EXEMPT PROPERTY WITH A MONETARY VALUE ATTACHED

Homestead Exemption

The homestead exemption permits the debtor to exclude his home from execution of a judgment up to the value of $ 75,000. The value of the home must be determined as the fair market value less the amount of any statutory or consensual lien which encumbers it (CGS � 52-352b(t)). The homestead exemption was enacted in 1993 and was amended and increased to $ 125,000 for debt arising out of hospital services in 2003. The homestead exemption is based upon the equity value of a primary residence.

If a husband and wife own a house jointly, then the homestead is subject to a $ 150,000 exemption since each of them has an exemption valued at $ 75,000 (Bolduc v. Riches, 47 Conn. Sup. 590, (2003)). This court opinion was written before the amendment increasing the exemption to $ 125,000 for medical bills was enacted, but similar reasoning might create a homestead exemption of $ 250,000 for attachments for medical bills. A creditor is entitled to place a lien on the real property, but is barred from executing the lien if the equity threshold has not been reached (See Bolduc at p. 592).

CT Bans Post-Claim Underwriting

James Sabatini — Sun, 12 Aug 2007 22:56:44 +0000

The Connecticut General Assembly recently enacted legislation (Public Act 07-113), signed into law by Governor M. Jodi Rell on June 12, to prohibit health insurers or HMOs from “post-claim underwriting.”� “Post-claim underwriting” occurs when an insurer issues a policy to an applicant without thoroughly reviewing an applicant�s medical records and only upon the submission of a claim, does the insurer examine the applicant�s medical records in detail and discover a medical condition that would have disqualified the applicant from coverage in the first place.� The insurer then attempts to rescind the policy, leaving the applicant uninsured.

Under the new law, Connecticut requires insurers to obtain approval from the Insurance Commissioner before it can rescind policies.� The law prohibits rescission if the grounds for rescission are based on “the insurer’s failure to complete medical underwriting” and failure to “resolve all reasonable medical questions arising from written information submitted on (or omitted from) an application,” unless the insurer proves to the Insurance Commissioner that (1) the information was false and provided by the applicant with knowledge of its falsity; or (2) the information was knowingly omitted.� In addition, the insurer must prove that the information or omission materially affected the risk it assumed.
To read�the legislation, click here.

Connecticut Personal Injury Blog and Website

James Sabatini — Thu, 31 May 2007 15:03:24 +0000

Our Connecticut Personal Injury Law Blog and Website dedicated to Connecticut personal injury law is online.� The new website and blog is devoted solely�to personal injury.� By providing this�website and blog we will provide a wealth of information on personal injury legal news, cases we are handling, results obtained on the behalf of injured clients, important legal decisions, and other personal injury law-related information.

Sabatini and Assocaties, LLC will continue to operate and update www.sabatinilaw.com – focusing on the other practice areas including probate litigation, commercial litigation, land use and zoning, and employment discrimination litigation.

�

Letters of Understanding

James Sabatini — Tue, 17 Apr 2007 20:38:23 +0000

Many clients come to us with help with reaching a contractual agreement to buy or sell a small business.� Typically,�when the�client first comes to see us, he�has verbally talked to the buyer or seller and deal in principal may have been agreed upon.� However, nothing is in writing.� If a verbal agreement has been reached in principal, it is important to place it in writing.� This can be done through a letter of understanding.� A sample letter of understanding is as follows:

Dear Sir or Madam

This will confirm that which we discussed during our telephone conversation earlier today. It is agreed that your firm, (name of firm) , will provide the technical support for the (name of project) while we will provide the technical equipment, to your specifications, and all funds necessary, up to (ceiling amount) to complete the (intent) If this meets with your understanding of our conversation, please sign a copy of this letter and return it to my office. Upon our receipt of this verified letter, we will forward same to our attorneys for final contract drafting and revisions.

It was a pleasure speaking with you, and I hope to join you soon for a toast to our mutual success in the (project)

blog — Mon, 24 Jul 2006 20:22:20 +0000

�