FavStocks.com6/24/2010
You will need to understand how each option is enforced when deciding between a trust vs. a will. These are, in actuality, two very different ways to provide for the dissemination of your assets after your death. The key difference involves ownership, and the other differences all stem from this basic departure.
1 – Ownership of Assets
When you set up a trust, the trust becomes the official owner of your assets. You will appoint a trustee to oversee these assets and the behavior of the trust itself. There are rules for who may act as a trustee in most states, such as an accountant or attorney. You have to move your assets over to the ownership of the trust during your lifetime. If you establish a will, you retain ownership of your assets until the day you die. When you die, you must list individual beneficiaries on each of your assets, and ownership will pass to them.
2 – Action Upon Death
Since you own your assets until death with a will, the process of transferring ownership must begin upon your death. Typically, a will must go through probate in order for this to occur. Probate is a process used to verify the contents of a will. A judge will determine if the will was legally formed, if all assets have been listed, the value of the assets and if the plans you made for passing them down were additionally within the law. Your will executor will carry out the process of answering these questions. With a trust, any asset has already been verified and passed on to the trust, and probate will not likely be necessary.
3 – Disinheriting Individuals
If you plan on “cutting someone out” of your will, good luck. Most states render it impossible to disinherit any children under the age of 18 as well as your spouse. In fact, your spouse will be awarded anywhere from 30 to 50% of your estate upon your death unless other plans have been made in a pre or post-nuptial agreement. You will have to name all other beneficiaries for your personal assets to prevent your spouse from additionally taking your share. A trust can help this process by making the handing down of your portion easier. However, even with a trust, it is nearly impossible to disinherit a spouse.
4 – Taxes
Generally speaking, setting up a trust offers certain tax benefits over passing down assets directly with a will. The trust will hold assets until the time the trustee releases them. As a result, they will be taxed independently as income to your beneficiaries. A will passes down all inherited assets at once, and this can lead to a great tax burden at the time of death.
5 – Cost
It seems that a trust is a better option, so why don’t more people use them? The answer is cost. The cost to set up an manage a trust is much higher than the cost to execute a will. You will have to pay your manager while you are still alive to manage the trust. You will also have to pay fees to register the trust in the state where it is incorporated.
Read More…
http://www.favstocks.com/picking-a-trust-vs-a-will-5-differences/2418715/
Irish Emigrant6/21/2010Melissa Turtinen
Mary Teresa Hayes and Nora Hayes, two sisters from Coolkeragh, Listowel, Co. Kerry, died and left millions of dollars in their New York estate.
Attorneys are now seeking out the sister’s family in Ireland – but not to give them the Hayes sisters’ estate, but to inform them the money will go to animal charities.
The sisters moved from Co. Kerry to the Upper East Side of Manhattan. Nora Hayes died Dec. 19, 1998, while Mary Teresa Hayes passed in Sept. 2006.
According to IrishCentral.com, before the millions of dollars are given to animal charities, their Irish family members must be informed of the estate transfer.
Louis McDonough, a Listowel lawyer, who is in charge of finding the sisters’ relatives said, “It seems to be a requirement of the American probate system that they be provided with information of cousins, so it’s to help out an American attorney that we’re trying to get the information.
It’s very rare that you have to go looking for relatives.”
http://www.irishemigrant.com/ie/go.asp?p=story&storyID=6808
Forbes6/21/2010Liz Davidson
The right plan will maximize the good you do and minimize taxes.
When I rented the movie Gran Torino by Clint Eastwood, it was because my husband is a fan of the actor-director. Having seen the trailer of an angry old man yelling at people to get off his lawn, I wasn't even expecting to watch the film. But watch I did and came away thinking about life and leaving a legacy, big or small.
Clint Eastwood's character in Gran Torino, Walt Kowalski, helps a teenage neighbor in desperate need by becoming his mentor, though reluctantly at first. The impact this intervention has on the teenage boy, his family and the whole community, is significant. In the end (without giving it all away) his will is read and a special gift is left to the boy.
In my line of work, we call that estate planning. You start your legacy during your lifetime, and then you continue it after your death.
http://www.forbes.com/2010/06/21/estate-planning-eastwood-personal-finance-clint-eastwood.html?boxes=financechannellatest
RightJuris.com6/21/2010
Heiress Gail Posner left millions to her dogs when she died at the age of 67-years of cancer. Now her son, Bret Carr fights for his share of her fortune. A video interview with Carr is available below in which he shares a video he made in the last days of his mother’s life. In that video you can see that he attempted to visit his mother who said she wanted him there, but the household staff threw him out of the home and attempted to force him to stop filming.
The New York Post reports that Gail Posner left her $8.3 million Miami mansion and a $3 million trust fund to her dogs. One of the dogs is named Conchita. Ala Leona Helmsley. Lucky dogs. In addition, she left the $26 million and the right to live in her mansion rent-free to care for the dogs to seven of her personal assistants, including bodyguards and housekeepers.
She left her only living son, Bret Carr, $1 million which pales in comparison to how the dogs and household staff made out.
It probably goes without saying, but say it we will, now Carr is contesting his mother’s will. He is a small-time filmmaker. He has filed a lawsuit asking that his mother’s will be revoked and accusing her aides of drugging her in a conspiracy to obtain control over her assets and wealth.
Household aides, he claims, drugged his sick mother with pain medications and conspired to steal her assets by inducing her to change her will and trust arrangements in 2008. Others, including his mother’s trust attorney, he alleges, used their influence to bend her wishes. Mr. Carr, who was bequeathed a relatively paltry $1 million in his mother’s will, makes the claims in a lawsuit filed last week in probate court in Miami-Dade County. Among Mr. Carr’s claims is that the aides directed a “deeply disturbed” Ms. Posner to hire a publicist to promote Conchita as “one of the world’s most spoiled dogs”–complete with a four-season wardrobe, full-time staff and diamond jewelry
Household aides, he claims, drugged his sick mother with pain medications and conspired to steal her assets by inducing her to change her will and trust arrangements in 2008. Others, including his mother’s trust attorney, he alleges, used their influence to bend her wishes. Mr. Carr, who was bequeathed a relatively paltry $1 million in his mother’s will, makes the claims in a lawsuit filed last week in probate court in Miami-Dade County.
Among Mr. Carr’s claims is that the aides directed a “deeply disturbed” Ms. Posner to hire a publicist to promote Conchita as “one of the world’s most spoiled dogs”–complete with a four-season wardrobe, full-time staff and diamond jewelry
Posner once pondered buying a new Range Rover for her beloved Conchita. However, as she explained in a February 2009 interview with the Broward and Palm Beach newspaper New Times, she decided to give her dogs a hand-me-down instead.
And why is she getting her own Range Rover? What color does she want? We actually have made the decision not to get her the Range Rover. Instead, I got a new car and gave her the Escalade. She, along with her two sisters, gets driven in it to and from their weekly puppy spa appointment, where they get manis and pedis. The Escalade is gold.
And why is she getting her own Range Rover? What color does she want?
We actually have made the decision not to get her the Range Rover. Instead, I got a new car and gave her the Escalade. She, along with her two sisters, gets driven in it to and from their weekly puppy spa appointment, where they get manis and pedis. The Escalade is gold.
Poor Conchita had to do with a used Escalade!
In that same interview she discussed launching a fashion line that would feature clothing to match-your-pet. It would be a ‘mommy and puppy’ kind of thing in which you would share an outfit with your pet. Too precious! She became ill before she was able to follow through with her fashion line.
Even though Gail Posner left millions to her dogs, her son, Bret Carr’s attorney feels he has a legitimate claim to fight for his share of her fortune. As his attorney, Alan Kluger, says of Carr:
He’s the natural object of her affection. He’s her son. All relationships are rocky, all moms and sons have fights, but this is her son, and she loved him.
http://law.rightpundits.com/?p=1835
CNN6/25/2010Alan Duke
CNN's Don Lemon speaks exclusively with friends and family members about Michael Jackson's last days in "Michael Jackson: His Final Days," 8 p.m. ET Friday on CNN.
Los Angeles, California (CNN) -- Michael Jackson's death instantly changed the lives of his family and friends. The weeks immediately after the pop icon died were chaotic, and many questions are still unanswered for those closest to Jackson.
Michael's children
The day their father died, Prince Michael, 13, Paris, 12, and Blanket, 8, moved in with their grandmother Katherine Jackson at the Encino, California, home where Michael once lived with his family.
The home is filled with memories of their father, including many photos of a young Michael Jackson. The theater room of the large house was converted into a classroom where they've been home-schooled for the past year.
The grassy yard of the Encino estate is often filled with Michael's kids playing ball with four cousins -- the sons of Jackson brothers Jermaine and Randy -- who have lived there the past year with their mother.
They share a computer with internet access, which resulted in fans getting a rare and candid look at Blanket's dancing, acting and light saber skills when several videos were uploaded to YouTube in April.
While Jackson kept his children shrouded in privacy during his life, they have appeared at a handful of public events to honor their father since his death.
Paris made the world cry at the end of a memorial for her father when she said, "Ever since I was born, daddy has been the best father you could ever imagine."
Paris and her older brother took the stage at the 2010 Grammy Awards to accept their father's lifetime achievement award.
"To all his songs, his message was simple, love," Prince Michael said. "We will continue to spread his message and help the world."
The three children traveled to Gary, Indiana, this week for their first visit to their father's first home. They will take part in a tribute there, along with Katherine Jackson and their grandfather Joe Jackson.
Michael's mother
Katherine Jackson's main focus since her son's death has been caring for his three children. A Los Angeles judge immediately gave her temporary custody, which became permanent after Debbie Rowe, the mother of the two oldest children, agreed not to challenge her.
Michael's 80-year-old mother waged a legal fight for several months for control of Jackson's estate, but gave up her probate challenge in October. She and Jackson's children are the main beneficiaries of the estate. For now, they are receiving an $86,000 monthly family allowance.
Katherine Jackson and her husband have attended every hearing in the criminal case against Dr. Conrad Murray, the physician who is charged with involuntary manslaughter in their son's death.
She has only recently begun speaking publicly about her son's death, giving a handful of media interviews. Katherine Jackson also posted a YouTube video this month announcing her support for a tribute to Michael Jackson to be held June 26 in Beverly Hills, California.
Although Katherine and Joe Jackson have been married for 61 years, they do not usually share a home.
Michael's father
In the weeks after Michael Jackson's death, Joe Jackson -- his children call him Joseph -- denied allegations that he physically abused his son during his Jackson 5 days.
"Never. Never have. And I -- and I raised him just like you would raise your kids, you know? But harm Michael, for what? I have no reason. That's my son. I loved him and I still love him," Jackson told CNN's "Larry King Live" in August.
Joe Jackson has been outspoken and active in raising questions about his son's death. Jackson has called for a more serious charge than involuntary manslaughter against Murray.
He recently filed a complaint with the California Medical Board against AEG, the company that was producing the comeback concerts. The complaint accused AEG of neglecting to provide the recommended medical equipment and a nurse who was supposed to assist Dr. Murray. Those measures could have prevented the singer's death or revived Jackson when he stopped breathing, according to the complaint.
Michael's father also plans to file a wrongful death lawsuit against Murray on Friday, the anniversary of his son's death.
Jackson, not mentioned in his son's 2002 will, has an ongoing legal challenge against the men named as executors in the document. The probate judge has ruled against him, but it is under appeal.
While Jackson, 80, receives a monthly Social Security check, he depended on financial support from his son. That ended with his son's death. He petitioned the probate court to award him $15,000 a month in support, but the request is still pending.
Jackson, who lives in Las Vegas, Nevada, has been promoting his vision of a Jackson family museum and entertainment center in Gary, Indiana.
Michael's siblings
Michael Jackson's five brothers and three sisters have, at times, come together as a family since his death. But, as with many large families, they each follow their own paths.
Brothers Jackie, Jermaine, Tito and Marlon appeared together on an A&E Network reality show last fall that followed their attempt to record and perform again as a musical group. The series ended after six episodes with no new songs and no public performances. Brother Randy chose not to take part in the show.
Jermaine Jackson has been the most visible publicly, traveling around the world to promote his own projects and Michael Jackson's legacy. He recently performed a tribute concert to his brother in Gambia.
Sister Janet has stayed busy with her acting and music career, which included roles in two Tyler Perry movies in the past year.
La Toya Jackson has been outspoken in her belief that Michael Jackson was the victim of a criminal conspiracy to kill him. She has attended each of Murray's court hearings.
Rebbie Jackson, the oldest of the Jackson siblings, recently resumed her singing career. However, she has mostly remained out of the spotlight.
Michael's ex-wife
Debbie Rowe is a former nurse who married Michael Jackson in 1996, gave birth to his two oldest children and then agreed to a divorce settlement in 1999. Prince Michael and Paris remained with their father.
In the weeks after Jackson's death, Rowe considered a legal challenge for custody of the children. She finally reached an agreement with Katherine Jackson that would allow her supervised visits with the children under guidelines to be recommended by a child psychologist. It is unclear if the children know Rowe is their mother.
Michael's doctors
Murray lost his only patient when Jackson died a year ago. It was several months before Murray resumed his medical practices in Houston, Texas, and Las Vegas, Nevada.
He never got paid the $150,000 monthly salary he was owed for the two months he was Jackson's personal physician while the pop star rehearsed in Los Angeles for his comeback concerts, Murray's lawyer said.
Murray was charged with involuntary manslaughter in Jackson's death in February. The judge refused to suspend his California medical license, although Murray cannot personally administer anesthesia on patients. The maximum sentence if convicted is four years in prison.
His preliminary hearing, which is expected to last at least a week, could begin in late September. A trial could be held next year.
Dr. Arnold Klein, Jackson's dermatologist and longtime friend, was never criminally implicated in Jackson's death, although drug agents did subpoena medical records from his office.
Klein hinted in an interview that he may have been a sperm donor for Jackson's children. His lawyer unsuccessfully appeared at a probate hearing last summer to seek a role for Klein in the children's lives.
Michael's money
When Jackson died, he was nearly $500 million in debt, according to a source familiar with his estate who is not authorized to speak about financial matters. In the year since, the debt has been reduced to about $300 million, the source said. The remaining debt is "very manageable" considering the income flowing into the estate, the source said.
Sony Music, which recently signed a $250 million recording contact with Jackson's estate, said fans bought 31 million Jackson albums in the past year. Sony's film division also paid $60 million to produce the "This Is It" documentary that was a global blockbuster last year.
The estate also has a steady flow of cash from the rights to 250 Beatles songs that Jackson shares with Sony.
Merchandising rights, a Cirque du Soleil deal and a memorabilia tour have also brought in millions to the estate.
Jackson's estate is being administered by John Branca, an entertainment lawyer, and John McClain, a former music executive, who were named executors in the 2002 will. Los Angeles Superior Court Judge Mitchell Beckloff has not made a final ruling on who will have permanent control of the estate.
Read More..
http://edition.cnn.com/2010/SHOWBIZ/06/24/michael.jackson.year.later/?hpt=Sbin&fbid=QKEzKs5CECF
Seacoast Online6/21/2010Andrea L. Day
It is estimated that more than 5 million people are currently suffering from Alzheimer's, the most common age-related memory loss disease. Within another five years, analysts put the number at nearly 8 million. It will only get worse from there.
Despite the recession, our baby boomers still have more money than any generation before it. And, because people are living longer than ever before, there is an increased likelihood that individuals will eventually suffer from Alzheimer's. These two factors are likely to create serious complications for wealth management advisors in the future.
Financial planners are often faced with increasingly forgetful or confused clients who may lack an ability to fully understand actions being taken on their behalf. Additionally, clients who are suffering from memory loss are far more likely to be taken advantage of by family members, friends, or in certain instances, caregivers. Financial planners are inevitably in a predicament when these scenarios arise because of an obligation to maintain confidentiality. Above and beyond issues of confidentiality, taking steps to address these types of concerns can jeopardize the financial planner's relationship with his or her client.
While there is no question that these circumstances are challenging for all involved, there are steps financial planners can take in order to be prepared to handle these situations.
First, be aware of the signs of incapacity. Signs can range from a decline in your client's physical appearance, increased emotional instability, increased confusion or forgetfulness, sudden changes in your client's relationships or rapid depletion of assets.
Second, make sure the client has estate planning in place, including a durable power of attorney (DPOA). In a DPOA the client designates an individual to handle his financial affairs if and when the time comes when your client can no longer do so.
Lastly, consider discussing potential incapacity issues with your client at the initial stages of your relationship. Most clients would likely appreciate the importance of addressing this issue up front so that you can provide protection if and when the time comes. You may be able to obtain written authorization to release confidential information to a designated family member or close friend should it become necessary later on. If and when the need arises, you can consider cautiously approaching that designated individual to express concerns and encourage further action.
Even if you take these measures, you may nevertheless be in the unenviable position of knowing further steps need to be taken. It is important to be aware of the possible options.
First, you may have an obligation to make a report to the Bureau of Elderly and Adult Services. You will be required to take this step if you have reason to believe that an incapacitated adult (not limited to elderly individuals) is being exploited, abused, neglected, or is living in hazardous conditions. Failure to report is a misdemeanor. While not an ideal circumstance, a call to BEAS may trigger an investigation and could change the situation.
Second, a conservatorship may be a way to protect your client's assets if your client is vulnerable but still has the ability to understand his circumstances. State law allows for an individual to appoint someone to handle his financial affairs for him. This is an option to consider when it is questionable whether the client could execute a DPOA but understands his circumstances and needs protection. The probate court requires that the individual voluntarily choose his conservator. A petition must be filed, and a hearing will be held in order to make the appointment valid.
Finally, there are instances in which a guardianship should be considered. When a client has deteriorated but does not have a DPOA, or when you have concerns about giving the person named in the DPOA authority to handle the finances, a guardianship may be necessary. Any interested person can petition the probate court to appoint a guardian. The court will do so if there is evidence that the proposed ward lacks the capacity to handle his own affairs. The court determined whether an individual lacks capacity by examining an individual's functional, not medical, limitations, such as his ability to prepare meals, take medication, and handle his finances.
A financial planner's ability to become involved in this process can be complicated by many factors. While never ideal, the financial planners who are aware that these issues will arise and are prepared to address them are far more likely to protect their clients while also preserving those important relationships.
http://www.seacoastonline.com/articles/20100621-BIZ-1010896
Boston Herald6/25/2010Gayle Fee and Laura Raposa
Bobby Brown’s child-support drama - which has been a continuing saga in Norfolk Probate Court for nearly 18 years - may have finally come to a close yesterday.
The former New Edition singer-turned-reality-TV star and his baby mama, Kim Ward of Stoughton, came to an agreement over how much more Bobby must pony up to support his two kids, LaPrincia, 20, and Bobby Jr ., 19.
The agreement was approved by the judge and then impounded, so we can’t tell you how much Bobby will be forking over. What we can tell you is that the hearing was very brief, and neither Bobby nor Kim showed up in court.
“The big issue was college expenses and how to handle those going forward,” said Norfolk Register of Probate Patrick McDermott . “But it was quick and uneventful, and they seem to have wrapped up all the outstanding matters.”
Brown, as you may know, filed a motion to lower his court-ordered, $5,500-a-month child support payments in April, saying he’d lost his job and had no source of income.
In other words, the recession has hit the former “Being Bobby Brown” star hard - and by recession we mean his divorce from sugar mama Whitney Houston!
Over the years, Bobby has been in and out of trouble with the local probate court because of missing and late child-support payments to Ward. A warrant was issued for his arrest in August, when he fell $45,000 behind, but he made good before being hauled off to jail.
Brown did spend some time as a guest of the county in February 2007, when he was thrown in the can for failing to pay $22,000 to Ward. In June 2004, he did 90 days for missing three months’ worth of payments. He was also threatened with jail time in October 2006 and in September of 2005.
Since parting ways with Whitney, Brown has supported himself with a string of reality-show appearances, including a failed attempt to lose 20 pounds on “Celebrity Fit Club” - which ended up costing him $9,000 ($1,000 for every pound he fell short of his goal) - “Gone Country” and “Outsiders Inn.” He also has attempted to restart his singing career with little success and fathered another child, a 2-year-old boy, with fiancee Alicia Etheridge .
http://news.bostonherald.com/track/inside_track/view/20100625bobby_brown/srvc=home&position=also
The Miami Herald6/23/2010Associated Press
The Florida Supreme Court has approved electronic document filing for probate cases in 44 of the state's 67 counties over the past three years.
Chief Justice Peggy Quince issued an administrative order this week covering 21 of those counties and amending previously approved plans in the others.
The order dated Monday puts Florida another step toward a statewide electronic filing portal for all state court documents.
To reach that goal, the Supreme Court wants all local systems to be compatible with guidelines established by the Florida Courts Technology Commission.
http://www.miamiherald.com/2010/06/23/1696228/fla-chief-justice-oks-electronic.html
Reuters6/14/2010Deborah Charles
The Obama administration on Monday announced new rules it said would protect Americans who want to keep their current health insurance but critics say the changes could end up causing millions to lose their coverage.
Part of President Barack Obama's healthcare overhaul, the new regulations are meant to discourage companies from making major changes in health insurance benefits.
Health Secretary Kathleen Sebelius said the new rules "make good on the president's promise that Americans can keep their health plan and doctor they like under the new law."
The healthcare reform bill, approved in March after a divisive year-long fight in Congress, exempts insurance plans that existed when the law was passed from implementing some of the healthcare reforms.
The so-called grandfather rule announced by Sebelius lets employers and insurers make routine changes to plans. But if they significantly cut benefits or increase out-of-pocket spending for consumers the companies can lose the exemption.
The rules announced on Monday are part of a series of steps toward implementation of a new law to expand coverage to 32 million uninsured Americans by 2014 and ban certain insurance practices like denying coverage for preexisting conditions.
The changes are being closely watched by investors to see how they will affect the health insurance industry, which includes companies such as Aetna Inc, Cigna Corp and UnitedHealth Group Inc, among others.
About 176 million Americans have employer-sponsored insurance. Companies who lose grandfather status will have to implement reforms like ensuring coverage of preventative care and access to some doctors without a physician referral.
Republicans and groups representing small business owners sharply criticized the strict regulations.
They cited a government analysis that showed up to 80 percent of the 43 million employees of small businesses could lose their exempt status in the next few years.
"ObamaCare's new tagline should be 'if you like your health care plan, too bad,'" said House Republican leader John Boehner. "These job-killing mandates will bring every small business's worst nightmare -- losing their health care coverage -- closer to reality."
The National Federation of Independent Business said small companies will be particularly hard hit if faced with sharp increases in insurance premiums as expected.
http://www.reuters.com/article/idUSTRE65D63220100614?feedType=RSS&feedName=topNews
Bloomberg Business Week6/14/2010Karen Freifeld
New York Attorney General Andrew Cuomo, the Democratic candidate for governor who has challenged legislators to join his plan to clean up state government, has a history of getting what he wants.
Quadrangle Group LLC, the New York-based money management firm co-founded by Steven Rattner, was among the latest to experience Cuomo’s style of conflict resolution. When Rattner declined to settle on Cuomo’s terms in the probe of his role in state pension fund corruption, the would-be governor made Rattner pay a price.
The settlement, publicly announced on April 15, included a statement by Quadrangle disavowing its former leader and asserting that Rattner’s conduct in gaining $100 million in fund business was “inappropriate, wrong and unethical.” The statement originated with Cuomo’s office, which required New York-based Quadrangle to make it in order to settle, according to two people familiar with the matter.
Voters have made Cuomo the frontrunner for governor in the latest polls, embracing such tough tactics, which some legal ethics experts have criticized.
“The public is interested in taking some action against people who seem to get away with everything -- the insurance industry, Wall Street and corrupt public officials,” said political consultant Hank Sheinkopf, who ran campaigns for former state Comptroller H. Carl McCall and Cuomo’s predecessor Eliot Spitzer, who later became governor. “Andrew Cuomo will be someone to be reckoned with.”
Cuomo Comment
Cuomo spokesman John Milgrim declined to comment on the Rattner probe because it’s still active. Andy Merrill, a spokesman for Quadrangle, which didn’t admit wrongdoing, declined to comment. Rattner, who resigned during Cuomo’s probe as the Obama administration’s chief adviser on restructuring the auto industry, declined to comment.
Spitzer, 51, also a Democrat, had a record of similar tactics that produced high public approval ratings. When he became governor in 2007, Spitzer promised to be a “steamroller” to get things done. He declined to comment on any comparison of him and Cuomo.
Spitzer’s style worked until his uncompromising advocacy of unpopular measures, such as drivers’ licenses for illegal immigrants, put him at loggerheads with Albany lawmakers. A call-girl scandal forced him to resign in March 2008.
http://www.businessweek.com/news/2010-06-14/cuomo-would-be-governor-gets-tough-when-foes-say-no-update1-.html
Fast Company6/16/2010Kit Eaton
San Francisco's cell phone radiation signage law has passed, ready to scare and confuse consumers about the so-called dangers of phones. Why is it confusing? Because there's no scientific consensus that a problem even exists.
As the The New York Times report about the new law notes, it's being heralded as a victory for the consumer by politicians including mayor Gavin Newsom. The actual requirement is that retailers must display a note next to the sales detail of every phone (in a font of at least 11 points high) that describes the specific absorption rate--SAR--of the device. Backers of the legislation see this as a great thing, as it'll inform consumers of the "risks" of using a particular phone, in the same way that warning labels on cigarettes or foods work.
But the new labeling law creates an illusion that some phones are "safer" while other phones are more "dangerous." There is no conclusive proof that cell phone radiation of any intensity, big or small, causes harm to humans. What's more, the average member of the public won't know what SAR figures mean, and just sees a number that somehow relates to health and danger: Explaining that it's a measure of electromagnetic radiation power absorbed per kilo of body tissue is beyond the purview of a tiny sign in a store display.
Let's look at what we do know. The most recent large-scale study, dubbed Interphone, which hit the news just last month, was based on long-term usage studies in several nations. While it found a correlation between elevated cell phone usage and certain types of brain cancer, there was no causal link established--meaning that other aspects of the lifestyle of the patients may also be the root cause. And another study, published in January, actually found a positive link between cell phone radiation and improvements in the brain function of mice suffering from Alzheimer's disease. Meanwhile, a different study that hit the news two years ago suggested that cell phone radiation may adversely affect sleep patterns.
This lack of consensus is what permits the San Francisco law to exist. It also lets companies sell devices like the WaveShield, which notionally protects "your family" from the radio waves emanating from your phone by somehow diverting them away from your head "without affecting the call quality"--the scientific explanation for this mechanism is unclear. The best description of the situation is perhaps this meaningful quote from an episode of This American Life given by neuroscientist Leif Salford: "This is really the largest biological experiment ever, because we don't know what the long-term effects are going to be" from extended cell phone use by so many people around the world.
http://www.fastcompany.com/1660546/cell-phone-radiation-science-cancer-neuroscience-san-francisco-em-waves
South Florida Business Journal6/15/2010Paul Brinkmann
BP said Tuesday it has accelerated its process of approving payments for commercial claims related to the Deepwater Horizon oil spill, but two Miami law firms representing fisherman said the oil company’s claim forms are flawed.
BP said it approved initial payments toward 90 percent of commercial large-loss claims that have been filed as a result the ongoing oil disaster. The U.K.-based oil giant said it approved payment of 337 checks for a total of $16 million to businesses that have filed claims in excess of $5,000.
This week, the two firms, Grossman Roth, P.A. and Bilzin Sumberg Baena Price & Axelrod LLP, began representing 600 fishermen from the Florida Keys Commercial Fisherman's Association. They warned that BP’s oil spill claim forms are seriously flawed.
“The claim form that BP put on its website is inadequate under the federal Oil Pollution Act,” said Andy Yaffa of Grossman Roth.
For one thing, Yaffa said, the act requires a detailed 90-day process, but “the offices BP set up are not following it.”
He said some of BP’s formal process includes estimating a “sum certain” figure for the total claim over time.
“There’s no way anyone can provide a sum certain yet, because the oil could be here for years and have permanent impact on livelihood,” he said.
Yaffa said Keys fishermen have been swarmed by attorneys looking to represent them against BP, and some of those offers come with possibly improper fees drawn out of claims payments.
“Marina owners are saying that attorneys are showing up in droves, soliciting clients. Lawyers are not supposed to do that,” he said.
“We saw people [attorneys and others] were coming in and seeking a fee from monies that these fishermen were entitled to through the claims process,” he said. “I want to make sure these people get what they’re entitled to, without getting raped. I was offended by what I saw initially.”
Yaffa said the firms will monitor the legal ramifications of the spill, help file appropriate claims without taking a cut of the claim amount, and launch litigation, if necessary, for a reduced rate, although he did not specify what that reduction was.
Both firms have been involved in a large charity fishing event in the Florida Keys for years.
http://www.bizjournals.com/southflorida/stories/2010/06/14/daily22.html
Northwest Indiana Times6/16/2010James L. Jorgensen
Last time, we revisited the Americans With Disabilities Act and what constitutes a disability. In a recent case, the ADA issue related to the circumstances when an employer can terminate an employee with a known disability.
A mail carrier for the U.S. Postal Service was given a key that opened every customer mailbox on her route. Mail carriers were required to keep the key attached to their clothing by a chain at all times while on duty and to turn the key in daily at the completion of work.
One day, the employee did not hear her key drop while on her mail route.
She didn't hear the key drop because of her profound hearing loss, a fact she had noted on her employment application. A co-worker subsequently informed their supervisor that the employee has lost her key and that he had lent her his key to finish her route. A customer discovered the key two days later.
When the supervisor interviewed the employee about the incident, she admitted she lost the key and that she had not attached it to her clothing while she was delivering the mail. As a result of her admission, the supervisor immediately terminated the employee.
Did the employer violate the ADA? Did it terminate the employee because of her hearing impairment? Did it have an obligation to reasonably accommodate the employee's disability? The court correctly answered "no" in each instance.
The employee was terminated for the violation of a critical work rule: each carrier had to attach the key to her clothing and make sure it wasn't lost. The employee's failure to attach it to her clothing was not related to her hearing disability.
There was no reasonable accommodation that was required. The employee's hearing disability may have prevented her form hearing the key hit the ground.
But this was after the work rule had already been violated. There was no request to provide a reasonable accommodation to permit an employee to realize that she had not performed an essential function of her job.
http://www.nwitimes.com/business/columnists/james-jorgensen/article_81f2db38-5e9d-519c-ad2b-0e8624d91eb6.html
The Wall Street Journal Market Watch6/16/2010
Goldfarb Branham -- a national securities law firm -- is investigating claims for shareholders of BP /quotes/comstock/13*!bp/quotes/nls/bp (BP 31.81, +0.10, +0.32%) /quotes/comstock/23s!a:bp. (UK:BP. 355.50, -4.20, -1.17%) due to the company's well-publicized and repeated safety lapses. Concerned shareholders are urged to contact attorney Hamilton Lindley at 877-583-2855 or by email at hlindley@goldfarbbranham.com to pursue a claim.
BP has a history of spills, fires and explosions at its facilities. Before the Deepwater Horizon rig presumably killed 11 and filled the Gulf of Mexico with oil, BP had a 2005 explosion in Texas City, Texas, that killed 15 people, and a 2006 oil leak in its Prudhoe Bay, Alaska, operations pipeline. BP stock plummeted 50% since the Gulf of Mexico spill -- losing $90 billion in shareholder value. However, BP CEO Tony Hayward cashed in about a third of his BP stock one month before the Deepwater Horizon rig burst, according to The Daily Telegraph. Today, BP executives met with President Barack Obama to discuss setting aside approximately $20 billion to pay victims of the spill.
http://www.marketwatch.com/story/goldfarb-branham-law-firm-investigating-claims-for-shareholders-of-bp-2010-06-16?reflink=MW_news_stmp
The Wall Street Journal6/15/2010Martin Vaughan
The U.S. House of Representatives approved legislation to eliminate capital-gains taxes on some small-business investments.
The House adopted the $3.5 billion in tax breaks on a 247-170 vote. The bill will be fused with a separate measure, which the House will vote on Wednesday, aimed at boosting lending to small firms, and then shipped to the Senate for consideration.
The House bill builds off proposals from President Barack Obama aimed at spurring investments in small business, and fits in with his recent theme of a helping hand for Main Street.
"This bill represents a continuation of our work to spur job creation and improve the quality of life in our communities," said Ways and Means Committee Chairman Sander M. Levin (D., Mich.).
But Rep. Dave Camp (R., Mich.), said that "while the tax relief in here is welcome, it is not enough and won't actually help small businesses create the jobs we need to reduce our stubbornly high unemployment rate."
The bill would provide a 100% exclusion from capital-gains taxes for certain small-business stock purchased between March 15, 2010, and Jan. 1, 2012. Current law allows investors to exclude 75% of income from such investments from capital-gains taxes.
The stock must be held for at least five years to qualify for the exclusion.
Before passing the small-business bill, the House defeated an amendment from Mr. Camp to repeal the requirement in the health-care law that Americans purchase health insurance. It failed on a 187-230 vote but drew support from 20 House Democrats.
The bill also includes a provision limiting the use of grantor-retained annuity trusts, a vehicle used by wealthy families to minimize estate taxes. Those limits would raise $5.3 billion for the Treasury over 10 years. The bill raises another $1.9 billion by barring paper producers from claiming a tax credit intended for producers of cellulosic biofuel.
http://online.wsj.com/article/SB10001424052748704009804575309283702374558.html?mod=WSJ_Technology_RIGHTBottomSBHeadLines
The Washington Post4/9/2010Associated Press
WASHINGTON -- A text of the statement by Chief Justice John Roberts on the retirement of Justice John Paul Stevens.
Associate Justice John Paul Stevens has earned the gratitude and admiration of the American people for his nearly 40 years of distinguished service to the Judiciary, including more than 34 years on the Supreme Court. He has enriched the lives of everyone at the Court through his intellect, independence, and warm grace. We have all been blessed to have John as our colleague and his wife Maryan as our friend. We will miss John's presence in our daily work, but will take joy in his and Maryan's continued friendship in the years ahead.
http://www.washingtonpost.com/wp-dyn/content/article/2010/04/09/AR2010040902385.html
ABC News Reports on Nominees…
http://abcnews.go.com/WN/Supreme_Court/justice-stevens-retires-white-house-ready-potential-supreme/story?id=10330941
Obama to comment publically at 1:20PM today per Reuters…
http://www.reuters.com/article/idUSN098625220100409?type=marketsNews
4/1/2010The New York TimesDan Slater
“BIG firms are in a crucible of change. Some don’t realize it yet. But the fat will be wrought from the system.”
So says Peter Zeughauser, a consultant to law firms and former general counsel of the Irvine Company. He is one of the few to suggest publicly that Big Law — which has seen little change over the years, except for annual salary increases — may have to rethink its model.
In one decade, in part because of the Internet and housing bubbles, salaries for associates at big firms shot to the moon. From 1997 to 2007, the median starting salary at the nation’s largest firms doubled, to $160,000 a year plus bonus, from $80,000, according to the Association for Legal Career Professionals. The universal system of lock-step pay meant law school graduates needed only to be hired by a firm to be virtually guaranteed eight or more years of employment, with annual, across-the-board raises.
http://dealbook.blogs.nytimes.com/2010/04/01/at-law-firms-reconsidering-the-model-for-associates-pay/?src=me
4/1/2010ABC NewsHuma Kahn
President Obama today touted the small business tax credit in the health care law, even as company owners remain uncertain about what the sweeping changes really mean for them.
At a rally in Portland, Maine, the president hit back at critics of reform.
In Portland, Maine, an energized Obama sold his health care law as "pro-jobs" and "pro-business," and one that would start to help small firms this year.
"Starting now, small business owners that provide health care to their workers can sit down at the end of the week, look at their expenses, and begin calculating how much money they're going to save," the president said. "For small business owners who don't currently provide health insurance, they'll be able to factor in this new benefit in deciding whether to do so. And with that savings, employers may be able to cover an additional worker or hire that extra employee they've needed."
The tax credit that the president was promoting will take effect in 2010, but other benefits don't kick in until 2014.
http://abcnews.go.com/Politics/Business/obama-touts-health-care-bills-tax-credit-small/story?id=10261138
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3/29/2010Steven Greenhouse
An association representing 300 large corporations urged President Obama and Congress on Monday to repeal a provision of the health care overhaul that prompted AT&T, Caterpillar and other companies to announce substantial charges for the current quarter.
The association, the American Benefits Council, said the provision — which reduces the tax deductions for companies with drug coverage for their retired employees — would deal a significant blow to corporate profits and would discourage companies from hiring more workers.
AT&T announced last week that it was taking a $1 billion charge because of the provision. Deere & Company announced a $150 million charge, Caterpillar a $100 million charge, and 3M a $90 million charge.
http://www.nytimes.com/2010/03/30/business/30subsidy.html
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3/26/2010The Wall Street Journal
With an eye toward the fall elections, conservatives are already making a fuss over the costs inflicted upon business by the massive health-care overhaul signed by President Obama a few days ago.
As evidence, they cite millions of dollars in onetime costs that large companies such as Caterpillar and Deere & Co. plan to record on their books due to an immediate change in a tax break for retiree drug benefits.
Caterpillar, for example, reported a onetime expense of $100 million on its quarterly profit report this week. Deere & Co. said it will deduct $150 million in the latest quarter. And Verizon, the nation’s largest phone company, sent a letter to current and retired workers notifying them that the new health-care law likely will affect their benefits.
http://blogs.marketwatch.com/election/2010/03/26/is-health-law-already-hurting-business-maybe-maybe-not/
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