Best wishes from our family to yours.
If It Is Not One Thing, It Is Something Else
- Wednesday, 14 November 2018 18:40
Your chances of death rated by activity. Climbing in the Himalayas is definitely a death wish, as is base jumping (and its cousin, wing suit flying). As a cyclist, I am bummed out to see the somewhat high risk of death for cycling.
Be careful out there. And prepare a will.
Source: besthealthcaredegress.com
License: Fair Use/Education
Not Misty’s Foal
- Tuesday, 16 October 2018 18:42
At the risk of becoming CNN and MSNBC and reporting all President Trump all of the time, Stormy Daniels released a memoir last week titled “Full Disclosure. ” I could not care less about her relationship with President Trump 12 years ago, but I am interested in her describing her recording her “last will.” After the Wall Street Journal reported the existence of her non-disclosure agreement with President Trump, Daniels received threats which caused her to describe on video her insurance policy and her wishes with respect to the distribution of her assets.
A few points:
1. Most wills must be written and witnessed.
2. Oral wills are not recognized in most states.
3. Ohio only recognizes oral wills made upon one’s deathbed and written down within 10 days.
4. Sad that an attorney who wants to become President represents a woman who cannot properly prepare a will.
Photo Credit: St. Martin’s
License: Fair Use/Education (cover of book discussed)
You Say Tomato, I Say Tomahto
- Thursday, 04 October 2018 10:39
The New York Times just published 15,000 words about the estate and gift tax strategies President Trump’s father, Fred Trump, used to transfer his billion dollar real estate empire to his children more than 20 years ago. NYT reporters accessed public records and had others provide them confidential documents such as estate and gift tax returns. The point of the NYT piece is to disprove President Trump’s claim that he is a self-made man by claiming he received $413 million from his dad. They do not note that represents only 1/7 of his current net worth as reported today by Forbes.
A few points:
1. Even though the NYT used the terms “tax dodger,” “sham,” “dubious schemes,” and “improper,” to describe Fred Trump’s planning, the actual planning strategies he used were legitimate.
2. Fred Trump utilized valuation discounts and special trusts called GRATs to greatly reduce the gift and estate taxes owed on the transfer of his assets to his children.
3. Any impropriety on the transfers is due to the appraisal values for the real estate which seemed low in light of later sales.
4. Try as the NYT might to implicate President Trump in any impropriety, any wrong doing belongs to the person making gifts, i.e. Fred Trump, not the person receiving the gifts.
5. Am I the only one to notice that only confidential tax returns of Republicans are leaked to the press?
Photo Credit: Trump Campaign via New York Times
License: Fair Use/Education (from linked article)
This Happens Once In a Career
- Thursday, 20 September 2018 21:20
Elaine Chao, the U.S. Secretary of Transportation, used my conference room today while waiting for a meeting to start down the hall. She was in town to discuss transportation issues with Congressman Chabot and representatives from Uber, Red Bike, and the Chamber of Commerce among others. She and her staff were incredibly gracious.
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