Sunday, May 15, 2016
The baby boomer generation started going into retirement at the beginning of this decade and there are more and more exiting the work force each day. This article discusses some of the financial problems that many baby boomers are probably going to face. There are many baby boomers who rely heavily on Social Security benefits for survival, and this could be a problem in the future as the Social Security system continues to face financial strains and the government has to make reforms that could change the rules for receiving benefits. Sadly, there are many senior citizens who have neglected to properly save ahead for retirement and many people have to postpone their retirements to keep up with expenses. Debt is another problem that many baby boomers are having to deal with. It is important for people to develop a game plan for dealing with their retirement.
See Baby Boomers’ Retirement Woes Summed Up in 5 Statistics, Fox Business, May 15, 2016.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
Friday, May 13, 2016
The passing of Prince has brought the topic of celebrity estate planning back into public attention. Celebrity estates can continue to generate revenue long after the person passed away. This column discusses the current value of the Michael Jackson estate. “As I noted in yesterday's blog post, Michael Jackson's estate is claiming a value of $2,105 ... but the IRS number is in excess of $434 million.” There is an ongoing dispute between the Michael Jackson estate and the Internal Revenue Service (IRS). “Adam Streisand, a probate attorney who has worked with celebrity estates such as those of Ray Charles, Marlon Brando and Marilyn Monroe, thinks the IRS will not successfully point to the post-death earnings of other celebrities as part of the valuation process.”
See Kyle E. Krull, What is Michael Jackson “Worth” These Day$?, The Law Offices of Kyle E. Krull P.A., May 10, 2016.
Special thanks to Jim Hillhouse for bringing this article to my attention.
I have previously discussed the ongoing copyright dispute between Led Zeppelin and the estate of Randy Wolfe, who was a guitarist for the group Spirit. The lawsuit alleges that the hit song ‘Stairway to Heaven’ was plagiarized from Taurus which was a 1967 instrumental by Spirit. “With a jury trial scheduled to begin in just over a month, Led Zeppelin, their music publisher and record label continue to feud with the estate of a founding member of the rock band Spirit over the allowance of expert depositions in a copyright infringement case surrounding the song ‘Stairway to Heaven.’” These developments show why it is important for musicians and creative artists should protect themselves by speaking with an experienced intellectual property and entertainment lawyer.
See Discovery Dispute Lingers in “Stairway to Heaven” Copyright Infringement Case, Klein Moynihan Turco LLP, May 12, 2016.
Recently Italy joined the ranks of nations that recognize same-sex civil unions. The law is a major change for Italian law and comes with loads of new laws to go along with the new found legal status. Provided below are some of the key point:
- Those entering into a civil union are obligated to provide assistance and support to the other member of the union. In addition, partners are granted the right to inherit in much the same way as a spouse.
- The law specifically denies the right of partners of a union from adopting step-children even if the assumed a parental role.
- The choice of surname for is left up to the individual partners. Italy has strict registration requirements when it comes to names so allowing those in the civil union to have a choice is a major step forward.
- No requirements regarding fidelity are imposed on those in civil unions. This will result in legal separations having no need to blame a party it is the result of cheating on the other.
See, What Italy’s New Civil Unions Law Entails, Corriere Della Sera, May 12, 2016.
Thursday, May 12, 2016
The U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA) will now require skilled nursing facilities to electronically submit their workplace injury and illness data “under a new final rule released Wednesday.” This new rule will helpful improve standards at nursing facilities. “Requiring employers in high-hazard industries — including skilled nursing, one of the most injury prone — to electronically submit the injury and illness data will help “modernize” data collection, OSHA officials said.” Employers in these high-risk industries are already required to collect and submit this data, but electronic submissions will make it easier for OSHA to publicly share the information in a large public database of work injuries and illnesses. “Increasing access to injury data also will help the agency send compliance resources to workplaces where employees are at greatest risk, and allow researchers to mine the data for studies on injuries causation, safety hazards and prevention activities, Michaels added.”
See Emily Mongan, OSHA releases new workplace injury and illness reporting requirement, McKnight’s, May 11, 2016.
It has been more than a year and a half since legislation was passed that should make it easier for people with disabilities to save money without jeopardizing their federal benefits. The first ABLE accounts are expected to become available this summer as a handful of states open up their ABLE programs. The State of Nebraska was the first to announce a launch date of June 30, but Ohio could also offer ABLE accounts even sooner. “The new offering was created by the federal Achieving a Better Life Ex perience, or ABLE, Act, which became law in 2014.” The programs will be different in each state and it is important for people to be aware of the local rules and regulations. If done right this program can be very beneficial for people who are disabled.
See Michelle Diament, First ABLE Accounts Expected This Summer, disability scoop, May 10, 2016.
Special thanks to Jim Hillhouse for bringing this article to my attention.
While making a road trip to Poland from Italy it is natural to want to stop for a bit to unwind from the journey and take a little break. But one man decided he needed something extra and decided to have a drink or two to celebrate making it to his halfway mark in Germany. But before he could get in his, presumably, hard earned break he had to park his vehicle which just happened to a hearse complete with a corpse and coffin. Problem was he ended up forgetting where he parked the vehicle which lead to a day long search before the car as found about two miles from where the man claimed to have left the hearse. Police suspect that the man's apparent embrace of the phrase "it's five o'clock somewhere" when he had his meal contributed to the memory lapse. But, in any case, all ended well although there might be some doubts about the driver's future employment.
See, Undertaker loses hearse, body during boozy lunch, Fox News, May 11, 2016
The death of legendary musician Prince shocked the world and set off a scramble to find his various heirs due to the lack of a will. Until now, it has been assumed by many that he was survived by no relations closer than his full blooded sister and cluster of half-siblings which is the same tack that a Minnesota court took when it stated all possible heirs had been contacted. However, a man is claiming to be the son of Prince from a relation the signer had with the man's mother before he shot to stardom. The man is currently being held in federal prison over gun charges and when reached by the media his family declined to issue any comment about the claim. However, despite the Minnesota court announcing that all heirs were located, it ordered the preservation of a DNA sample that can be used to test any familial claims. But, at this time, no test has been done to confirm or deny the man's claim.
See Sara Sidner, Prince estate: Colorado inmate says he is singer's son, sole heir, CNN, May 1, 2016.
Wednesday, May 11, 2016
The United States is attempting to crack down on the use of LLCs to disguise foreign beneficial owners. “The United States Department of Treasury issued proposed regulations that, if promulgated, would impose new disclosure obligations on domestic disregarded entities wholly owned by foreign persons (i.e., single-member limited liability companies).” Entities that are affected by the new regulations will be required to report the identity of the beneficial owner to the IRS every year. The purpose of the new regulation will be to strengthen civil and criminal tax enforcement and to assist other nations in obtaining information about their own taxpayers. “Under the proposed regulations, any domestic disregarded entity owned by a foreign person would be subject to the provisions of Section 6038A of the Internal Revenue Code, which currently imposes annual reporting, recordkeeping, and other compliance requirements on certain foreign owned US corporations.”
See Kathy Keneally, Ellis L. Reemer, Michael A. Silva, Frank L. Jackson, Michael J. Scarduzio, and Ryan J. Coyle, US targets the use of LLCs to disguise foreign beneficial owners, DLA Piper, May 10, 2016.
A bill has been introduced in the house that will impact a certain kind of IRA rollover. “A life-income charitable individual retirement account rollover bill (HR5171) (The Legacy IRA Act) has just been introduced this morning by House Ways and Means Committee members Peter Roskam (R-IL), Earl Blumenauer (D-OR), Erik Paulsen (R-MN) and Pat Tiberi (R-OH).” This article discusses the current law as it has functioned since the PATH Act of 2015 and the type of changing being proposed in the House of Representatives. “The expansion in the Legacy IRA bill authorizes tax-free IRA rollovers for gifts that benefit charities and provide taxable retirement income—charitable life-income plans—for the donors.” The details of the changes that are being proposed are explained in this column.
See Conrad Teitell, House Bill to Authorize Charitable Life-Income IRA Rollovers, Wealth Management, May 6, 2016.