Saturday, September 23, 2017

Comprobar la culpabilidad en un accidente de camión

¿Por qué los accidentes de camión tienen una mayor probabilidad de causar lesiones que los accidentes que involucran a vehículos de pasajeros? Esta es una pregunta que muchas personas se hacen cada año ya que muchos sufren lesiones extremadamente graves por estos accidentes catastróficos. La verdad es que un camión comercial cargado puede llegar a […]

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Friday, September 22, 2017

Pennsylvania County sues drug companies amid opioid crisis

Delaware County, PA, sued 11 pharmaceutical companies Thursday for marketing tactics that county officials say misrepresent the dangers of long-term opioid usage while a national overdose crisis continues to kill tens of thousands of people annually.

The county alleged in its complaint that the companies and three consulting physicians engaged in promotional campaigns that encouraged prolonged and widespread use of their powerful painkillers, despite knowing that in doing so consumers risked damaging health effects and addiction.

The effort has been extremely profitable for drugmakers, the suit alleged, noting that in 2015 opioid sales earned the industry almost $10 billion. In that same year, more than 33,000 people died from opioid overdoses, according to the federal Centers for Disease Control and Prevention, which says that nearly half of those deaths involved prescription drugs such as OxyContin or Vicodin.

Click here to read more.


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NTL Executive Committee member Tom Mesereau on documentary screening panel

Tom Mesereau

National Trial Lawyers Criminal Defense Executive Committee member Tom Mesereau

The National Trial Lawyers Criminal Defense Executive Committee member Tom Mesereau will be a featured panel speaker following the screening of a new documentary, “When Justice Isn’t Just,” on September 30th in Los Angeles. The film, directed by Oscar-nominated filmmaker David Massey and produced by Dawn Massey, will be shown as part of a program that begins at 4:00 pm at Norris Cinema Theatre, Frank Sinatra Hall at 3507 Trousdale Parkway in LA. Mesereau and other panel members will discuss the film and its impact immediately following the film at 5:00 pm. For more information about the event, contact Dawn Alexander at 818-830-4818 or go to www.whenjusticeisntjust.com.


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Lo que los nuevos motociclistas deben saber

Cada año ocurren muchos accidentes de motocicletas a causa de la inexperiencia; muchos de los nuevos hasta los más experimentados motociclistas ignoran las vitales medidas de seguridad que podrían salvar sus vidas. Por esto es que se muchos motociclistas se enlistan en algo llamado “cursos de seguridad de motocicletas”, en los cuales los motociclistas se […]

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How to Take Advantage of Two Everyday Tax-Favored Assets

It is typical for attorneys to have anywhere from 20-50 percent of their net worth tied up in real estate.

By Jason M. O’Dell, MS, CWM and David B. Mandell, JD, MBA.

You likely want to reduce your taxes as much as legally permissible.  While most attorneys, in our experience, consider tax reduction as their #1 or #2 financial concern, few take full advantage of the two commonplace assets that have enjoyed most advantageous tax treatment under our tax code for decades – real estate and permanent life insurance.

In our books and lectures, we discuss the similarity of real estate and cash value life insurance from a tax perspective.  While our tax code may change under a new president, both have enjoyed superior tax treatment over recent decades.

With real estate, you can write off depreciation on business real estate, deduct interest payments on home mortgages within limits, write off local property taxes against your federal taxes, and enjoy up to a $500,000 capital gains exemption on the sale of the primary home (for a married couple filing jointly), among other benefits.  

With permanent life insurance (also called “cash value” insurance), you can enjoy tax-deferred growth of gains within the policy, and if managed correctly, access such value tax-free in retirement.  In addition, policy death benefits generally pay to beneficiaries income tax free and — for those focused on estate planning — you can even structure the death benefits to pay estate tax free within certain types of trusts.  

Further, both asset classes have enjoyed a very powerful tax benefit that few others are afforded: the ability to move from one piece of real estate/life policy to another using a tax-free like-kind exchange.  For real estate, these exchanges are controlled under tax code section 1031; for life insurance, 1035.  

Tax-wise similarities

Interestingly, from an investment and asset class perspective, these two assets are also relatively long term.  You may have heard that, in order not to get burned by having to sell real estate in a down market cycle, you should expect to hold a property at least ten years, as a rule of thumb.  The same time period would also apply well to cash value insurance, as that is around the time where the tax benefits begin to far outweigh the upfront costs.  

Many attorneys have utilized real estate as a significant part of their balance sheet. This is not surprising, as nearly all attorneys own a home and it is often one of the most valuable assets they own.  Further, many attorneys purchase real estate to house their law practices, rather than renting for years on end.  Moreover, some attorneys own second homes, rental properties, and even raw land.  It is typical for attorneys to have anywhere from 20-50 percent of their net worth tied up in real estate.  Over the years, they have taken full advantage of some real estate tax benefits – most notably the interest deductions and property tax write-offs.  Fewer utilized depreciation benefits and, still fewer, the like-kind exchange tax opportunities.

However, relatively few attorneys have taken significant advantage of the tax benefits of cash value insurance — despite their interest in building tax-favored wealth for retirement. This is too bad, as the tax-free growth and access of such an asset class fits well within a long-term “tax diversification” strategy for most high net worth attorneys.  Let’s look at an example of how this can work.

Case Study: Cash Value Insurance

Attorney Andrew is a 45-year-old in good health who wants to invest in either a taxable mutual fund or a cash value insurance policy for his retirement.  Keeping rates of return equal at 6.45 percent annually, Dan wants to see what relative advantages the life policy will produce due to its favorable tax treatment.  

Let’s assume Dan were to invest $25,000 per year for 10 years before retirement and then withdraw funds from ages 65 to 84.  Let’s also assume Dan’s tax rate on investments is 31 percent (50 percent coming from long-term gains and dividends, 50 percent from short-term gains, plus 6 percent state tax).

With these assumptions, if Dan invests in mutual funds on a taxable basis, he will be able to withdraw $28,477 per year after taxes. If he invests in cash value life insurance, he will withdraw $48,343 per year (no taxes on policy withdrawals of basis and loans), and will still have over $525,000 of life insurance death benefit protection. This is a substantial difference based primarily on the tax treatment of the cash value policy.  

Real estate and cash value life insurance are two everyday asset classes that every attorney can leverage in their long-term tax planning.  We encourage you to explore both and see how they may help you achieve your long-term financial goals.

SPECIAL OFFERS:  Please call 877-656-4362 to receive a free hardcopy of Wealth Management Made Simple. Visit www.ojmbookstore.com and enter promotional code NTL02 for a free ebook download for your Kindle or iPad.

David B. Mandell, JD, MBA, is an attorney, consultant and author of more than a dozen books, including Wealth Management Made Simple. He is a principal of the wealth management firm OJM Group www.ojmgroup.com, along with Jason M. O’Dell, MS, CWM, who is also a principal and author. They can be reached at 877-656-4362 or mandell@ojmgroup.com.

 


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Thursday, September 21, 2017

NTL member Jose Baez: Aaron Hernandez had severe CTE

New England Patriots helmetNTL member Jose Baez says tests on the brain of Aaron Hernandez reveal the former NFL player suffered from severe chronic traumatic encephalopathy (CTE), and that Hernandez’s daughter is suing the NFL and the New England Patriots for leading Hernandez to believe the sport was safe. Baez says the tests reveal that Hernandez had one of the most severe cases of CTE ever seen in someone of his age. Baez defended Hernandez when he was acquitted of the 2012 drive-by shootings of two men in Boston. Hernandez committed suicide while still in prison for the shooting death of Odin Lloyd. The Associated Press reports that the lawsuit filed Thursday in federal court in Boston claims the NFL and the Patriots denied Avielle Hernandez of her father’s companionship.


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HLS in the Arts | Conversations: Television


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