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The Ten Things I Wish I Had Asked My Lawyer
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Transcript of The Ten Things I Wish I Had Asked My Lawyer
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The Ten Things I Wish I Had Asked
My Lawyer
How to Identify & Protect Your Legal Blind Spots
October 23, 2012
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This Year we are Celebrating…
15 Years Together!
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Ten Questions for 2012
To ProtectYour Family, Your Business
andYour Future
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Question # 1
Do I really need to pay you to update my documents
again?
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What’s Changed?
Has your family situation changed?
Birth Death Marriage Divorce
Has your net worth decreased or increased?Have law changes affected your plan?
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Question # 2
How do I protect my $ from greedy relatives?
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Why a Trust?
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Types of Trusts
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Question # 3
How much money can I give away this year without
getting zapped by the IRS?
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Current Tax Law Expires 12/31/12
Federal “generosity” ends on 12/31/12• Exemptions drop from $5.12M to
$1.0M• GST exemption drops from $5.12M to
$1.39M + adjustment for 2012 inflation
• Top marginal estate, gift and GST tax rates return to 55% from current 35%
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Cost of Failure to Act Before 12/31/12
No Gift$5,120,000
Foregone Gift Today
Will grow to $16,217,000 in 30 years(Assuming 4% growth)
$8,919,350 estate tax liability(Assuming 55% rate)
Heirs receive $7,297,650
Gift$5,120,000Gift Today
Will grow to $16,217,000 in 30 years(Assuming 4% growth)
$0 gift today
Heirs receive $16,217,000
Potential Cost of Failing to Act Before the End of 2012
!!! $8,919,350 !!!
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Question # 4
What can I do so my kids don’t get stuck taking care
of me later on?
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Planning is the Answer
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Question # 5
Should I get more insurance –
just in case my dog bites the mailman?
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Health & Welfare Insurance
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Liability Insurance
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Property & Casualty Insurance
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Question # 6
My son and his friends got into Larry’s liquor cabinet at
his birthday party. I know how much trouble
they’re in. How much trouble is Larry in?
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It doesn’t matter if the child is unaware of the law.
It doesn’t matter if there is a mistake or misunderstanding.
Ignorance Is No Defense
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The Seven Deadly Sins
1.Murder (including felony murder)2.Voluntary Manslaughter3.Rape4.Aggravated Sodomy5.Aggravated Child Molestation6.Aggravated Sexual Battery7.Armed Robbery with a firearm
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The Consequences in Georgia
• Ages 13-16• Can be processed as an adult!
• On or after 17th birthday• Automatically charged as an
adult.
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Adults Who Furnish Alcohol To A Minor
• Guilty of criminal liability• Misdemeanor punishable with up to 12
months imprisonment• Civil liability could require significant
monetary damages for resulting injury or harm
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False I.D.
• Under 21: Misdemeanor OR felony• Misdemeanor: Used to enter a bar or
purchase alcohol or cigarettes•Up to 12 months imprisonment + 6-
month suspension of learner’s permit or driver’s license
• Felony: Used to cash a check, rent a car or apply for a credit card•Between 1-5 years imprisonment
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Question # 7
My daughter drove our car onto the neighbor’s porch while playing hooky from
school again.How much will it cost me?
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Ignorance Is No Defense
• Parent is financially responsible for torts committed by children
• Car owner is responsible for any damage caused by a family member
• Parent can be arrested for repeated truancy of a child (Unexcused absences range from 8-10 days)
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Question # 8
How do I know if I’ve botched my business set-
up?What do I do now if it’s
wrong?
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Many Types of Business Entities
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You might need a lawyer…
The right entity for your business can change over
time.
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Question # 9
Am I on the hook for the big mess my employee made at
a customer’s site?
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3 Common Contract Issues
1. Contract Language 2. Breach of Contract3. Liability Clauses
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You might need a lawyer…
• Contract law can be confusing.• There are many aspects of a
contract to consider.• There is a good chance you are
leaving either money on the table or taking an unnecessary risk.
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Question #10
I got an offer for my business but it’s less than I want.
Should I sell this year anyway or hold out for a better offer
next year?
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Now or Later?
• Top tax rate on long-term capital gains rises from 15% to 20% on January 1, 2013 unless Congress acts
• High-income earners will also face an additional new 3.8% Medicare tax on investment income
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Start Now!
Victory awaits him who has everything in order – luck people
call it. Defeat is certain for him who has neglected to take the necessary
precautions in time;this is called bad luck.
- Roald Amundsen
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Q & A
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The Ten Things I Wish I Had Asked My Lawyer
How to Identify & Protect Your Legal Blind Spots
October 23, 2012