Tuesday, September 25, 2012

Asset Protection Planning - Estate Planning 123

In today's litigious society, there is virtually no way to anticipate how your assets are exposed to potential creditors. ?If you own a business or practice a profession (medical, legal, accounting, engineering, or architecture), it is truly impossible to foresee the financial pitfalls that exist. ?Even though many businesses are operated as corporations or limited liability companies (which traditionally offer protection from business debts), there is a growing trend toward attaching certain business liabilities to the business owner. ?For example, certain tax obligations can attach to the business owner, as well as liability for sexual harassment lawsuits (even if the unlawful acts were committed by a non-owner employee), and a wide variety of environmental regulations routinely impute liability to the business owner.

Although most business owners are careful and diligent about how they run their company, we simply cannot ignore the wide variety of risks that the owner is exposed to. ?For that reason alone, it makes sense to learn more about asset protection planning, and decide if any of these strategies are appropriate for you.

Excerpt from The Complete Guide to Estate and Financial Planning in Turbulent Times (Collaborative Press, 2011) - Walt Dallas, Contributing Author

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Source: http://blog.estateplanning123.com/2012/09/asset-protection-planning-why-would-someone-want-to-shield-their-assets-from-creditors.html

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PFT: Belichick says he didn't mean to 'abuse' refs

Miami Dolphins head coach Joe Philbin speaks with officials about a call as his team met the New York Jets during their NFL football game in MiamiReuters

The NFL has updated its clubs regarding the negotiations with locked-out game officials via a memo from general counsel Jeff Pash.? It looks and feels like a press release.

Adam Schefter of ESPN has obtained the document, which addresses the recent negotiations between the two sides and addresses the areas of discrepancy that remain, from the perspective of the league.

Pash explains that, in addition to last week?s discussions, that parties met for six hours on Saturday and nine hours on Sunday.? The session on Sunday involved a federal mediator, who has no specific power over the two sides but who has tried to get them to reach an agreement.? Commissioner Roger Goodell participated in the weekend discussions.

The memo explains that significant gaps remain on all issues, and that the officials? most recent proposal is ?unacceptable in numerous important respects.?

Pash explains that the officials now want a shorter deal, at six years instead of seven, along with only a 10-percent reduction in their request for increased pay and a ?ratification bonus? aimed in part to pay the locked-out officials for the weeks that they have missed.

And here?s the summary of the league?s position, which perhaps can best be described as being for the benefit of the media, since the clubs already should know what was being offered: ?Game officials on average earned almost $150,000 in 2011. Prior to the start of the lockout, we proposed a 7-year deal that would have increased average game official?s compensation more than 7 percent to just over $161,000 in 2012, and further increase that average to more than $189,000 by 2018. In addition, we have offered a generous defined contribution retirement plan, with average contributions of $16,500 in 2012, increasing to more than $22,300 per game official by 2018. Officials also receive numerous other benefits, including severance equal to one year?s game fees and postseason bonus, a period of guaranteed ?time off? from the end of the season through mid-May of each year, first-class air travel, and
partial reimbursement for medical insurance for officials who do not have insurance through their other jobs.?

Perhaps the line that will raise the most eyebrows appears in the final paragraph: ?We recognize that the current officials are under unprecedented scrutiny and we are committed to do all we can to help them continue to improve.?

They?re not improving. And the replay officials (who aren?t replacements) and the league supervisors (who aren?t replacements) aren?t helping.

The broader message?? The league is still circling the wagons, waiting for 61 or more of the 121 locked-out officials to collectively cry ?uncle? and to then find a lawyer to draw up the paperwork that will recite, in the appropriate jargon, ?uncle.?

Source: http://profootballtalk.nbcsports.com/2012/09/24/bill-belichick-i-meant-no-disrespect-just-wanted-to-talk-to-the-ref/related/

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Monday, September 24, 2012

Romney suggests Obama downplaying Mideast crises

President Barack Obama greets people in the crowd after speaking at a campaign event at the Summerfest Grounds at Henry Maier Festival Park, Saturday, Sept. 22, 2012, in Milwaukee. (AP Photo/Carolyn Kaster)

President Barack Obama greets people in the crowd after speaking at a campaign event at the Summerfest Grounds at Henry Maier Festival Park, Saturday, Sept. 22, 2012, in Milwaukee. (AP Photo/Carolyn Kaster)

Republican presidential candidate and former Massachusetts Gov. Mitt Romney campaigns at D?Evelyn High School in Denver, Sunday, Sept. 23, 2012. (AP Photo/Charles Dharapak)

(AP) ? Republican White House candidate Mitt Romney suggested Monday that President Barack Obama is downplaying crises unfolding across the Middle East by describing turmoil in the region as "bumps in the road."

"I can't imagine saying something like the assassination of ambassadors is a bump in the road," Romney said in an interview with ABC News. White House spokesman Jay Carney responded that any assertion that Obama is minimizing the killing of a U.S. ambassador and other Americans serving overseas "is both desperate and offensive."

Romney's campaign is looking to push the debate away from the candidate's recent stumbles and reverse the leads Obama has opened in polls of swing state voters. Romney senior adviser Ed Gillespie told reporters Monday that the candidate would be drawing sharper contrasts with Obama and responding to the news of the day when warranted.

And that's just what Romney did by quickly arranging interviews with the television network reporters traveling with him in Colorado.

Romney reacted to an interview broadcast Sunday on CBS "60 Minutes" in which Obama was asked whether recent events in the Mideast have given him pause about supporting the governments that came to power after the Arab spring. Obama said he believed it was right to align with forces of democracy and universal rights.

"But I was pretty certain and continue to be pretty certain that there are going to be bumps in the road because, you know, in a lot of these places the one organizing principle has been Islam," Obama said. "The one part of society that hasn't been controlled completely by the government. There are strains of extremism and anti-Americanism and anti-Western sentiments. And you know can be tapped into by demagogues. There will probably be some times where we bump up against some of these countries and have strong disagreements. But I do think that over the long term we are more likely to get a Middle East and North Africa that is more peaceful, more prosperous and more aligned with our interests."

In the interviews and at a rally shortly afterward, Romney said he views events in the Middle East differently.

"He said the developments in the Middle East are bumps in the road," Romney said to a chorus of boos from supporters gathered to greet his plane on the tarmac in Pueblo, Colo. "Yeah, that was my reaction. Um, bumps in the road? We had an ambassador assassinated, we had a Muslim Brotherhood member elected to the presidency of Egypt, 20,000 people have been killed in Syria, we have tumult in Pakistan, and, of course, Iran is that much closer to having the capacity to build a nuclear weapon.

"These are not bumps in the road, these are human lives. These are developments that we don't want to see," Romney said.

Carney, speaking from the White House shortly before the president left for a taped interview with "The View" and meetings at the United Nations, said Obama was not minimizing the historic transformation taking place overseas or the challenges they have created.

"There is a certain rather desperate attempt to grasp at words and phrases here to find political advantage. And in this case that's profoundly offensive," Carney said.

The candidates also sparred in dueling new television commercials aimed at winning working-class voters by pitting Romney's wealth against the loss of American jobs to China under Obama.

Obama's campaign began running its first spot using Romney's comments that 47 percent of voters pay no income tax, and believe they are victims and entitled to government assistance. The 30-second ad airing in Ohio also highlights that Romney paid 14.1 percent in federal taxes last year on $13.7 million in income, and refuses to release his returns before 2010.

"Maybe instead of attacking others on taxes, he should come clean on his," the ad says.

Romney is trying to shift the debate off his personal wealth and private comments to donors and to worker resentment over jobs moving to China. His new ad released Monday is his latest salvo in a string of criticism against Obama's handling of the rising Asian power.

The commercial showed a photo of a shuttered factory and says fewer Americans are working as China steals the country's ideas and technology. "Obama had years to stand up to China. We can't afford four more," the spot concludes.

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Pickler reported from Washington.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/386c25518f464186bf7a2ac026580ce7/Article_2012-09-24-Presidential%20Campaign/id-2c03b42232e846f19e6b692c7b7ea580

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2012 Emmy Awards: 'Homeland' Takes Top Honors!

You could describe the 64th Primetime Emmys in many ways, but predictable wouldn't be one of them. An awards ceremony that tends to hand out trophies to the same (usually deserving) shows and actors year after year got a little punchy this time, delivering at least a few big upsets and some genuinely funny gags along the way.

Source: http://www.ivillage.com/2012-emmy-awards-winners/1-a-489042?dst=iv%3AiVillage%3A2012-emmy-awards-winners-489042

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Smartphones and social networking rule at the Tokyo Game Show ...

Video gaming is big business, and over 200 companies came to a game show in Japan to prove it. But video games are moving out of the den and the living room, into the packets of gamers, smartphones and tablets dethrone the once-almighty gaming consoles.

TOKYO (majirox news) ? Japan is known as the home of computer games with millions of users. The world?s largest show devoted to these games opened near Tokyo. With 209 companies showing off more than 1,000 titles and devices.

Games to play on smartphones and tablets stole the limelight on the hardware side. Social networking games took front stage on the software.

?In fact, smartphone shipments are expected to exceed computer shipments during 2012,? said Keisuke Asai, director of Global Management of GREE Inc., a leading mobile social gaming network worldwide with a reach of over 140 million users. ?These games used to be for wealthy people, because they had money to buy the hardware and software. But today anyone can play these games on smartphones or computers.?

In 2011, some experts estimated the global market for these products to be a whopping 65 billion dollars.

Old favorites such as Capcom?s ?Biohazard? and the latest incarnation of Square Enix?s ?Final Fantasy were among the native Japanese offerings, but companies from all over the world were present to demonstrate their developments to the gaming world.

?Some companies also offer viewers a peek at video games for free, and then they can purchase them if they want,? Asai said. ?This is one of the reasons that video gaming is growing in developed and developing countries. Regardless of nationality, rich or poor and gender everyone in the world loves playing games.?

Jean, who was at the show, said, ?I came from France. It?s incredible and there so many people everywhere. It?s so much fun and the games are so beautiful.?

Once dominant in the marketplace, the gaming consoles devoted to video games are slipping down the ranks. Mobile games played on smartphones, tablets and social media games, are taking over.

Tomoko Honda, who can dress as her favorite character of ?Final Fantasy,? said, ?I love playing games on my smartphone because I can play it anywhere.?

As gaming is becoming more common, with gamers carrying their virtual lives in their packets and purses to be played anywhere and everywhere. However, here has been concern in Japan about tactics used by game publishers to promote in-game purchases, which have proved expensive luxuries for many gamers.

But whatever the worries of some observers, computer games are still big business. In 2011, some observers estimated the global market for these products to be $65 billion (about the same as the GDP of Ecuador for the same period). This year?s show confirms the continued growth, but also highlights the change from computers to more portable ubiquitous devices, and the use of the Internet as an integral part of more and more games.

Tags: Biohazard, Final Fantasy, gamers, Gree Inc., Japan, Japan computer, social networking, Tokyo Game Show, video

Source: http://www.majiroxnews.com/2012/09/23/smartphones-and-social-networking-rule-at-the-tokyo-game-show/

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Brother of Ravens WR Torrey Smith killed on cycle

BALTIMORE (AP) ? The brother of Baltimore Ravens wide receiver Torrey Smith has been killed in a motorcycle accident.

Tevin Chris Jones, 19, died of injuries he sustained in a crash in West Moreland County in northeast Virginia, according to the Ravens.

Smith was notified at the team hotel in Baltimore shortly after 1 a.m. and immediately left to be with his family.

Smith posted on his Twitter account: "I can't believe my little brother is gone...be thankful for your loved ones and tell them you love them...this is the hardest thing ever."

Ravens coach John Harbaugh said in a statement: "This is devastatingly sad, sad news. Torrey and his family are a close, special family, and our hearts and thoughts reach out to all of them. Our hearts ache today. We pray for Tevin, his mother, Torrey and the rest of the family."

Smith is one of seven children of Monica Chante Jenkins.

It was unclear whether Smith would play Sunday night for the Ravens against the New England Patriots.

"Torrey's priority is his family. We understand that completely," Harbaugh said.

If Smith does not suit up, he will be replaced by Jacoby Jones.

Now in his second season with Baltimore, Smith grew up in Virginia before attending the University of Maryland.

Source: http://news.yahoo.com/brother-ravens-wr-torrey-smith-killed-cycle-151109290--nfl.html

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Sunday, September 23, 2012

Indebted Baby Boomers not interested in a modest retirement: CIBC ...

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Only 17 per cent of Albertans in their 50s plan to carry debt into retirement.

Photograph by: MARK BLINCH , REUTERS

CALGARY ? A new CIBC poll conducted by Leger Marketing reveals that most of Canada?s 50-59-year-olds don?t intend to give up their current lifestyle as they enter retirement, despite falling short of their retirement savings goals.

The poll also reveals that some Canadians in their 50s are planning to carry debt into retirement with no immediate plans to pay it off, an approach that could reduce their retirement cash flow and jeopardize their plans to live the good life, said the poll which was released on Friday.

In Alberta, 23 per cent of people in their 50s said if they could retire earlier they would give up their current lifestyle and live modestly in retirement. In Canada, it was 25 per cent.

The percentage of people in their 50s who said they would rather work longer and live better once they retire was 57 per cent in both Canada and Alberta.

The poll also found that 17 per cent of Albertans in their 50s plan to carry debt into retirement while it was 24 per cent for Canadians.

mtoneguzzi@calgaryherald.com

? Copyright (c) The Calgary Herald

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Source: http://www.calgaryherald.com/business/Baby+Boomers+interested+modest+retirement+CIBC+poll/7278216/story.html

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