the ten things i wish i had asked my lawyer
DESCRIPTION
October 2012 workshop on how to identify and protect your legal blindspots.TRANSCRIPT
The Ten Things I Wish I Had Asked
My Lawyer
How to Identify & Protect Your Legal Blind Spots
October 23, 2012
This Year we are Celebrating…
15 Years Together!
Ten Questions for 2012
To ProtectYour Family, Your Business
andYour Future
Question # 1
Do I really need to pay you to update my documents
again?
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?
Question # 2
How do I protect my $ from greedy relatives?
Why a Trust?
Types of Trusts
Question # 3
How much money can I give away this year without
getting zapped by the IRS?
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%
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 !!!
Question # 4
What can I do so my kids don’t get stuck taking care
of me later on?
Planning is the Answer
Question # 5
Should I get more insurance –
just in case my dog bites the mailman?
Health & Welfare Insurance
Liability Insurance
Property & Casualty Insurance
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?
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
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
The Consequences in Georgia
• Ages 13-16• Can be processed as an adult!
• On or after 17th birthday• Automatically charged as an
adult.
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
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
Question # 7
My daughter drove our car onto the neighbor’s porch while playing hooky from
school again.How much will it cost me?
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)
Question # 8
How do I know if I’ve botched my business set-
up?What do I do now if it’s
wrong?
Many Types of Business Entities
You might need a lawyer…
The right entity for your business can change over
time.
Question # 9
Am I on the hook for the big mess my employee made at
a customer’s site?
3 Common Contract Issues
1. Contract Language 2. Breach of Contract3. Liability Clauses
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.
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?
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
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
Q & A
The Ten Things I Wish I Had Asked My Lawyer
How to Identify & Protect Your Legal Blind Spots
October 23, 2012