What happen on Lindsay Lohan's Stripper Pole Shoot On 'Double Exposure'

This is what happened when Lindsay came for her photo shoot on Bravo's reality show 'Double Exposure.'



Source

Do It Yourself Estate Planning Pitfalls

The pros and cons of DIY estate planning are discussed in yesterday's article in US New and World Report:

"Unless you are single and have absolutely no money," says Brooklyn-based estate planning and tax lawyer Hani Sarji, you need an estate planner, because people tend to make mistakes when they fill out their own forms online. "People might get a false sense of security from DIY estate planning," Sarji adds, and answering one question incorrectly or overlooking something such as appointing a guardian for children can lead to major problems down the road.

On her blog, estate planning lawyer Leanna Hamill writes about a colleague who had a client who used an online do-it-yourself will that he failed to update after some of his beneficiaries died and he opened new bank accounts that weren't mentioned on the form. "That is the reason to have an attorney assist you with this process. We know the questions to ask, and we know what to do with the answers," she writes.

"Without a lawyer, you might not understand the terms," says Deborah Jacobs, author of Estate Planning Smarts. Therefore, you could inadvertently give someone more power than you want to when creating a "durable power of attorney" document, for example. That document essentially gives someone else the power to take care of your finances if you become incapacitated. Jacobs says that if that person isn't trustworthy, he or she could steal from you. She also warns that if the document isn't executed properly—in some states you need witnesses to your signature—then it might not even be valid.

Another risk, says Jacobs, is that when it comes to transferring your money to family members after you pass away, a self-written will might contain holes that lead to errors.

As with other areas of the law, other lawyers, who don't practice estate planning law, have hired me to assist them with their estate plan; if they know they can't tackle an incorporation or an estate plan without some advice and counsel, do you believe you can do better?

Making the Grades

The New York Times reports that at least ten law schools have raised their grade curves in the last two years. The new rationale for this timeworn response is that students need a competitive edge in a tight job market and higher gpa, however contrived, is just the thing. Ironically, by outing the culprit law schools, the New York Times has probably reversed any advantage their students might have reaped from the sudden lift in gpas.

The premise that a law school can give its graduates the edge in the job market simply by raising their gpas across the board is offensive. Rank in class and rank of law school provide much more useful comparative data than gpa, so the premise that higher gpas, all other things equal, will translate into more job opportunities is dubious. Even assuming that raising the grade curve for all students yields a benefit among a segment of the market (gpa fetishists), the benefit to students at a particular school is at best a wash. Students with otherwise lackluster gpas benefit at the expense of the top of the class who find it increasingly difficult and pointless to distinguish themselves from their peers. If everybody is special as a matter of law school policy, why bother with the time consuming ritual of studying?

Raising the grade curve may make a law faculty feel compassionate in the short run. But all it really accomplishes is to make the faculty less relevant to the market as an evaluator of relative quality. Expert faculty differentiation among students (via competitively awarded grades) is a huge part of what makes a JD valuable. If the market doesn’t perceive any meaningful differentiation among students on the basis of the grades we assign, we’ll be out of business in the blink of an eye. At the very least, we won’t be worth our current salaries.

Two things remain true regardless of the winds of grade inflation. I’d hire someone with a C+ in Corporate Tax over another with an A in (fluff of your choice) any day of the week. And, all students want A’s until the day everybody gets them.

Tax Audit Risk Among Reasons to Incorporate Side Business

CPA Michael Hanley, who specializes in working with small business, advises:

"The #1 most overlooked tip by people running side businesses is that they fail to setup a business entity because they still view their business as a little side business that they will incorporate when things take off."

Sole Proprietorships (the business structure you default to if you fail to setup a Corporation, LLC, etc) are subject to the highest audit risk out of all the business structures. The reason for this high audit risk is that all Sole Proprietorships report their business income and expenses on Schedule C (the second most highly audited form that you can attach to your tax return). By setting up an S Corporation, you become nine times less likely to be selected for a random IRS audit (audit risk decreases from 2.7% to .3%, making it very possible that you can go your entire life without ever being selected for an audit).

Setting up a Side Business Can Be Risky Unless You Do it Right, Mithcell York, About.com: Enterepreneurs

Los Angeles Business Tax Break Proposed

Los Angeles' mayor today proposed an expansion of the City of Los Angeles' new business tax exemption, from two to three years, assuming gross revenues of less than $500,000:

Tax Break for New Businesses Proposed, Los Angeles Business Journal, June 15, 2010

Middlesex County Estate Planning Council presents Lunch & Law Free Seminar- 2010 update Wills and Estate Planning

Middlesex County Estate Planning Council presents Lunch & Law

Free Seminar- 2010 update Wills and Estate Planning

WHEN: Wednesday June 23 12:15pm

WHERE: Law Office of Kenneth Vercammen, 2053 Woodbridge Ave, 2^nd floor, Edison, NJ 08817

COST: Free if you pre-register. Complimentary Sandwiches to pre-registered persons prior to program. This program is limited to 15 people

Please bring a canned food donation, which will be given to the St. James Food Bank located on Woodbridge Avenue in Edison, NJ.

SPEAKER: Kenneth Vercammen, Esq.

(Author- Answers to Questions About Probate)

The new NJ Probate Law made a number of substantial changes in Probate and the administration of estates and trusts in New Jersey.

Main Topics:

1. The New Probate Law and preparation of Wills

2. 2010 increases in Federal Estate and Gift Tax exemption

3. NJ Inheritance tax

4. Power of Attorney

5. Living Will

6. Administering the Estate/ Probate/Surrogate

7. Question and Answer

COMPLIMENTARY MATERIAL: Brochures on Wills, "Answers to Questions about Probate" and Administration of an Estate, Power of Attorney, Living Wills, Real Estate Sales for Seniors, and Trusts.

To attend or for Information: Mike McDonald 732-572-0500

or email kenvnjlaws@verizon.net

Can’t attend? We can email you materials

Send email to kenvnjlaws@verizon.net

http://KennethVercammen.com/Lunch.Law.html

Do Law Schools Golf?

I used to ask my students whether they would be golfers or football players when they graduated. The distinction I was trying to make was between golf, a sport in which players observe the rules and actually report themselves with they violate them, and football, where there are also rules but the idea is to bend them and disregard them and hope not to be caught. So, a lineman holds a charging defensive end and it's a great play as long as he is not caught. In golf it is a matter of observing social norms or even principle. In football it is strictly a cost benefit analysis.

When I ask whether law schools golf I mean both the faculty and the institutions as a whole. For the institutions the best example to which these standards could be applied is the information that forms the basis of the USN&WR rankings. I'd say that the schools fit the football player model — it is not cheating unless you are caught.

How about faculties? The example here might be teaching evaluations and I'd say it is mixed. To be a golfer means to do what is best for the students to prepare them for practicing law. Sometimes that clashes with high teaching evaluations. For example, you may be a stickler for attendance, preparation and being on time because you believe those practices are consistent with professionalism in practice. On the other hand, you may not stress those things because you may then be regarded as being disrespectful and if your dean is big on student evaluations and keeping the students happy it's not a good thing for you. I will forgo the list of ways teachers can game the student evaluations. If enough people game them they become irrelevant. My own view is that even when not gamed only the very low ones or the very high ones signal that something is amiss in the classroom. Yes, I did say even very high ones are suspect — even on the rare occasions I get them.

So if law school administrations are operating by football player rules and a significant number of law professors are doing the same, what does that suggest about the example set for students. Should we expect them to do what we say or to do as we do?

I actually do not know but I hope it is not the latter. Maybe their parents have taught them golfing rules. On the other hand, many years ago a friend whose daughter filled the newspaper racks around campus told me that the only machine where there were consistent more papers taken than money left was the Law School. That is football player behavior and not a good sign.

Wills and Estate Planning for Morticians

Wednesday, January 13, 2010
Wills and Estate Planning for Morticians

By Kenneth Vercammen, Esq.

Where there’s No Will …

If you do not write a Will, the State has already written one for you. Your assets go to whoever a state law says receives the assets, or to the government itself! A Will should be a statement to the things you truly care about: your spouse, your children, your parents, your friends, your Church and charities.

It is important to do secession planning. Also, if you have partners in your business, a signed partnership agreement is valuable. Make sure you also have a Power of Attorney signed to plan for temporary disability. If your business is the primary support of family, how will your business continue to operate? How can your business be sold? It’s time for a call to action.

If You Have No Will:

If you leave no Will or your Will is declared invalid because it was improperly prepared or is not admissible to probate:

1. People you dislike or people who dislike and ignore you may get your assets.
2. State law determines who gets assets, not you
3. Additional expenses will be incurred and extra work will be required to qualify an administrator-Surety Bond, additional costs and legal fees
4. You lose the opportunity to try to reduce Estate Tax, State inheritance taxes and Federal estate taxes
5. A Judge determines who gets custody of children. A greedy brother or crazy mother in law could ask the court for custody.
6. If you have no spouse or close relatives the State may take your property
7. The procedure to distribute assets becomes more complicated
8. It probably will cause fights and lawsuits within your family


When loved ones are grieving and dealing with death, they shouldn’t be overwhelmed with Financial concerns.

Think- Who don’t you want to receive your assets? Without a Will, they could receive your assets and request custody of children.

Who is not the best choice to raise your children, or safeguard your children's money for college? Do you want children, or grandchildren, to get money when they turn 18? Will they invest money wisely, or go to Seaside and play games?

Business assets

It is important to prepare a Will which sets forth distribution of a valuable property such as the good will of your business, the phone number of your business and equipment you own.
A Will must not only be prepared within the legal requirements of the state Statutes but should also be prepared so it leaves no questions regarding your intentions.

THE FOLLOWING IS A SAMPLE OF A VARIETY OF CLAUSES AND ITEMS WHICH KENNETH VERCAMMEN’S LAW OFFICE OFTEN INCLUDES IN A WILL

1ST: DEBTS AND TAXES
2ND: SPECIFIC BEQUESTS
3RD: DISPOSITION TO SPOUSE
4TH: DISPOSITION OF REMAINDER OF ESTATE
5TH: CREATION OF TRUSTS FOR SPOUSE
6TH: CREATION OF TRUST FOR CHILDREN
7TH: OTHER BENEFICIARIES UNDER 21
8TH: EXECUTORS
9TH: TRUSTEES
10TH: GUARDIANS
11TH: SURETY OR BOND
12TH: POWERS
13TH: AFTERBORN CHILDREN
14TH: PRINCIPAL AND INCOME
15TH: NO ASSIGNMENT OF BEQUESTS
16TH: GENDER
17TH: CONSTRUCTION OF WILL
18TH: NO CONTEST CLAUSE

WHY PERIODIC REVIEW IS ESSENTIAL

Even if you have an existing Will, there are many events that occur which may necessitate changes in your Will. Some of these are:

* Marriage, death, birth, divorce or separation affecting either you or anyone named in your Will

* Significant changes in the value of your total assets or in any particular assets which you own

* A change in your domicile

* Death or incapacity of a beneficiary, or death, incapacity or change in residence of a named executor, trustee or guardian of infants, or of one of the witnesses to the execution of the Will

* Annual changes in tax law

* Changes in who you like

MAY I CHANGE MY CURRENT WILL?

Yes. A Will may be modified, added to, or entirely changed at any time before your death provided you are mentally and physically competent and desire to change your Will. You should consider revising your Will whenever there are changes in the size of your estate. For example, when your children are young, you may think it best to have a trust for them so they do not come into absolute ownership of property until they are mature. Beware, if you draw lines through items, erase or write over, or add notations to the original Will, it can be destroyed as a legal document. Either a new Will should be legally prepared or a codicil signed to legally change portions of the Will.

A portion of your Will and Estate Planning can be deducted on your income tax return when it deals with tax planning. Thus, part of the fee is tax deductible for income tax purposes.
Under the law in New Jersey, if a person dies without a Will and without children, their spouse will inherit all assets, even if they are separated from the spouse. In addition, if you have children from a previous marriage, but no Will, your separated spouse will get half your estate. Therefore, you may wish to do the following:

1) Have an Elder Law attorney prepare a Will to distribute your assets to the people you care the most about. If you already have a Will, prepare a new Will and have the old Will revoked. ( Your estate planning attorney will explain this to you.)
2) Prepare a Power of Attorney to select someone to handle your finances if you become disabled. Have your old power of attorney revoked.
3) Prepare a Living Will prepared
4) Change your beneficiary on assets you may own, such as stocks, bank accounts, IRA, and other financial assets. Change your beneficiary under your own life insurance, whether whole life insurance or term insurance.
5) Contact your human resources person and change the beneficiary on life insurance, pension, stock options or other employee benefits. Note that your spouse must sign a written waiver permitting you to change beneficiaries.
6) Keep your personal papers at a location where family can find them.
7) Have your attorney prepare a prenuptial agreement if you decide to get re-married.
8) Make sure the trustee for any funds designated for your children is the "right" trustee.
9) In New Jersey, if you are married and living with your spouse, under certain instances the surviving spouse has a right to "elect against the Will" The disinherited spouse may like to elect against the Will and try to obtain one third of the estate. Your attorney can explain how you can protect yourself and your children.
10) If you have minor children, nominate someone under a Will to serve as guardian to the children. Although the surviving parent obviously has first right of custody of children, they may not even want custody.

SAVE MONEY- Have your attorney prepare a self- proving Will with a No bond clause

Your estate will be subject to probate whether or not you have a Will and in most cases, a Will reduces the cost by eliminating the requirements of a bond. With a well-drawn Will, you may also reduce death taxes and other expenses. Don’t pinch pennies now to the detriment of your beneficiaries

The proper preparation of a Will should involve a careful analysis of the your assets, family and desires.
Estate Planning is the process of examining what will happen to your property when you die and arranging for its distribution in such a manner as will accomplish your objectives.
The cost of a Will depends on the size and the complexity of the estate and the plans of the person who makes the Will.

Be sure your Will takes into account the 2009 Federal Tax changes and any Inheritance Tax changes. Also, ascertain if your Will is “self-proving”, which would dispense with having to find the Will’s witnesses after death.


OTHER DOCUMENTS TO BE PREPARED BY YOUR ATTORNEY
-Power of Attorney- to allow a trusted person to administer your assets during your lifetime, either upon disability or now
-Living Wills- to state your wishes concerning medical care in the event of your serious illness
-Trusts (and Medicaid Trusts)

CONCLUSION

Planning can only be done if someone is competent and/or alive. Make sure your assets can be passed directly to your loved ones. Kenneth A. Vercammen is a Middlesex County trial attorney who has published 125 articles in national and New Jersey publications on litigation topics. He has been selected to lecture to trial lawyers by the American Bar Association, New Jersey State Bar Association and Middlesex County Bar Association.
Call our office to schedule a confidential appointment 732-572-0500

KENNETH VERCAMMEN & ASSOCIATES, PC
ATTORNEY AT LAW
2053 Woodbridge Ave.
Edison, NJ 08817
(Phone) 732-572-0500
(Fax) 732-572-0030
website: www.njlaws.com

Collateral Damage

Law schools have now engaged in the USN&WR battle for several years and the collateral damages is mounting. I used to rail against my law school's participation in the war but now wish the Dean would go nuclear, whatever that means.

Most of the collateral damage is known to most of us. The biggest is huge publicity machines that turn out glossy magazine as schools fight for something comparable to economic rents. As best I can tell the biggest beneficiaries of these efforts are administrations who then can keep alums off their backs and keep their jobs. Faculties win too thought. Happier alums make for more contributions. I think we would all be astounded to compare most law school's publicity budgets of 1980 with what they are in 2010.

Other collateral damage is the hiring of one's own graduates in order to inflate the employment figures. Why is this collateral damage? Mainly it is a charitable contribution or welfare payment to already well-heeled people.

And then there is the endless fiddling with classes. The standard is to reduce the size of the entering class and admit more transfer students. Or report students as part time.

My reason for this post, since we have hashed this out before, is the impact of the new emphasis on GPA's and LSAT scores. I used to have the view that a state school should provide some opportunity for students who did not have the highest GPAs and LSAT scores. In favoring that view I did not think about the older applicants. What happens to a person who graduated with a 3.3 twenty years ago or more before grade inflation or who has an under 160 LSAT score but had not taken a standardized test for 25 years? The GPA/LSAT obsession pretty much closes them out even thought a 3.3 might be a 3.8 today. That person also offers age diversity to a school that generally admits 22-25 year olds who are wet behind their ears and have no idea what they want to do in life.