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Friday Factoid – 8.31.12

It is estimated that George Foreman has earned over $200 million by lending his name to a grill, a sum that is substantially more than he earned as a boxer. Source: http://www.businessweek.com/stories/2004-12-19/george-foreman-marketing-champ-of-the-world

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Friday Factoid – 8.24.12

The cost of one product adulteration or counterfeiting incident averages between 2 and 15 percent of yearly revenues, depending on company size; this could translate to a $400 million impact for a large company, or a $60 million impact for a small company. Source: Grocery Manufacturers Association and A.T. Kearney, “Consumer Product Fraud: Deterrence and…

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The Weekly Scenario from Steve Shane – 8.14.12

I get questioned more and more about what same sex couples can do in terms of their estate planning.  I wrote a few weeks back about a court case, “Windsor”, which was a New York District Court case which held that part of DOMA (the Defense of Marriage Act) is unconstitutional and that same-sex couples…

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The Weekly Scenario from Steve Shane – 8.6.12

This past week I worked with a client who has a rather large art collection, which for the most part, she is leaving to family members.  However, certain pieces she plans to leave to a museum if the museum agrees to place the pieces on exhibit in the museum after her passing.  Other pieces she…

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The Weekly Scenario from Steve Shane – 7.30.12

This was a question I received this week from a professional advisor and thought it had wide applicability so here it goes… Question:  My client is divorcing her spouse.  If her divorce agreement does not state otherwise, what happens if she does not change her Will or beneficiary designations on her life insurance after her…

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The Weekly Scenario from Steve Shane – 7.23.12

Question:  Decedent passed away and no one has been able to locate the original Will nor a copy of the signed Will.  Can an unsigned copy of the Will be accepted into probate? Answer:  Believe it or not, in some states that have adopted something referred to as the Uniform Probate Code, it may now…

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The Weekly Scenario from Steve Shane – 7.16.12

Question:  Is it possible for adult children to be responsible for their parent’s debts? Answer:  For the most part, children are generally immune from debts of their parents.  However, interestingly enough, thirty states have “filial support” laws that could be used to go after patients’ adult children for unpaid long-term-care bills. Filial responsibility laws date…

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The Weekly Scenario from Steve Shane – 4.29.12

Question: This week I received a call from a client who asked about IRS Form 8283, which is a form that is required to be submitted for non cash contributions to charity. My Q&A this week is less about the actual form itself and more about the importance of seeking professional advice in preparing your…

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