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Stressed Southern Timber Growers Get Hit Again

Owners of forest land along the Florida Panhandle and beyond are grappling with at least $1.6 billion in timber losses after Hurricane Michael.
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Bringing Up Baby's Market Share at J&J

After missing out on major shifts in consumer tastes and watching sales stall, the company has remade its baby line from head to toe. Catching up won’t be easy.
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Fortnite Creator Epic Games Valued at Nearly $15 Billion

Epic Games, the creator of the smash-hit videogame “Fortnite,” is valued at almost $15 billion as part of a new investment round.
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After Months of Struggle, NBC's $69 Million Bet on Megyn Kelly Flames Out

An outcry over remarks Ms. Kelly made on the air about blackface Halloween costumes on Tuesday proved the last straw in the anchor’s rocky stint on the ‘Today’ show. NBC canceled her show Friday. Negotiations “about next steps” continue, her lawyer said.
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GDP Grows 3.5% on Consumer Vigor but Investment Slows

Strong consumer spending powered economic growth in the third quarter, helping to offset weak business investment and a drop in U.S. exports.
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China Puts Yuan Skeptics on Notice as Currency Nears Decade Low

After a nearly 7% selloff this year, the yuan is at the brink of hitting 7 per dollar, a threshold that could trigger further selling if Chinese businesses and individuals decide they need to expatriate capital before any further decline.
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Microsoft Defends Its Bid on U.S. Military Contract

Microsoft executives defended supplying technology to the U.S. military, in another case of a tech company having to explain its relationship with the government in the face of objections from employees.
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Apple May Lean on iPhone XR to Juice Sales

A year after leaning on its high-price iPhone X to ignite sales of its best-selling product line, Apple may need the lower-priced successor—the XR—to perform the same trick.
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A GOP Lawmaker's Battle to Turn Growth and Jobs Into Votes

Republicans and Democrats are sparring on the campaign trail over who gets credit and blame for the economy. Support for the president isn’t always translating into support for local Republicans on economic issues.
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U.S. Consumer Sentiment Ticked Down at the End of October

U.S. households became slightly less confident about the economy in late October, but their overall outlook remained elevated.
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Are Price Increases Painting Companies Into a Corner?

Makers of everything from paint to Big Macs are raising prices to offset costs. But is the American consumer ready to revamp budgets to protect corporate profits?
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Volcker Sees Fed Rate Increases as Key to Stable Growth

The former central-bank chief, often credited with setting the stage for the boom of the 1980s, reflects on economic life lessons ahead of his new book, ‘Keeping At It.’
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Some 43% of College Grads Are Underemployed in First Job

Liberal-arts majors often fare better in avoiding underemployment than those who pursue more vocationally geared majors, such as degrees in parks, recreation, leisure and fitness studies and homeland security.
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A Big Reason U.S. Economy Is Accelerating: Military Spending

A pickup in government spending, particularly defense, has helped drive a broad acceleration in U.S. economic growth, according to an analysis of Commerce Department data.
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BROWN v. UNITED STATES. Decided 10/15/2018

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Top 10 from Texas Bar Today: Bitcoin Battles, Client Communications, and Music Modernization

Originally published by Joanna Herzik.

To highlight some of the posts that stand out from the crowd, the editors of Texas Bar Today have created a list from the week’s blog posts of the top ten based on subject matter, writing style, headline, and imagery. We hope you enjoy this installment.

10. Get Started Now for Legal Marketing Success in 2019Bruce Vincent of Muse Communications, LLC @MuseCommLLC in Dallas

9. I Used My Biggest Fear to Motivate MeCordell Parvin @cordellparvin of Cordell Parvin LLC in Dallas

8. Houston, Harris County to Divert Young, Low-Level Offenders from PrisonNeal Davis of Neal Davis Law Firm, PLLC @NealDavisLaw in Houston

7. Injunction Junction, who’s your Sovereign?David Coale @600camp of Lynn Pinker Cox & Hurst, LLP in Dallas

6. Client CommunicationsMurray Newman of The Law Office of Murray Newman @murraynewman in Houston

5. New Bill “Music Modernization Act” Proposed to Help Songwriters – Peggy Keene of Klemchuk LLP @K_LLP in Dallas

4. Bitcoin Battles: Is Your Spouse Hiding Assets Via Cryptocurrency?Bryce Hopson of Hance Law Group, P.C. in Dallas

3. Don’t Look a Gift Horse in the Mouth?Michael B. Cohen @dallaselderlaw of Michael B. Cohen Attorney and Counselor at Law in Dallas

2. Having Your Cake and Eating It Too: Sixth Circuit Rules that Employees Need Not Return Severance Pay Before SuingJohn P. Phillips and Linda Schoonmaker of Seyfarth Shaw LLP @seyfarthshawLLP in Houston

1. Can You Fire Someone for Participating in Public Protests?Alyson Brown of Clouse Brown PLLC @ClouseBrownLaw in Dallas

 

Curated by Texas Bar Today. Follow us on Twitter @texasbartoday.

Original author: Joanna Herzik
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Don’t Look a Gift Horse in the Mouth?

Originally published by Michael Cohen.

Although many realize you can make a tax-free gift of $15,000 per calendar year, per recipient without having to report the gift to the IRS, we often find that most are unaware of unintended adverse consequences that could result from that act of generosity since other issues should often be considered besides the gift tax issue. Many give away $15,000 per year, per person simply to reduce the size of their estate – particularly if they should have an estate that would otherwise be taxable on death (estate taxes). So, for example, if parents, each 60 years old, have adult children, the parents could give a total of $60,000 in a year (the father giving $15,000 to each child and the mother giving $15,000 to each child) without being subject to gift tax or reporting requirements. Most do not realize that if the gift exceeds $15,000 to an individual, it is the donor (in this case, the parents) not the donees (the children in this case) that are responsible for any gift tax and for reporting the gift to the IRS. So, if the father gave $115,000 to one child in year 2018, the father would be subject to the gift tax on the $100,000 excess over the annual exclusion amount of $15,000. However, the father could file a gift tax return using part of the unified lifetime exclusion which is presently $11,180,000 per individual donor (and that amount is scheduled to increase to $11,400,000 as of 1/1/19). This would reduce the amount that the donor could give at death. Those with taxable estates may look at the valuation of the asset given prior to making a gift.

Since most Americans have an estate less than $11,180,000 (double that amount is married), the excess gift would have no problem from either a gift or estate tax perspective. The gift is neither tax deductible and the recipient of the gift is not subject to income tax for receiving the gift.

Furthermore, a person can give away more than $15,000 to any donee (the recipient) if it is made directly to an educational institution (i.e., pay your grandchild’s tuition) or if it is made to a medical provider (i.e., pay your child’s hospital and doctor bills) in addition to the $15,000 gift per year to such donor.

This is a different than giving to a charity where there is no limit and where sometimes the donor gets a charitable tax deduction. It should be noted that beginning in year 2018 less Americans will be entitled to the charitable tax deduction since the standard deduction was doubled by the new tax law that became effective in 2018. As a result, for those who are charitable and over 70½ who have retirement accounts but do not need the income from the retirement account (which a minimum amount is required to be distributed annually, once they reach 70½) and the charitable deductible is less than the standard deduction, it is suggested the distribution (which normally would be subject to income taxation) be made directly to the charity as that would not result in income tax under current law (but there would be no charitable deduction). So, for example, if a 72-year-old with a retirement account normally tithed but his or her deductions were not greater than the standard income tax deduction, then he or she should consider the distribution be made directly to the charity so there would be no income tax on the distribution.

Another tax consideration before making a gift is to be careful what you give. The recipient of a gift takes the “basis” of the donor. So, if you gave to your child highly appreciated stock or real estate during your life, your child would be responsible for capital gains tax on the increase in value of such stock or real estate from the value as of the date you acquired the same. It should be mentioned that if said stock or real estate was held by you until your passing, there would be a “step-up” (increase) in the basis as to the value as of the date of death resulting in no capital gains tax on the increase in value from the date of your acquisition of the asset to the date of your passing. Therefore, one should consider what they give (in the case of appreciated assets) or how they give (in the case of the IRA to a charity) before giving.

In addition to tax considerations, public benefits rules should also be taken into account before making a gift as there is a presumption that uncompensated transfers were purposefully done to reduce assets so that the government would help pay for care costs since programs such as Medicaid and certain Veterans programs are “means-tested”. So even though you make a $15,000 gift which may have no gift tax implication or reporting requirement, it could be a disqualifying event if you should apply for public benefits within the applicable “look-back” period. There are numerous Medicaid programs each with their own rules, but a common example would be long-term care Medicaid which has a five-year look-back period. So, if you made an uncompensated transfer (a transfer for less than fair market value) to a child (assuming the child is not disabled which is one of the exceptions under the Medicaid rules or the gift is not to an UTMA or to an ABLE account discussed in another article in this newsletter), it could be penalized requiring you to private pay instead of the government assisting in payments for long-term care. Similarly, as of October 18, 2018, the Veterans Administration will also penalize claimants who seek benefits if the transfer reduces assets below the maximum allowable limit (see our article this month) if made within a three year look-back period.

Thus, before making a gift, there are numerous considerations (ranging from various tax issues to public benefits issues) that the donor should be aware prior to making a gift.

If interested in this or other estate planning public benefits issues, then you should consider our next free “Estate Planning Essentials” workshop to be held on Saturday, October 6, 2018 from 10:00 a.m. to noon or on Thursday, October 25, 2018 from 1:00 to 3:00 p.m. or by calling (214) 720-0102 or sign up online at www.dallaselderlawyer.com.

The post DON’T LOOK A GIFT HORSE IN THE MOUTH? GIFTING PROS AND CONS – CONSIDER BOTH TAX AND PUBLIC BENEFITS ISSUES appeared first on Dallas Elder Lawyer.

Curated by Texas Bar Today. Follow us on Twitter @texasbartoday.

Original author: Michael Cohen
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Savings on events and fashion

Originally published by Staff Report.

With offers on sporting events, theme parks, and stylish outfits, your Member Benefit Program has everything you need to have fun and look great this October. Visit the Entertainment, Retail, and Wireless Phone pages to start saving.

Premium Seats: NFL Football Tickets — Premium Seats USA carries a huge selection of NFL tickets. Save $50 on orders of $400 or more, or save 10% on your entire order. Ticket Monster — Thanks to the Ticket Monster Employee Discount Program, you can save up to 50% on tickets to sports events, concerts, theme parks, and movies. Preferred Access Tickets: Concerts — Get tickets to the most in-demand concerts, sports games, and major events around the world with the new TicketsatWork Preferred Access. It’s all here: great seats, the best prices, and the top shows. Theme Parks & Attractions — Save up to 40% on admission to the nation’s most popular theme parks, special events, and attractions. Savings are available for Walt Disney World Resort, Universal Orlando, Cirque du Soleil, movie tickets, and more. Rockport — Rockport believes that your workday should be spent in comfort and style. To help you turn heads at work without compromising comfort, Rockport offers 25% off your entire purchase all year round. OtterBox — Shop otterbox.com, and receive 15% off the OtterBox case of your choice. We dedicate our cases to all the klutzy, spontaneous, chaotic, graceless individuals who have broken a device or valuable due to their active lifestyle. Skechers Direct — Skechers Direct is proud to offer you all the benefits of our corporate shoe program. Save 30% year round on select work, corporate casual, dress, and performance shoes from Skechers.

Current offers provided by Beneplace.

For more information on other discounts you’re eligible for as a member of the State Bar of Texas, visit texasbar.com/benefits.

Texas Bar Private Insurance Exchange
The Texas Bar Private Insurance Exchange is a multi-carrier private exchange designed for State Bar of Texas members and their staff and dependents. Available to both individuals and employer groups, the exchange offers a wide range of health insurance choices and more.

State Bar of Texas – Benefits & Services

Lifestyle
Spend time on you—life doesn’t have to be all work and no play. Browse offers Office
Make your practice more efficient with new tools and programs. Browse offers Travel
Make your plans for anything and anywhere, from a much-needed vacation to a quick business trip. Browse offers Insurance and Finance
Get peace of mind with health insurance and a retirement plan that work for you. Browse offers Technology
Get up to speed on everything from building a website to billing clients. Browse offers Additional Benefits
Look through hundreds of offerings to find just what you need—and things you didn’t even know about. Browse offers

Curated by Texas Bar Today. Follow us on Twitter @texasbartoday.

Original author: Staff Report
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Investor Fraud: Goldstone Financial Sued For Selling 1 Global Capitals Securities …

Originally published by P. Clarkson Collins Jr..

Investors Sue Goldstone Financial Group Over 1 Global Capital Sales
Investors have filed a proposed class action securities fraud case against Goldstone Financial Group LLC, their principals Anthony Pellegrino and Michael Pellegrino, and their defunct Pell Corp. Brothers Inc. The plaintiffs contend that the financial services firm sold illegal securities in payday lender 1 Global Capital, which is now accused of running a $287M investor fraud.

According to the investor fraud complaint, Goldstone, which is based in Illinois, promoted “short term high earnings “ stakes in 1 Global loans through dinner seminars at fancy restaurants, as well as infomercials that aired in the Chicago area. The broker-dealer is accused of raising millions of dollars as a result of its efforts though the sale of interests in 1 Global’s loans that were issued to businesses unable to obtain traditional financing and in merchant cash advances.

Since 2014, 1 Global allegedly has fraudulently raised $287M throughout the US. Investors were allegedly promised that they stood to make money from these supposedly low risk investments.

In August, the US Securities and Exchange Commission filed fraud charges against the company while accusing its CEO Carl Ruderman of diverting at least $28M in investor funds to pay for his lavish lifestyle and unrelated business costs. Thousands of investors have purportedly been defrauded.

Meantime, 1 Global paid some $9M in broker fraud commissions, including to barred brokers and unregistered investment advisers and others that sold the securities, which were unregistered. 1 Global filed for bankruptcy protection this summer.

The plaintiffs of this proposed class action want all of their money back with interest and other damages.

DOJ Arrests Foreign National Over Alleged $164M International Market Rigging Fraud
The US Justice Department have arrested and charged Roger Knox, a UK resident, with securities fraud and conspiracy to commit securities fraud. Knox is one of a number of people accused of running a fake Swiss asset management firm called Wintercap SA and previously known as Silverton SA. The firm purportedly ran multiple international market rigging scams, generating almost $165M since June 2015.

Knox and his co-conspirators are accused of selling “massive quantities” of microcap securities in at least 50 microcap companies for control groups that secretly owned the stock. Knox allegedly ran marketing campaigns to artificially raise the price and trading volume of the securities, sending the proceeds to his co-conspirators.

Meantime, the US Securities and Exchange Commission has filed a parallel civil case against Knox, Wintercap, and Michael T. Gastauer. The regulator, which filed an emergency order this week, has been able to obtain an asset freeze.

The SEC contends that Knox and Wintercap assisted microcap securities holders to get around federal securities laws that limit sales by big shareholders and gave them “anonymous access’ to brokerage accounts so they could sell the shares in the US. Gastauer, meantime, is accused of aiding and abetting the microcap fraud.

Cornerstone Capital Founder Gets Six Years for $3M Investor Fraud
Melvin Leonard Wimmer, a South Carolina-based investment adviser and the founder of Cornerstone Capital, is sentenced to six years in prison. Wimmer, who pleaded guilty to securities fraud, lost about $3m in investors’ money. Many of the investors were older investors who lost their retirement money as a result of the scam.

From 2010 and 2017, Wimmer was able to raise over $3.6M from 25 investors for trading in options, futures, and securities. However, contend prosecutors, Wimmer did not tell investors that much of the funds would be pooled for high-risk trading in futures and securities contracts. Even as the trading sustained losses, he continued to send investors fraudulent account statements showing 8-10% in yearly gains.

In addition to his prison sentence, Wimmer must pay $3M in restitution for the investment adviser fraud.

Our investment fraud law firm works with all kinds of investors in helping them to recoup their money. Please contact Shepherd Smith Edwards and Kantas, LLP to request your free, no obligation, case consultation.

Investors Hit Broker With Class Action Over 1 Global Sales, Law360, October 2, 2018

The SEC Complaint in the 1 Global Case (PDF)

The SEC Complaint in the Roger Knox Case (PDF)

Founder of Swiss Brokerage Firm Charged in Global Securities Fraud Scheme, Justice.gov, October 3, 2018

Greenwood Investment Advisor Sentenced to Prison, Justice.gov, October 3, 2018

The post Investor Fraud: Goldstone Financial Sued For Selling 1 Global Capitals Securities, Criminal Charges Filed in Alleged $164M International Microcap Scam, and Cornerstone Investment Adviser is Sentenced to Six Years appeared first on Securities Fraud Attorney.

Curated by Texas Bar Today. Follow us on Twitter @texasbartoday.

Original author: P. Clarkson Collins Jr.
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Brace Yourselves, PACER-Like Systems Are Coming This Winter

Originally published by Angela Morris.

 

The Texas Supreme Court took the next step in expanding re:SearchTX, which grants access to state court records electronically filed anywhere in Texas.
      

Curated by Texas Bar Today. Follow us on Twitter @texasbartoday.

Original author: Angela Morris
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