The Thursday Report – 7.31.14 – BP Paying and Nevis Trusts
BP Opens the Spicket – Claims are Being Processed, Appeals are Proceeding and Payments are Being Issued and Received on BP Claims – Make Sure Your Claim is Right and Do Not Delay Filing or Correcting Existing Claims
Spot the Grammar Errors Answers!
Phil Rarick’s Informative Blog: 12 Asset Protection Advantages of the Nevis Trust
Humor! (or Lack Thereof!)
We welcome contributions for future Thursday Report topics. If you are interested in making a contribution as a guest writer, please email Janine Gunyan at Janine@gassmanpa.com.
This report and other Thursday Reports can be found on our website at www.gassmanlaw.com.
BP Opens the Spicket – Claims are Being Processed, Appeals are Proceeding and Payments are Being Issued and Received on BP Claims – Make Sure Your Claim is Right and Do Not Delay Filing or Correcting Existing Claims
By Dean A. Kent and Alan S. Gassman
On June 9, 2014, the U.S. Supreme Court denied BP’s application that claims administration be stayed pending appeal of the Fifth Circuit Court of Appeal decision that the BP class settlement will be binding upon BP and BP claimants.
Since then we have waited to see when the claim administrator would actually be back into the payment mode and the appeals coordinator processing the numerous appeals, and it has occurred.
We are happy to report that payments have commenced for all claims that were approved and not in the appeals process prior to the October 2, 2013, injunction and stay issued by the Fifth Circuit. Such claims are moving to payment processing quickly and final payments are being issued and received by claimants.
As for appeals, by subsequent order dated June 27, the District Court allowed for the continued processing of appeals for claims where matching of revenues and expenses is “very clearly” not an issue. If no matching objection has been raised, the appeal will proceed to final resolution. Notably, for these claims several arbitration rulings and Post Appeal Eligibility Notices have been issued in the past week.
If there is a possibility of BP raising an objection regarding matching with a claim on appeal, the appeal will go back to the Claims Administrator to determine whether the financial records previously provided sufficiently “match” revenues to related expenses under new Policy 495. If so, the claim will proceed with the appeal and arbitration. If not, a new damages model will be prepared by the Claims Administrators after being screened that “matches” revenues to expenses under Policy 495 and a new Notice of Eligibility will be issued that may differ from any previous Eligibility Notice.
The issuance of a new Eligibility Notice will trigger rights to request re-review, reconsideration and appeal. Likewise, issuance of the new Eligibility Notice will trigger BP’s right to seek appeal.
Spot the Grammar Errors Answers!
Two weeks ago, we challenged Thursday Report readers to spot the typos and misspellings in the July 17th edition of the Thursday Report. You can view that Thursday Report by clicking here, and you can review the marked up copy that shows the errors by clicking here.
Last week, we challenged readers to spot 3 grammar mistakes made in the Thursday Report. To see the mistakes, please click here.
Phil Rarick’s Informative Blog: 12 Asset Protection Advantages of the Nevis Trust
We are playing hooky today but were pleased to see Phil Rarick’s blog post on 12 Advantages of Using Nevis Trusts. We have been using Nevis LLC’s and trusts for many years, for a number of good reasons. The culture, professionalism, stability, and last but not least a very nice Four Seasons Hotel make this a jurisdiction worth knowing. We thank Phil for this reminder.
According to a recent Florida Bar treatise, Nevis, along with the Cook Islands, are recognized as foreign jurisdictions with “the most modern and comprehensive asset protection trusts legislation.” See Offshore Asset Protection Trusts, Asset Protection In Florida, by James J. Flick and Jonathan Gopman, p. 10-11, The Florida Bar (Third Edition, 2013)
To learn more about this interesting topic, please click here.
Humor! (Or Lack Thereof!)
Alan is in New York City this weekend, and if you email him while he’s away, you’ll get the below vacation message (but don’t worry! He’ll be back in time for the Young Lawyers Workshop on August 3rd!)
I’m in New York,
On business and knife and fork,
When the business is done,
I’ll be seeing breweries with my sons,
And Carnegie Deli daily,
Without fail-y,
Not to mention Bullets over Broadway,
And the Book of Mormon,
In memory of my dear departed Uncle Norman
See you Monday, real world folks,
And others sooner, if your fun invokes,
I’ll miss the office and all it offers,
While doing my best to maximize New York’s coffers.
Thanks to Marcia for letting me go,
And BB Kings and Birdland for music that flows,
And as our tastes refine and fun is more often,
I thank NYC for events and times that never soften
Here is a response to Alan’s vacation message that we received this afternoon from a really neat client….thanks Denise!
There once was a lawyer named Al
Who played in NY with his pal(s)
When the pubs they did close
He watched Broadway shows
And sent selfies back home to his gal!
While he’s gone, here are some of our favorite pieces of Thursday Report humor, starting with a cartoon by Gassman Law Associates assistant Amy Bhatt.
THE BALCONY SCENE, IF ROMEO AND JULIET WERE ATTORNEYS
JULIET: Deny thy father, and refuse thy name, and petition in chancery court for a name change, and file before the office of vital statistics.
ROMEO: My name, dear saint, is hateful to myself, because it is an enemy to thee. I will therefore show that my petition is filed for no ulterior or illegal purpose and granting it will not in any manner invade the property rights of others, according to Title VI, Chapter 68.07 (j).
JULIET: How camest thou hither, tell me, and wherefore? The orchard walls are high and hard to climb, and a person who, without being authorized, licensed or invited, willfully enters upon or remains in any property violates Title XLVI, Chapter 810.09 and the place death, if any of my kinsmen find thee here. Does thou love me? I know thou wilt say ‘Aye’, thou may prove false, at lover’s perjuries, they say, ‘Jove Laughs’.
ROMEO: Lady, by the blessed moon, I swear
JULIET: O, swear not by the moon, the inconstant moon.
ROMEO, Then I call the judge from “Merchant of Venice” and a stenographer.
JUDGE AND STENOGRAPHER: Hello.
ROMEO: Who will now depose me, under rule 1.310 of the rules of civil procedure, recording my oath or affirmation taken or administered before an officer authorized under s. 92.50, knowing that the penalty for perjury, under s775.082, s775.083 or s775.084 may result in imprisonment for up to one year, a fine of $1,000 dollars, or both, since this is not a legal proceeding for a capital felony.
JUDGE: Ready, my lady?
(JULIET HAS FALLEN ASLEEP)
The Legal Problems of Cartoon Characters
by Ronald H. Ross:
Bullwinkle the Moose
Was jailed for substance abuse
His partner shouldn’t be so cocky,
He turned state’s witness against Rocky
When he couldn’t pay his debts to thugs,
It was broken bunny legs for Buggs
Popeye accidentally squeezed Olive Oil
So hard she shuffled off her mortal coil
Caught with a bone, and someone else’s shoe,
Was seasoned crime-fighter Scooby Doo
Charged with treason is Betty Boop,
Giving info and “entertaining” enemy troops
And there’s a reason they call him Speed Racer
(amphetamines with a whiskey chaser)
They almost caught Mr. Magoo,
The FBI wired one of his criminal crew
But the nearsighted guy smelled trouble because the snitch was Pepe Le Pew
Upcoming Seminars and Webinars
CLEARWATER WORKSHOP FOR YOUNG LAWYERS:
Alan Gassman will be joined by several experienced attorneys and other well respected industry experts during a full day workshop for young lawyers who wish to enhance their practice and personal lives.
Date: Sunday, August 3, 2014 | 9am – 3pm
Location: Clarion Hotel, 20967 US 19 N., Clearwater
Additional Information: To register for this program please email agassman@gassmanpa.com
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FREE LIVE WEBINAR:
HIPAA MEDICAL OFFICE DISASTER AVOIDANCE CHECKLIST
This 20-25 minute webinar includes valuable forms and important strategies that every medical office should know about. Join us for an interactive and innovative discussion of how medical practices can be decimated by HIPAA, including a number of survival techniques, tips, and tools.
Date: Tuesday, August 5, 2014 | 12:00 p.m. and 7:00 p.m.
Speakers: Alan S. Gassman, Lester Perling, and Jeff Howard
Location: Online Webinar
Additional Information: To register for the 12 p.m. webinar, please click here. To register for the 7 p.m. webinar, please click here.
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FREE LIVE WEBINAR:
SOFTWARE UPDATE WEBINAR: NEW FEATURES FOR ATTENDING CREATURES
Alan Gassman will be joined by Ken Crotty and software designer Dave Archer to discuss the new features of our EstateView software. Additionally, there will be a session for new users to become familiar with the program.
Date: Wednesday, August 6, 2014 | 12:30 pm (30 minutes)
Location: Online webinar
Additional Information: To register for the webinar please click here.
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FREE LIVE WEBINAR:
A POWERFUL 40 MINUTE DOUBLE HEADER WITH JONATHAN BLATTMACHR
Topics:
- Foreign vs. Domestic Asset Protection Trusts: More Than Just Creditor Protection Considerations
- Empowering Your Powers of Appointment: Don’t Leave Out Important Tax and Practical Provisions or Ignore Important Considerations. With Sample Provisions
Date: Tuesday, August 12, 2014 | 12:00 p.m.
Location: Online webinar
Additional Information: To register for the webinar please click here.
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LIVE ISLE OF MAN PRESENTATION:
Alan S. Gassman will be speaking on US TRUST AND TAX LAWS FOR INTERNATIONAL INVESTORS at Cayman National Bank and Trust Company on the Isle of Man
Sign up now and you will receive a free lunch! Transportation not included.
“Half-way between England
And Ireland in the Irish Sea.”
Is a great place to discuss trusts with glee.”
Date: Wednesday, September 3, 2014
Additional Information: If you would like to receive a copy of the materials that will be presented please email Janine Gunyan at janine@gassmanpa.com and we will send them to you once they are ready.
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FREE LIVE WEBINAR:
Ken Crotty will be presenting a free live webinar entitled AVOIDING DISASTER ON HIGHWAY 709. The 50 minute guide to disaster avoidance with respect to gift tax returns. This webinar will qualify for 1 hour of CLE and CPE credit.
Date: Wednesday, September 3, 2014 | 12:30 p.m. (50 minutes)
Location: Online webinar
Additional Information: To register for the webinar please click here.
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LIVE FT. LAUDERDALE PRESENTATION:
FICPA ANNUAL ACCOUNTING SHOW
Alan S. Gassman will be speaking at the FICPA Annual Accounting Show on Thursday, September 18, 2014 on the topic of ESSENTIAL GUIDE TO BASIC TRUST PLANNING for 50 minutes.
This presentation will introduce basic and intermediate trust planning background and provide attendees with an orderly list of the most commonly used trusts, practical features and traps for the unwary, including revocable, irrevocable and hybrid. The discussion will include tax, creditor protection and probate and guardian considerations.
Date: Wednesday, September 17 through Friday, September 19, 2014
Location: Fort Lauderdale, Florida
Additional Information: For more information about this program please contact Stephanie Thomas at ThomasS@ficpa.org
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LIVE CLEARWATER PRESENTATION:
Board Certified Tax Attorney Michael O’Leary from the Trenam Kemker firm in Tampa, Florida and Christopher Denicolo from Gassman Law Associates will be speaking at the Ruth Eckerd Hall Planned Giving Advisory Council event on Tuesday, September 23, 2014.
Mr. O’Leary’s topic is HOT TOPICS IN CHARITABLE PLANNING AND MORE.
Mr. Denicolo’s topic is PLANNING FOR INHERITED IRAs.
Date: Tuesday, September 23, 2014 | 5:00 p.m.
This presentation is free to members of the Ruth Eckerd Hall Planned Giving Advisory Council, Ruth Eckerd Hall members, and professionals who are attending a Ruth Eckerd Hall Planned Giving Advisory Council event for the first time.
Additional Information: You can contact Suzanne Ruley at sruley@rutheckerdhall.net or via phone at 727-791-7400, David Abelson at david.abelson@morganstanley.com or via phone at 727-773-4626, Alan S. Gassman at agassman@gassmanpa.com or via phone at 727-442-1200 or the Kentucky Fried Chicken located at 1960 Gulf to Bay Blvd, which is close in proximity to this location and available to provide you with crisp, spicy or even crispier chicken, mashed potatoes and gravy, rolls, and slaw! Bring your 32 oz. Kentucky Fried Chicken drink container to the presentation and we will fill it with your choice of club soda or seltzer water, but no sharing permitted.
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LIVE NEW JERSEY PRESENTATION – WHAT NEW JERSEY LAWYERS NEED TO KNOW ABOUT FLORIDA LAW TO REPRESENT SNOWBIRDS AND FLORIDA BASED BUSINESSES:
NEW JERSEY INSTITUTE FOR CONTINUING LEGAL EDUCATION (ICLE) SPECIAL 3 HOUR SESSION
New Jersey song trivia: What song includes the words “Counting the cars on the New Jersey Turnpike, they’ve all gone to look for America”? What year was it recorded and who wrote it?
Alan S. Gassman will be the sole speaker for this informative 3 hour program entitled WHAT NEW JERSEY LAWYERS NEED TO KNOW ABOUT FLORIDA LAW
Here is some of what the New Jersey Bar Invitation for this program provides:
New Jersey residents have always had a strong connection to Florida. We vacation there (it=s our second shore), own Florida property (or have favored relatives that do) and have family and friends living there. Sometimes our wealthiest clients move to Florida and need guidance, and you need background in order to continue representation.
There are real and significant differences between the two states that every lawyer should be cognizant of. For example, holographic wills are perfectly legitimate in New Jersey and anyone can serve as an executor of an estate, which is not the case in Florida. Also, Florida=s new rules regarding LLCs are different, and if you are handling estates of New Jersey decedents who owned Florida property, there are Florida law issues that must be addressed. Asset protection differs significantly in Florida too.
Gain the knowledge you need to assist your clients with Florida matters including:
- Florida specific laws involving businesses, trusts, and estates
- Florida tax planning
- Elective share and homestead rules
- Liability Insulation and Planning
- Creditor Protection and Strategies
- Medical Practice Laws
- Staying within Florida Bar Guidelines that allow representation of Florida clients
Comments from past attendees of this program:
- Excellent seminar and materials!!!
- This was one of the best ICLE seminars yet!
- One of the best seminars I have attended.
- Better than mashed potatoes and gravy. Glad he didn’t serve grits!
Date: Saturday, October 4, 2014
Location: TBD
Additional Information: This is a repeat of the same program that we gave last year, but our book is now updated for the new Florida LLC law and changes in estate and trust law. Please tell all of your friends, neighbors, and enemies in New Jersey to come out to support this important presentation for the New Jersey Bar Association. We will include discussions of airboats, how to get an alligator off of your driveway, how to peel a navel orange and what collard greens and grits are. For additional information, please email agassman@gassmanpa.com
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LIVE NEW PORT RICHEY PRESENTATION:
Alan S. Gassman, Kenneth J. Crotty and Christopher J. Denicolo will address the North FICPA Group on Financial Analysis and Tax Planning for Investment Products, Including Variable Annuities, Fixed Annuities, Life Insurance Contracts, and Mutual Funds – What Should the Tax and Financial Advisor Know and Advise?
Be there or be an equilateral triangle!
Date: Wednesday, October 15, 2014 | 4:30 p.m.
Location: Chili’s Port Richey, 9600 US 19 N, Port Richey, Florida
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LIVE CLEARWATER PRESENTATION
Alan Gassman will be speaking at the Pinellas County Estate Planning Council Fall Seminar on PLANNING FOR SAME GENDER COUPLES
Date: Thursday, October 23, 2014 | 8:00 am
Location: Ruth Eckerd Hall, 1111 N. McMullen Booth Road, Clearwater, Fl
Additional Information: To register for this event please email agassman@gassmanpa.com
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LIVE PASCO COUNTY PLANNED GIVING (AND DRINKING!) COCKTAIL HOUR AND PRESENTATION:
Alan S. Gassman and Christopher J. Denicolo will be speaking at the Pasco-Hernando State College’s Planned Giving Consortium Luncheon on Planning for Inherited IRA’s in View of the Recent Supreme Court Case – and Demystifing the “Stretch in Trust” Ira and Pension Rules
Date: Thursday, October 23, 2014 | 4:30 p.m.
Location: Spartan Manor, 6121 Massachusetts Avenue, Port Richey, Florida
Additional Information: For more information, please contact Maria Hixon at hixonm@phsc.edu
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LIVE SARASOTA PRESENTATION:
2014 MOTE VASCULAR SURGERY FELLOWS – FACTS OF LIFE TALK SEMINAR FOR FIRST YEAR SURGEONS
Alan Gassman will be speaking on the topic of ESTATE, MEDICAL PRACTICE, RETIREMENT, TAX, INSURANCE, AND BUY/SELL PLANNING – THE EARLIER YOU START THE SOONER YOU WILL BE SECURE
Date: October 25 – 26, 2014 | Alan Gassman is speaking on Sunday, October 26, 2014
Location: TBD
Additional Information: Please contact agassman@gassmanpa.com for additional information.
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LIVE CLEARWATER PRESENTATION:
TAMPA BAY CPA GROUP
Alan Gassman, Ken Crotty and Christopher Denicolo will be presenting THE MATHEMATICS OF ESTATE PLANNING in a 2 hour session at the Tampa Bay CPA Group Fall 2014 Seminar.
Date: November 7, 2014
Location: Marriott Hotel, 12600 Roosevelt Blvd North, St. Petersburg, FL 33716
Additional Information: For more information please contact Richard Fuller at richardf@fullercpa.com.
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LIVE UNIVERSITY OF NOTRE DAME PRESENTATION:
40th ANNUAL NOTRE DAME TAX & ESTATE PLANNING INSTITUTE
Topic #1: PLANNING WITH VARIABLE ANNUITIES AND ANALYZING REVERSE MORTGAGES
This presentation will cover the unique income tax and financial planning characteristics of fixed and variable annuities.
Topic #2: THE MATHEMATICS OF ESTATE AND ESTATE TAX PLANNING
Christopher J. Denicolo, Kenneth J. Crotty and Alan S. Gassman will also be presenting a special Wednesday late p.m. two hour dive into math concepts that are used or sometimes missed by estate and estate tax planners. This will be an A to Z review of important concepts, intended for estate planners of all levels, sizes and ages. Donald Duck has rated this program A+.
Date:November 13 and 14, 2014
Location: Century Center, South Bend, Indiana
We welcome questions, comments and suggestions on variable annuities, which will be Alan Gassman’s topic for this conference.
Additional Information: The focus of this year’s institute will be on “Business Succession Planning: An Income Tax, Estate Tax and Financial Analysis.” As in past years, several sessions are designed to evaluate certain financial products and tax planning techniques so that the audience can better understand and evaluate these proposals in determining not only the tax and financial advantages they offer, but also evaluate limitations and problems they may cause in the future. Given that fewer clients will need high-end estate tax planning with the $5 million exemptions, other sessions will address concerns that all clients have. For example, a session will describe scams that target elderly individuals and how to protect the elderly from these scams. As part of the objective on refreshing or introducing the audience to areas that can expand their practice, other sessions will review the income tax consequences of debt cancellation, foreclosures, short sales, the special concerns that arise in bankruptcy and various planning available to eliminate the cancellation of debt income or at least defer it with a possible step-up basis at death. The Institute will also continue to have sessions devoted to income tax planning techniques that clients can use immediately instead of waiting to save estate taxes far in the future.
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LIVE FORT LAUDERDALE PRESENTATION:
Alan Gassman will be speaking at the 2015 Representing the Physician Seminar on the topic of DISASTER AVOIDANCE FOR THE DOCTOR’S ESTATE PLAN.
Date: January 16, 2015
Location: Renaissance Fort Lauderdale Cruise Port Hotel, 1617 SE 17th Street, Ft. Lauderdale, FL.
Additional Information:For more information, please email Alan Gassman at agassman@gassmanpa.com
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LIVE NAPLES PRESENTATION:
2nd ANNUAL AVE MARIA SCHOOL OF LAW ESTATE PLANNING CONFERENCE
Date: Friday, May 1, 2015
Location: Ave Maria School of Law, 1025 Commons Circle, Naples, Florida
Additional Information: Jerry Hesch and Alan Gassman will present The Mathematics of Estate Planning. If you liked Donald Duck in Mathematics Land, you will love The Mathematics of Estate Planning. This will not be a Mickey Mouse presentation.
Other speakers include Jonathan Gopman, Bill Snyder, Elizabeth Morgan, Greg Holtz, and others.
Please let us know any questions, comments, or suggestions you might have for this amazing conference, which features dual session selection opportunities in one of the most beautiful conference facilities that we have ever seen.
And don’t forget to have a great weekend in Naples with your significant other or anyone who your significant other doesn’t know! Domino’s Pizza is extra.
NOTABLE SEMINARS BY OTHERS
(We aren’t speaking but don’t tell our mothers!)
LIVE ORLANDO PRESENTATION
49th ANNUAL HECKERLING INSTITUTE ON ESTATE PLANNING
Date: January 12 – 16, 2015
Location: Orlando World Center Marriott 8701 World Center Drive, Orlando, Florida
Additional Information: For more information please visit: https://www.law.miami.edu/heckerling/?op=0
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LIVE ST. PETERSBURG PRESENTATION:
ALL CHILDREN’S HOSPITAL FOUNDATION
Date: Thursday, February 12, 2015
Location: St. Petersburg, FL
Additional Information: Please contact Lydia Bennett Bailey at Lydia.Bailey@allkids.org for more information.
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LIVE PRESENTATION:
2015 FLORIDA TAX INSTITUTE
Date: Wednesday through Friday, April 22 – 24, 2015
Location: TBD
Additional Information: Please contact Bruce Bokor at bruceb@jpfirm.com for more information.
Applicable Federal Rates
Below we have this month, last month’s, and the preceding month’s Applicable Federal Rates, because for a sale you can use the lowest of the 3.
