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Friday Feburary 7th, 2014 Podcast

HaystackRadio 02-07-14

Family Estate Planning Attorney Bonnie Bowles, of Wills and Wellness, joined Haystack Help Radio to talk about the importance of estate planning for young families.

 

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Olympic medals come with a price tag: Why this matters in estate planning

The Olympic medals don’t come free. Every medal winner in Sochi, from Sage Kotsenburg who won gold in snowboard slopestyle to Julia Mancuso who won bronze in skiing super combined, will owe the U.S. government as much as $10,000 in taxes just for bringing home a medal. The U.S. is one of only a handful of developed countries who tax the world’s best athletes on their success.

Why does this matter in estate planning? Every financial decision has an estate planning impact and a tax consequence.

When planning your estate, three potential taxes need to be taken into account—income tax, gift tax, and estate tax.

Income tax. In general an inheritance is not considered “income” to a beneficiary. In other words if an adult child inherits $500,000 from their parents via life insurance, a residence, and investment accounts, the child does not have to report that he or she “made” $500,000 in income that year. The glaring exception is if a beneficiary inherits a qualified retirement account. Funds in a retirement account have not yet been reported as “income” to the government, and no freebie is permitted simply because the account owner has passed away.

There are potential major pitfalls if a beneficiary accepts a retirement account with exploring the income tax consequences and variety of choices on how to actually receive the funds. Check out Bonnie’s article on the good and the bad when leaving a retirement account to a minor.

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Article contributed by Wills & Wellness.

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Exclusive interview with Colorado’s Bitcoin Lawyer, Benjamin C. Yablon, – Part 1

Written By: Kelly Poto

Benjamin C. Yablon splits his time between being an attorney and author of fiction books. His books are known for exploring alternative currencies centering on the moral and ethical implications of futuristic medicine. In this exclusive interview we caught up with Benjamin Yablon to talk about accepting Bitcoins as payment for legal services and being one of 5 practicing BitcoinLawyers in the United States.

KP: How did you learn about Bitcoins and why did you decide to accept them for your legal services?

Benjamin Yablon: The decision to accept them was an outgrowth of the two halves of my professional life: I split my time between practicing law and writing fiction. My series of novels, www.Pur­­eLifeNovels.com, explore alternative currency aboard a floating hospital. As a lawyer that handles bankruptcy cases, I have watched thousands of clients suffer because of the interest rates that their credit card issuers were legally entitled to charge them.

We pay an astounding 30% extra for the consumer purchases that we put on credit cards. In a single year, that amounts to trillions of dollars. Bitcoin offers a new way. Your example of the six million dollar transaction that was done in bitcoin which resulted in a six cent fee illustrates my desire to get involved perfectly.

I’m fascinated by crypto-currency and I want to help people understand that there is a better way. Banks, not consumers, have so far reaped the benefits of the technological revolution. Online banking has allowed our banks to eliminate costs in the form of employee wages. They have been able to replace workers in every part of their business models with automated systems. But do we see lower fees as a result? Absolutely not.

Don’t misunderstand me. I support a company’s right to make a profit. But the same technological tools that have allowed banks to make unheard of profits are now available to the average consumer. The same encryption tools that the banks themselves use to protect online transactions are used by crypto-currencies like Bitcoin.

KP: Where would you recommend consumer go to learn more about Bitcoins?

Benjamin Yablon: Bitcoin.org is the semi-official website. Also, an organization called the Bitcoin Foundation provides advocacy and information on Bitcoin.

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Kevin Flesch, DUI Attorney

Flesch Law has tips to help you in the event you get stopped by the police, suspected for a DUI. (Driving Under the Influence)

Speak to the officer as little as possible. They are looking for bloodshot eyes, slurred speech, and the smell of alcohol. Do what you can to minimize your interaction with the officer.

Have your drivers license and insurance easily available for the officer. Again, keep the interaction brief.

If asked if you want to take a roadside test – just say no. These are voluntary.

If the officer feels that he/she has probable cause for arrest, they will arrest you. They will ask if you want a breath or blood test. Take the blood test. If you refuse either test, you will lose your license up to a year.

Call FleschLaw at 303.806.8886 for your free consultation.

 

Colorado DUI Statistics:

  • One in three Colorado drivers arrested for DUI has a previous DUI arrest.
  • Crashes involving alcohol and drugs have twice the number of injuries and deaths as crashes without alcohol and drug involvement. They usually involve higher speeds, and often both the driver and any passengers are not wearing seatbelts.
  • Colorado lowered the legal blood alcohol limit from .10 to .08 in 2004 in an effort to tighten the state’s DUI laws.
  • Estimates place the average expense for a drunk driving conviction at anywhere between $7,000 and $10,000. Costs associated with DUIs can include such factors as fines, court costs, insurance rate increases, car towing and storage, bail, fees for license reinstatement and more.
  • As the only statewide traffic enforcement agency, the Colorado State Patrol investigates approximately 30 percent of traffic crashes in Colorado, including about 70 percent of all traffic crashes involving fatalities.
  • For the past five years in Colorado, the number of fatal DUI caused crashes has remained relatively stable, although the number of DUI injury crashes has decreased significantly. This mirrors the national trend in which the total number of fatal crashes and fatalities are declining, while the number of DUI caused fatal crashes and fatalities has essentially remained unchanged.

 

 Personal Injury Attorney Kevin C. Flesch is a dedicated advocate for those that have been been the victims of unjust injuries in Colorado. He combines his extensive trial experience and knowledge of personal injury law with a personal commitment to the welfare and fair treatment of his clients.

Mr. Flesch is a graduate of the University of Wisconsin, La Crosse (B.S. 1992) and the William Mitchell College of Law (J.D. 1996). He is admitted to practice in all Colorado state courts and the U.S. District Court for the District of Colorado, the U.S. Court of Appeals for the Tenth Circuit, the U.S. Court of Federal Claims and the U.S. Court of Appeals for the Federal Circuit.

He is a member of the Arapahoe County, Colorado and American Bar Associations and the Colorado Trial Lawyers Association.

Mr. Flesch is the author of “The Issuance of Securities by Small and Growing Businesses: A Primer”, William Mitchell Law Review, Vol. 22 number 4, 1996.

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Thursday January 30th, 2014 Podcast

HaystackRadio 01-31-14

Personal Injury Attorney Kevin Flesch joined us to talk about Colorado Lemon Law and the proper procedures for reporting an accident.

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