Much to my surprise, I recently became aware of the following North Carolina law:
§ 14‑326.1. Parents; failure to support.
If any person being of full age, and having sufficient income after reasonably providing for his or her own immediate family shall, without reasonable cause, neglect to maintain and support his or her parent or parents, if such parent or parents be sick or not able to work and have not sufficient means or ability to maintain or support themselves, such person shall be deemed guilty of a Class 2 misdemeanor; upon conviction of a second or subsequent offense such person shall be guilty of a Class 1 misdemeanor. If there be more than one person bound under the provisions of the next preceding paragraph to support the same parent or parents, they shall share equitably in the discharge of such duty.
On its face, this law makes it a crime not to support one’s parents if they are unable to support themselves. What about all those elderly persons receiving assistance from the state because they can’t pay for nursing home costs themselves? It might make one think twice about assisting your parents in divesting themselves of assets in order to qualify for Medicaid. Also, it could make considering long-term care insurance that much more important – who wants their kids to get arrested, even if just for a misdemeanor?
However, on the North Carolina Bar Association’s Elder Law Section list serve, there was a recent discussion of the statute and the fact that no one is aware of anyone being prosecuted for violation of the the law.
That’s not surprising – even as a estate planning attorney (as opposed to a criminal attorney), I see many problems with the law. It is so vague that I do not see how it could ever stand up to challenge before a judge. How does one determine what “sufficient income” is or “reasonable providing.” What about saving for one’s own retirement to avoid the same problem with the next generation? What about c
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FlexShares, the ETF unit of Chicago-based Northern Trust, filed regulatory paperwork with the Securities and Exchange Commission to market an international version of a U.S. small cap and value tilt ETF it launched in September of last year.
The new FlexShares Morningstar Developed ex-US Markets Factor Tilt Index Fund targets broad developed-markets equities, excluding those in the United States, with a slight tilt to small-capitalization and value stocks, giving it a cache that a straight market-cap weighted fund wouldn’t have.
FlexShares said in the filing the new ETF will trade on Arca, the New York Stock Exchange’s electronic trading platform, under the symbol TLTD. It
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The state of Illinois has just unsealed a lawsuit filed by Total Asset Recovery Services LLC against the two massive carriers, alleging that the insurers owed the state some $524 million in unclaimed death benefit proceeds that should have been escheated to Illinois.
Further, TARS says the state whistleblower act entitled Illinois to collect treble damages for a total of $1.57 billion. The case is a qui tam suit, meaning it’s brought on the state’s behalf and Illinois’ attorney general can decide to join as a plaintiff.
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The final figures for the 2012 Income Tax Brackets have been confirmed by the IRS (pdf file). The current tax rate structure we use has been in place since 2003 and consists of 6 rates: 10%, 15%, 25%, 28%, 33% and 35%. These 6 tax rates will remain in effect through 2012, but we expect to see a change for 2013. The tables below provide you with an easy way to calculate your marginal tax liability based on your taxable income and your filing status.
And if youre still focused on taxes for last year (arent we all?), you can check out the official 2011 federal tax brackets, too.
The other related information the IRS has confirmed are the standard deductions.
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One of the biggest debates among financial professionals is whether you should pay off your mortgage early. There are pros and cons and the answer will depend on your risk tolerance and alternative investing options.
Arguments for Early Payoff
The biggest argument for paying off your mortgage early is that doing so allows you to actually own the place where you live. There is a great freedom associated with owning your home yourself and not owing the bank. It can protect you if you hit a financial rough patch, since you wont have to worry about losing your home.
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Which 2012 presidential candidate is best for small businesses? A summary of the top 2012 presidential candidates and the main issues related to small businesses including minimum wage, tax rates, business expenses, and more from our good friends over at Fast Up Front.
� 2012 FastUpFront Business Loans Made Easy.
OK, it may be a stretch of a metaphor to compare the IRS to the Light Brigade, but I’m starting to worry the IRS is doomed.
Late last week, the IRS issued a new estimate of the tax gap based on the 2006 tax year. The tax gap is the amount of tax liability owed by taxpayers that is not paid on time.
This is the first full update of the numbers in five years. Looking at the raw numbers – the gross tax gap – the tax gap grew from $345 billion in 2001 to $450 billion in 2006. To my simple mind, this is growth – and not in a good way – of more than a hundred billion bucks. But according to the IRS, this represents no change at all: “On a relative basis, the tax gap is largely in line with the growth in total tax liabilities. In addition
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On day one of this series I challenged you to save your first $1,000. If you already have that much saved or if youre ready to start taking on some other challenges, consider creating a savings plan for all of lifes short-term future cash flow needs (i.e. everything but retirement and college expenses).
Nothing disheartens you quicker than an emergency that drains all of your cash and forces you to go into debt. And nothing can leave a pit in your stomach like coming home from a vacation knowing you financed the whole thing on credit and have no way to pay it off quickly. Theres a solution to these problems: savings. Dont be a grasshopper.
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Gold entered 2012 on a high note as investors pushed prices up 2% at the outset, but the numbers tumbled soon after and now hover around $1,600 an ounce. The Eurozone debt crisis and members’ moves to fund a recovery are impacting gold value and it has recently been tracking with stocks and the euro while moving against the U.S. dollar. Analysts expect recent European moves and early-year interest in diversifying in gold to create room for growth in prices in the near term, and may get a boost as a good safe haven bet when anticipated pressure between the U.S. and Iran increase. For more on this continue reading the following article from TheStreet. < Full Article…
The world’s top mobile phone maker Nokia on Thu 3 Jun 2010 released details of 4 new cheap phone models and a battery charger powered by the energy generated from riding a bicycle. The charger, which can be fitted into any Nokia phone with a 2 mm charger jack, uses a dynamo to generate electricity from the movement of the wheels. The price of the charger kit, which also includes a holder for securing the phone to the bicycle, will vary according to market, but in countries like Kenya, where the product was introduced, it would be around 15 euros (US$18.43). To begin charging, a cyclist needs to travel around 6 km/h (4 mph).
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