Yearly Archives: 2006
Golfer Sues (Loses)
A recent reported case involved a golfer struck by a golf ball on the course. He sued the player who hit the ball because he failed to shout “fore”.The Court sided with the errant ball-striker, holding that a golfer is deemed to be on notice… Continue reading
Is Your Retirement Plan Overloaded?
Beginning in the 1970’s, the tax laws were very favorable to persons desiring to contribute large amounts of their income to a qualified pension or profit sharing plan. In the early years discrimination in favor of owners was possible, the allowable deductions were high, and… Continue reading
When is a Contract not a Contract?
The law of contracts, seemingly as old as civilization itself, evolved to encourage people to uphold their bargains and to provide a remedy when another party failed to uphold his end of a promise. If I promise to paint your house for $500, and you… Continue reading
Should You Incorporate Your Business?
Last year, we brought you an article entitled “Seven Reasons to Incorporate” in which we described some of the basic reasons that favor incorporation of a small business. Since then, we have received many calls and follow-up questions on the subject, prompting us to revisit… Continue reading
BBC&B Tax Update
For 1997, the IRS raised the standard mileage rate for business use of an automobile to 31.5 cents per mile, up from 31 cents per mile in 1996. Employers may use this rate to value employee personal use of a company provided vehicle in 1997.… Continue reading
The Value of a Gift
Many people do not realize that gifts can be subject to tax – the federal gift tax – which levies a tax on the donor (not the recipient) based upon the fair value of the property which is given. There are exclusions and credits available… Continue reading
Latin Lovers II
In a lawsuit over a written contract, the opposing lawyer invokes the doctrine of contra proferentem. What is he getting at? Put simply, this Latin term stands for the notion that a written agreement will be interpreted against the party who drafted it in the… Continue reading
Is the “Living Trust” A Dead Issue?
It was not too long ago that those of us who do estate planning first heard of the term “living trust”. Perhaps it was an article in Money, Kiplinger’s, or AARP’s monthly magazine; or, perhaps most likely, something overheard sitting by the pool.Quite simply, a… Continue reading
A Summary of Recent Tax Legislation
0ver the course of 1996, Congress passed and President Clinton signed into law several important pieces of tax legislation. In many cases, the changes are favorable to individual taxpayers; in some cases the changes are not so favorable. Here is a summary: Individual Retirement Accounts.… Continue reading
Get That Remodeling Contract in Writing!
A recent news story indicated that complaints by homeowners against remodeling contractors were on the top ten list of most frequent consumer complaints. Our experience confirms this. Having been involved in many lawsuits between homeowners and contractors, we cannot overemphasize the financial and emotional difficulties… Continue reading