PROTECTING HEIRS REQUIRES PRUDENT PLANNING

petehoovernewheadshotMalvern, PA – Recently, a profusion of Internet and print articles proclaimed problems with the will of Philip Seymour Hoffman, who died in February. The late actor’s estimated net worth at the time of his death was $35 million. A tax exemption on the first $5.34 million is provided by federal law. However, a tax of up to 40 percent can be levied against the excess.

One of many other glitches involves Hoffman’s three children. When the will was signed in 2004, he had one son. Thus, his daughters are not mentioned in the will, which leaves everything to his companion Marianne O’Donnell, the children’s mother. A Trust is provided for their son, but nothing is allocated to the girls. The family resided in New York and the state allows only a $1 million exemption. Thus, New York can tax O’Donnell up to 16 percent on assets left to non-spouses. A total of more than $15.1 million in combined state taxes was reported in an article in Forbes. Without a marital deduction, O’Donnell’s assets could be taxed again upon her death.

Last year, news sources stated that $30 million of actor James Gandolfini’s $70 million estate would be eaten up in state and federal taxes. Subsequent reports clarifying the earlier claim indicated this was unlikely to happen.

Peter K. Hoover, CFP, is intrigued with all these reports and sees essential value in alerting people to potential disaster if proper measures aren’t in place concerning estates and beneficiaries. “If ownership, beneficiaries and implementation of assets are not worded correctly, the Trust outcome will not work as intended by the testator. One way Hoffman (or anyone) could have prevented financial crises for his heirs was by adding one or two sentences to the will to provide for future children,” he notes.

“I believe that Gandolfini had an irrevocable Trust, which is tax free,” continues Hoover. “However, there are many misconceptions that can cause estate problems for heirs. To simplify, think of an estate as moving parts that must work together.

“For example, if a married couple prepare their wills when they are relatively young and name children beneficiaries of a sizable estate, it would seem there would be no issues. But say both parents die unexpectedly a few years later and the kids are under the age of majority. A court guardian may have to be appointed and fights over the estate could ensue, disrupting the family and perhaps denying one or more children the inheritance wished for them. To prevent this, children’s estate assets can be directed toward a Trust until they reach specified ages; a Trustee could be named to administer this Trust.”

Hoover suggests another possible inheritance problem prevalent in divorce situations. “If someone re-marries and immediately revises his will naming his new wife beneficiary, one would assume she would receive the estate. Not so, if all insurance and retirement beneficiaries are not updated, as well. Because a beneficiary supersedes the will, the former spouse could get nearly everything. This is because insurance policies, 401Ks and IRAs were not changed when the will was drawn up. These are only two of many situations that could be prevented with proper planning.”

Hoover notes that other stumbling blocks to a smooth estate execution include tax law changes, improper signatory or power of attorney, even lifestyle modifications. “An individual’s estate should be carefully structured and then reviewed on a regular basis. In short, planning today provides peace of mind for heirs tomorrow.”

HFA, which is headquartered on Moores Road in Malvern, was launched in 2005 by Hoover, who has been an independent financial advisor for more than 30 years. Since its inception, HFA has more than tripled in size. Employees include client relationship managers, financial planners, insurance and tax specialists, investment analyst and an information services manager. HFA selected as 2012 Small Business of the Year by Chester County Chamber of Business & Industry. For more information, visit its website at http://www.petehoover.com or call 610.651.2777.

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Darden Announces Sale Of Red Lobster For $2.1B

NEW YORK (AP) — Darden Restaurants says it will sell its Red Lobster chain to investment firm Golden Gate Capital in a $2.1 billion cash deal.

The company, which also owns Olive Garden, had announced late last year that it planned to either spin off or sell Red Lobster to improve its financial performance.

Both Olive Garden and Red Lobster have been losing customers in recent years, and the company has tried various menu changes and differentmarketing campaigns in hopes of winning back business.

Read more: http://www.pottsmerc.com/general-news/20140516/darden-announces-sale-of-red-lobster-for-21b

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Subway Tests Hummus, Thinner Meat Slices

English: Subway logo and slogan taken from mar...

English: Subway logo and slogan taken from marketing materials found online in PDF format. (Photo credit: Wikipedia)

NEW YORK (AP) – Subway is testing hummus and thinner slices of deli meats that look more appealing as it looks to keep pace with changing eating trends.

Tony Pace, Subway’s chief marketing officer, said in interview Tuesday that the chain began testing hummus as a topping in early April. Pace noted that many customers already order vegetarian sandwiches and that the chickpea spread would give people looking for meatless options another choice.

“It’s something we’ve been talking about for the last three or four years,” Pace said, saying it has “tremendous potential.”

If the test is successful, Pace said it would be the first time the chain rolled out hummus nationally. Individual franchisees may have offered it independently in the past, he said.

Read more at http://www.philly.com/philly/business/20140506_ap_887d72518b29437885ecd236db8a3252.html#CdaZVy6z3a8Z7Tll.99

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Diana Nelson Jones’ Walkabout: Pittsburgh Is Tops Again As A Great Home For Big Crop Of Trees

A map of Pittsburgh, Pennsylvania with its nei...

A map of Pittsburgh, Pennsylvania with its neighborhoods labeled. For use primarily in the list of Pittsburgh neighborhoods. (Photo credit: Wikipedia)

With the flurry of national press Pittsburgh has been getting, we’d better step up the pace of hotel construction, get our spare bedrooms advertised on AirB&B and send a buzz through the network of couch surfers. We’re sure to get more company in the coming years.

Our little gem of a city has been at or near the top of lists of places to invest in and raise a family and that have the most public art, best housing prices, best cost of living, best view, most breathtaking entry point and best (and maybe most) neighborhoods.

But of all the lists I’ve seen, Pittsburgh’s status in a recent report by National Geographic makes me the proudest.

Of the cities featured in an article headlined “Nine Cities That Love Their Trees,” Pittsburgh was cited as having the greatest canopy among New York, Philadelphia, Austin, Detroit, Washington, Baltimore, Portland and Tampa.

Read more: http://www.post-gazette.com/opinion/diana-nelson-jones/2014/04/29/City-is-tops-again-as-a-great-home-for-big-crop-of-trees/stories/201404290060#ixzz30KFQnaue

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Pittsburgh Renting Rates Rising Quickly

A map of Pittsburgh, Pennsylvania with its nei...

A map of Pittsburgh, Pennsylvania with its neighborhoods labeled. For use primarily in the list of Pittsburgh neighborhoods. (Photo credit: Wikipedia)

If it seems as though rental prices in Pittsburgh have been in a bull market over the past several years, that’s because they have.

While large metro areas like New York and San Francisco have grabbed headlines for their sky-high rental prices, Pittsburgh’s rental market is actually rising at a faster rate than New York’s, according to a study from personal finance website NerdWallet.

“We were looking at growth rates, rather than cities with the highest rents, and Pittsburgh is in a rapid economic growth period now,” said Divya Raghavan, a senior analyst for NerdWallet in San Francisco. “While New York and San Francisco are already well-established top cities in the U.S., Pittsburgh is considered an up and coming city.”

Read more: http://www.post-gazette.com/business/finance/2014/04/18/Pittsburgh-renting-rates-rising-quickly/stories/201404180004#ixzz2zGE35Ub1

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Baby Boomers Go Small In ’14

NEW YORK ( MainStreet) — At 78 million strong, baby boomers usually get what they want as consumer.

That’s how we got the Ford Mustang, lite beer, granite countertops and video on demand. The younger half of the boomers famously said, “I want my MTV” — and they got it.

So when boomers start saying they’re tired of “going big” on everything from cheeseburgers to McMansions,businesses better begin paying close attention, and that’s exactly what the generation born between 1946 to 1964 is saying now. It’s a downsizing world they want, and they’re going to get it, but not without the amenities and comforts the materialistic boomers are famous for.

“Those baby boomers who worked hard for and embraced the affluent lifestyle of the 1970s through the middle of the last decade — owning large homes and spacious vehicles — have reached a turning point,” says Sheryl Connelly, global consumer trends and a “futurist” for Ford. “This generation is now trending toward a simpler way of living, one that doesn’t eliminate the lavish comforts they’ve come to enjoy.

Read more: http://business-news.thestreet.com/philly/story/baby-boomers-go-small-14/1

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Comcast Could Buy Time Warner N.Y. Cable Franchises

Logo of Comcast Latina: Insigne Comcast

Logo of Comcast Latina: Insigne Comcast (Photo credit: Wikipedia)

Comcast Corp. could acquire Time Warner Cable Co.’s New York cable-TV properties, along with other franchises on the East Coast, in a deal with Charter Communications Inc., according to sources in the industry.

A deal would expand Comcast’s market power along the I-95 corridor between Boston and Washington.

Comcast, the nation’s largest cable-TV company, already offers cable and Internet in Boston, Philadelphia and Washington.

Charter declined to comment Monday. Comcast also had no comment.

Read more at http://www.philly.com/philly/business/20140128_Industry_sources__Comcast_could_acquire_Time_Warner_Cable_N_Y__franchises.html#HAyimeAaYY2LBdix.99

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Dingy LaGuardia Airport To Undergo $3.6 Billion Makeover

An aerial view of LaGuardia Airport

An aerial view of LaGuardia Airport (Photo credit: Wikipedia)

NEW YORK — Dark, dingy, cramped and sad. These are some of the ways travelers describe LaGuardia Airport, a bustling hub often ranked in customer satisfaction surveys as the worst in America.

“It does not represent what people think of when they think of New York and Broadway shows and glamour. It’s not very pretty,” said Layla House, a sales manager for a medical supply company who travels from her home in Bullard, Texas, to New York at least six times a year.

That’s about to change.

Gov. Andrew Cuomo recently announced the state is taking control of an ambitious $3.6 billion construction project that envisions a new central terminal at LaGuardia, with vast open spaces, restaurants, shopping plazas, new parking garages, free Wi-Fi and other amenities now common in other airports. Cuomo wants to develop a plan to upgrade cargo operations at nearby John F. Kennedy International Airport.

Read more: http://triblive.com/business/headlines/5448305-74/laguardia-york-airport#ixzz2qxotiKau
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Winter Storm Brings 2 Feet Of Snow, Kills At Least 9

BOSTON — A storm dropped a blanket of light, powdery snow across the Northeast and ushered in frigid temperatures Friday that were unusual even for cities accustomed to blasts of winter weather. The storm, which shut down major highways temporarily and grounded flights, was blamed for at least nine deaths in the eastern half of the country.

The nor’easter was accompanied by plummeting temperatures that on Friday morning reached 8 degrees below zero in Burlington, Vt., with a wind chill of 29 below and 2 degrees in Boston, with a wind chill of minus 20. It dumped 23 inches of snow in Boxford, Mass., and 18 inches in parts of western New York near Rochester. Thirteen inches of snow fell in Boston, while Lakewood, N.J., got 10 inches and New York City’s Central Park got 6.

On a mostly empty Main Street in Concord, N.H., Kathy Woodfin hustled to work, a tall iced coffee turning to caramel-colored slush in her left hand. It was 7 degrees at 9 a.m. and the wind zipping through alleyways blew a fine, stinging snow in her face.

“I just run from heated car to heated building,” the New Hampshire native said. “It’s just like down South, where they run from air conditioned car to air conditioned building.”

Read more: http://www.pottsmerc.com/general-news/20140103/winter-storm-brings-2-feet-of-snow-kills-at-least-9

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7 Ways To Protect Yourself Against Credit Card Fraud

NEW YORKMainStreet) — You shopped at Target this holiday season. Bad news: your credit card is now one of the 40 million that may have been subject to a data breach that could cost consumers $4 billion.

What now?

There’s no panacea. “If you’re going to use a card there’s always this risk that the system could be compromised,” said Robert Heath, a consumer protection attorney in Pensacola, Fla.

But there are ways to mitigate your risk. Here are seven things you can do to protect yourself against fraud.

Read more: http://business-news.thestreet.com/philly/story/7-ways-protect-yourself-against-credit-card-fraud/1

In Its Biggest Contract, High Steel To Fabricate Half Of The Steel For Approaches Of The New NY Bridge

Map of Pennsylvania highlighting Lancaster County

Map of Pennsylvania highlighting Lancaster County (Photo credit: Wikipedia)

High Steel Structures has won its biggest contract ever, triggering new jobs at its Lancaster and Williamsport plants.

High Steel has been picked to fabricate half of the steel for the approaches of The New NY Bridge.

To be completed in 2018, The New NY Bridge will replace the deteriorated, congested Tappan Zee Bridge over the Hudson River north of New York City.

High Steel, founded in 1931, will fabricate 50,000 tons of steel for the approaches of the new bridge, to have eight passenger lanes and four emergency lanes.

Read more: http://lancasteronline.com/article/local/931218_In-its-biggest-contract–High-Steel-to-fabricate-half-of-the-steel-for-approaches-of-The-New-NY-Bridge.html#ixzz2nTWOUude

Bolaris: Mother Nature To Take A Third Shot This Weekend

Snow-covered Mid-Atlantic region of the United...

Snow-covered Mid-Atlantic region of the United States (Photo credit: Wikipedia)

Don’t put away the snow shovels yet.

The latest computer guidance is strongly suggesting a major mid-Atlantic and Northeast storm will strike this weekend.

This one may be a more typical winter storm for this region, with heavy wet snows possible across sections of the northwest suburbs; snow, sleet and rain on the I-95 corridor, including Philly, Washington, D.C. and New York City; and the brunt of the storm aimed for parts of New York state and New England.

Read more at http://www.philly.com/philly/news/Bolaris_Mother_Nature_to_take_a_third_shot.html#LIVlwVdcX8dMMtzU.99

A Hard Look At The Future Of Chinatowns

Map of Pennsylvania highlighting Philadelphia ...

Map of Pennsylvania highlighting Philadelphia County (Photo credit: Wikipedia)

People who stroll through Chinatown on Saturday nights bathe in the lights of intriguing new restaurants, hip tea shops, and stylish lounges.

But moving beneath that shiny exterior, as strong and powerful as an underground river, is a torrent of forces that threaten the neighborhood’s very existence.

An influx of luxury housing, rising rents and land values, a soaring white population, and slipping Asian population could mean the end of Chinatown’s 140-year role as a gateway for immigrants and a regional hub for culture and family.

That’s the conclusion of a new study by a civil rights and education group that examined two decades of property and demographic records in the three big eastern Chinatowns – New York’s, Boston’s, and Philadelphia’s.

Read more at http://www.philly.com/philly/news/20131111_A_hard_look_at_the_future_of_Chinatowns.html#ra7F8e0Rev0gffuc.99

Veterans Day: Events And Ceremonies Around Nation

Across the nation, Americans are commemorating Veterans Day with parades, wreath-laying ceremonies, monument dedications and other events.

___

NEW YORK: WOMEN IN SERVICE

The U.S. military’s first female four-star general will be a grand marshal at New York City’s Veterans Day Parade.

Gen. Ann E. Dunwoody retired last year after a 37-year Army career.

Organizers of the parade up Fifth Avenue have renamed it America’s Parade. The commemoration will include a wreath-laying ceremony at the Eternal Light Monument in Madison Square Park.

Read more: http://www.timesherald.com/general-news/20131111/veterans-day-events-and-ceremonies-around-nation

Corning, NY: Most Fun Small Town In America

Just another example of what is possible if there’s a vision.  I grew up near Corning and always enjoyed going there. Now it’s even better.  Congrats to Corning, NY on their designation as “Most Fun Small Town in America” by Rand McNally! 

Men Wanted For Questioning In Brooklyn Homicide Arrested At Sherman Hills

Map of Pennsylvania highlighting Luzerne County

Map of Pennsylvania highlighting Luzerne County (Photo credit: Wikipedia)

WILKES-BARRE, PA – Two men wanted for questioning in the fatal shooting of a 1-year-old Brooklyn boy were apprehended this morning in an apartment in Sherman Hills, authorities said.

Daquan Breland, 23, and Daquan Wright, 19, were taken into custody in the apartment in the same building where two young girls were injured in a shooting on Aug. 24.

Authorities in New York say Antiq Hennis was being pushed in a stroller by his mother and father while crossing a street in the Brownsville neighborhood of Brooklyn about 7:20 p.m. Sunday when multiple shots were fired.  They say the child was rushed to Brookdale University Hospital with a gunshot wound to the left side of his face and was later pronounced dead.

Read more: http://www.timesleader.com/news//811816/Men-wanted-for-questioning-in-Brooklyn-homicide-arrested-at-Sherman-Hills

Anthony Weiner’s Bakery Meltdown: He Was Provoked, But Still…

Official portrait of United States Congressman...

Official portrait of United States Congressman (D-NY). (Photo credit: Wikipedia)

It’s possible that New York Democratic mayoral candidate Anthony Weiner was simply suffering from low blood sugar when he verbally attacked a man who tried to shame him Wednesday as Weiner campaigned in an Orthodox Jewish section of Brooklyn.

After all, his left cheek was bulging like a chipmunk when he heard someone in the bakery call him a “scumbag.”

Or it could just be that he’s had it, sick of being moralized at by people who are too dense to grasp that Weiner, who has already apologized for his mortifying sexual improprieties and begged his wife for forgiveness, has Moved On.

Read more: http://www.latimes.com/local/lanow/la-me-ln-anthony-weiners-bakery-meltdown-he-was-provoked-but-still-20130904,0,4884246.story#ixzz2e2AYiNS7
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Weiner Deflates After Sexting Revelation: Drops To Fourth Place In NYC Mayoral Poll

, member of the United States House of Represe...

Former member of the United States House of Representatives. (Photo credit: Wikipedia)

Anthony Weiner has fallen to fourth place in the New York City mayoral race, according to a new survey from Quinnipiac.

The poll of likely Democratic primary voters gives Weiner 16 percent of the vote. City Council President Christine Quinn leads with 27 percent, followed by 21 percent for Public Advocate Bill De Blasio and 20 percent for former comptroller Bill Thompson.

Read more:  http://isearch.avg.com/search?q=washington%20post&cid={E4DEB632-E5A0-4A7B-86FD-7E8D6752650D}&mid=c0f12bf6242047d0adc706583490a966-80da26585214da00bee8ac924a3515f2bb6784dc&lang=en&ds=AVG&pr=fr&d=2012-10-04%2019:18:33&v=15.3.0.11&pid=avg&sg=0&sap=nt

Official: 10 Hurt As Landing Gear Collapses At LaGuardia Airport

An aerial view of LaGuardia Airport

An aerial view of LaGuardia Airport (Photo credit: Wikipedia)

NEW YORK — The front landing gear of a flight arriving at New York’s LaGuardia Airport collapsed Monday right after the plane touched down on the runway, officials said, sending the aircraft skidding before it came to a halt.

Ten passengers were treated at the scene, with six being taken to a hospital with minor injuries, said Thomas Bosco, Acting Director of Aviation for the Port Authority of New York and New Jersey, which oversees the area airports.  The six crew members were taken to another hospital for observation.

Dallas-based Southwest said there were 150 people on Flight 345 coming from Nashville, Tenn., while the Port Authority said the total was 149.

Bosco said the nose gear of the plane collapsed when it landed at 5:40 p.m., and “the aircraft skidded down the runway on its nose and then veered off and came to rest in the grass area.”

Read more:  http://www.timesleader.com/news/news/696742/Official:-10-hurt-as-landing-gear-collapses-at-NYC

Feds: NY Man Tried To Extort $250K From Paula Deen

ATLANTA (AP) – Authorities on Friday arrested a New York man charged with trying to extort money from embattled celebrity cook Paula Deen in exchange for not going to the news media with “true and damning statements” he said she made.

FBI agents and local sheriff’s deputies arrested Thomas George Paculis, 62, of Newfield, N.Y., Friday morning. A criminal complaint filed Wednesday in federal court in Savannah, Ga., charges him with extortion.

The complaint says Paculis was threatening to go to the media with statements made by Deen unless the former Food Network star gave him $250,000.  The complaint does not specify what was in the statements Paculis claimed were made by Deen.

Paculis did not immediately respond to an email seeking comment Friday.  A call to a phone number for Paculis found in the criminal complaint rang unanswered.  He had his initial court appearance Friday in New York and was released on bond, said FBI Special Agent Stephen Emmett in Atlanta.  He has been ordered to appear in federal court in Savannah on July 16.

Read more at http://www.philly.com/philly/entertainment/20130705_ap_3c4f0b80c0464555ac4403b9885126e5.html#pjWmdoGwSTv5x8qd.99