WWL>Topics>>05-07-17 8:10 am All Things Legal

05-07-17 8:10 am All Things Legal

May 7, 2017|

Doug Sunseri and Albert Nicaud discuss legal issues and answer questions from WWL callers.

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Automatically Generated Transcript (may not be 100% accurate)

Person's legal matter often requires extensive interviews review of contracts and documents and research of the current state of the law on the issues involved. As a result the information provided by the attorneys and guests of all things legal is given for informational purposes only. It is not to be construed as legal tax investment or other professional advice. Communications with the attorneys on this program with a verbal our digital do not create an attorney client relationship. Hey good morning and there Albert make your week and r.'s all things legally use call six point 872601. Mates. On the big gates. Met them and dot com now. As usual and Albert have. Nothing much. We saw that quiet week in sports. Thought of elegy an electric and tech leader fair pro basketball. Yeah that was from locally ago because our teams that it. I guess we remain horses really. Louisiana horses I was a little Lou which you would concur leader you have got some friends of mine that went up column. Lister but in my neck horse running and I don't know. This year and it happening and he was there. I don't know. You know whether via port and and he did text on them. A lot policy NBA. That Toronto is going to be is going to be swept by the cavaliers the jazz are going to be swept Raj. Golden State a trio and the Houston San Antonio series that's a very good series and the union via Boston and mobile. Now I'll knock the ball if he's a bullet here you are politically correct to say bullet that wizard even though it's the news they were faster than a speeding bullet like Superman and that's where they got their name. Not because you know they were killing people in the neighborhood. They made a change their name to Washington Wizards years ago because it was just too insensitive to call them bullets and there was too much crime in Washington DC now the crime is a corporate. And drive like the Waco. That well actually. If the ice him Elvin Hayes jurors. You know the red white and blue and the bullets rise in my favorite card before PR tinian via. Was Earl the pearl girl you start out with the bull is that humor in the seven knicks here com playoff series. She the next one and seventeen set me through the first down they wan to mean they beat the Washington bull on the ball more time. In the conference finals and Earl the pearl when they won the set three world championship Earl over. So that palatable to a loved Earl I mean he is Oscar Robertson I think as much food. For the longest news just a class act inquiry later did more triple doubles than anybody to this day mean finally finally. No room near you start his record store go a little bit column but but otherwise he's. And before we get to Arnie elegy split as though 11 against health care on that one last night to close the first game 32 mile. What eleven men on base and that and I think score this and so on in the rubber match Tuesday today and a which on Tuesday. 2 o'clock first pitch and go you know it apart in two ounces in the heating timely. Hitting. We need Ellis all right well already done what your sports you want to hear taxes on insurance and so he's going to call. Hey aren't you on all things legal director Terry Albert Nikko. They're running or are you doing all right I have a question I'd be. Have to pay income tax on an insurance settlement from. A vehicle accident you paid take such people pain and suffering in. You know things along that line. The only thing you pay taxes on is if part of the settlement. Was for lost wages. And so hum a loss of income. Then yes you would pay taxes on that now in the settlement you know Irish really wanted to dig into it they can. You know request to settlement demands 600 SC you know how what what percentage would you place in the it would Europe. Would your backup documentation was and you know maybe try to extract that from you but certainly in judgment I've never seen where anybody narrated in it I've never seen it. In fact. Impact would in cases will we have. Large judgments. For. Lost wages mean we often settle it for last. And include reclassified as pain suffering and then have to pay taxes. So but generally no PA generally give a settlement. You don't have to today. I taxes now if you had a case like hey. Business interruption claim right. Her for her she lost or are tornado or some weather event and you were daddy do you business was down in your claim in. Business interruption you may you have to pay tax on that. Look at. It should not question appreciate them. All right our priorities are right on thanks much yeah I mean basically when. You make a settlement. It's not gonna be classified as lost wages because you sound you were damaged in their making you whole again so there's no real income no room profit doing it on your you know theoretically being placed back in the position you were prior. To your loss. But I and you know you would have you lost had to be in lost wages are revenues. You would you're not making that money's you know I'm making it incumbent if you paid in settlement. For the replacement of that income the net income needs to be tax and days like if he had a judge. You know. Offshore case or an auto accident and they had the line items in a verdict form that says. Pain and suffering a 100000 dollars lost medical army past and future medical bills 50000. That's not taxable but if you hit a line and it's as lost income. A 100000 dollars that would be taxable just a 100000 dollars right. And we're is interest and we have a discussion just a soft paws on sports. Is that. When NFL players go play in California. They go play in new York New Jersey they get taxed. For 116. Of their game chair when the people in other words they're playing California. They pro rate their salary by sixteen. 116 in tax and based on that amount. Why were Y 116 would because there's quite one gain. Say place sixteen gain a football game put clogging up picket okay output Toronto basketball occurred about football and I are to be 180. And you know for best editing that and in right now you can you can deduct that from year. Whole base. Tax liability that's do you go to California attacks and backdrop always talk about the armed white power. When he was between. Dallas. In a Los Angeles Lakers he's being offered a 130 million dollars. In Dallas that look. We are peas same contract bituminous a twenty million dollars because you want to pay state taxes that you wouldn't California. Right. So true. You know everybody thinks goes dude it's tax we need money it's packed with it and Elvis that way you know 22 million dollars to spend in the community. You know. Several years ago that invests in dealt Phil Mickelson complained about taxes and he promptly so that says. Hello liquid you know what we have had the week a week train yard and Bobby and all things the ducks and earn nominee. Robbie. You brought up. I knew that. I. Mean. Now. Yeah well did you ever send an email or something in writing or something to prove an established that you. Warning this homeowner about the tree. There. Well. Oh. Oh. I. Run. It. Yeah well which can do is bring an action against terror in her own or her homeowners carrier. I mean I don't know what. She does not. Why should it. It on. Right Wheldon doing you know you can bring an action against terror in and get a judgment. And when she goes to sell that property you can get paid on your judgment. Knocked. It. Governor you would have to establish that you know you warned that there was some broader areas in the tree that would visible here is my letter to you that way and you know she's in the L placed on notice of of the defective condition for property. And you've been you know I would even get you know and all over to come over there came a couple hundred bucks for an opinion. And then go bring to the what Paris UN. Tape and all yeah of debris to adjust to the they have got you jurisdictions up to 5000 dollars. You can bring an overbearing gated you know get a judgment and court judgment in it's a prepare. All right all right thanks for the co. All let's go to Michael's got a question regarding. A line item item loss for her lost wages and Michael you know things legal tax return over Nikko. And you're. Good judgment. Well. Taxes ought. We thought we're his new. 500000 loss wage you broken. And then they. On. Well you probably should have paid the taxes. Go to art. Well I mean I. I don't know the answer to that come you know you've you've you've probably got something you would talk to your CPA about in terms of obtain in this settlement. Wounded meadow are actually up the course project. Well but we're what we're what would you what would your game be. You know if you suit. Lawyer. I understand. My Butler let let's let's talk about malpractice claims whether it's against the loss of a lawyer or doctor anyone else. You war you were in the same position now as you would have been had your lawyer told you or not told you still gotta pay the tax. And so. You can't get him to help pay the tax and come out better because he failed to provide an implied that if there's a penalty or something like that perhaps lawyer would be responsible for penalties. But I know that that's something you probably each. But that's that's a different story yet she told you that the house and he should have. So there appears to at least say this tax consequences to this check it out with you sepia right. Armament. One another and let's go to Michael he's got a question regarding permits and Michael you and all things legal attacks concern our Nikko. Yeah it's too early this week in and I would hear Beckett went up it. Put it in. Yeah Michael it's got called over there. In the the person I was able to talk to about it she come. She she wasn't wherever she ages she did tell me what you told me that you know you do have to take a test. It's much like I guess in the city of New Orleans if you were a plumber or electrician. User state tests that you take to be licensed but might you might also have to be lights in New Orleans parish. And obtain a special license. I think what they walked with they're trying to do is. Make sure light you know everybody has a licensed contractor. Who actually does take a test through the state where is the home improvement contractor does now. So it. Yeah. Let me mommy Michael let me just run it over there and taken the test Coppola and see what it's like take the test in the in. You know you're ahead of the game would most of the people that or home improvement contractors. Probably about. Well the problem. That woman I want I would benefit from this week and there's no humans it states that petrol. It's so we're in and that what am I mean you know we're is that where is the parent Jordan's. Know our business and an M and again Pakistan right that sort of. Yes it's a good question. You know I mean unless she's you wanna hire a lawyer to find out and consume and did you know I'll do all that sort of thing but. You know at the end of the day they got something you need to and so you know you follow the rule if you get it in the unit might be an easier way. At about you know if it's if it's involved taken it a test over and Jefferson Parish good day. All right Michael thanks for calls go to break Jackson's hair out particularly weak and lawyers all things legal be right back after his brief time out they were back ducks and Sarah Albert because your weekend lawyers all things legal you know would talk about taxes market ask this question all the time. I'm inheriting money you have to pay taxes. And you know just on an inheritance and a five point four million dollars. Who's had to pay taxes now so you know pay taxes on inherent unless. The states over five point four million dollars. And the other thing and this is will toppled taxes when you have a succession. You get a stepped up basis. For the real estate that's listed as excessive. Right Parise so if you if someone bought at the decedent. Trust people married defeated the person who died. Bomb. You know bought a house that a 100000 dollars and is now worth 300000 dollars when he dies in that. When you use succession you valued at 300001. Is resold for purposes of possible capital gains will be valued at 300000 ounces posted a 100001 decedent. Right you base will be a 300 to be a step a little thing that's a little confusion sometimes you received a column. Of a payment. Are you the beneficiary under Dave retirement plan. And those you know portion you have to pay taxes on those because a lot of those plans that would not pretax and so. You know you want to receive those you have to and this disbursement you have to pay tax on the income. And just looked at as income and not part of success and it's the same. Or bomb. Stock. If you inherit stock from day. In a succession and stock which purchased at ten miles per share. At that determines death it's fifty dolls per share write the bases 50000 miles per share. Let me that the operation not ten dollars went as far retain if you collecting dividends on that stocky attacks is exactly on that yeah capsule itself. Theory and so lot of people very nervous. We'll find hairdo have to pay taxes right chances are at the decedent person who died in that known football team you probably don't. And that you know that used to be a lot of people that do a lot of estate practices a lot of that was trying to. Please joining in trust and do things to avoid you know by in church draws to pay taxes within. All that sort of thing but now a lot of that is going to wake is very few people have now. More than ten point. Almost eleven million dollar really between now Koppel. So and a couple minutes on to give a shout out Katie she finished first year law school this good firm I gave Arafat never civil pro last yeah before. Her exam which he said Helton I couldn't you were property lesson. Yeah all right was we did Joseph laws and ballot by ballot like bill and you run a so everything we wanted to learn and our graduation committee. All right let's we're on to CBS news update that we gonna local news hey we're back to enter our nickel a year or we can lawyers you can cause a law firm also a Bible for 371304. Nikko and concern law firm Bible for a threesome wonder real war. You can also check this out live streaming on FaceBook on at the new excellence in serie. Web page Albert's nature. My page don't sincerity and com you can checks out studio. And got a text here this is Lou when we were just talking about earlier right before the break we're talking about. Inheritance taxes. Then you know I've mentioned that there are certain retirement plans where fewer beneficiary of that plan. Home they're there may be tax consequences to get so. That would follow outside of of six the succession. Got a text here from CPA in Alabama. There's a lot of people inherit annuities in retirement plans those are going to be taxed. And surprises people. I actually had a lawyer that inherited an annuity and he was shocked at how much taxi dependent. So you know yes to those of those -- investment vehicles outside of boom boom that fall outside of the these state. From Connecticut there there beneficiary driven they have certain rules and regulations about. Win the taxes are paid and at what rate net whose rate. And so those are all you know again you have to talk to CPA about about how those attacks but does not governed by the well. Correct there ensemble well for a night on the will would have a be relevant is it dated him back this year are the beneficiary with these states. Exactly I know the question have an empty lot Mississippi relative want Parker trailer. On the lot and live there because he is home this while this work on my liabilities and kind of buying insurance policy to protect myself reasonable price. You know depending on where you are in Mississippi there may be some. Homeless homeowner association rules and regulations preventing but if you're out there and maybe some rural land. You know you've got to well in some some utility access. There's no I don't see any reason why he can't park. That property there and you obtain insurance policy Michael renters policy. You know where where you're due insuring the property. At least a liability. And you know you wouldn't interval interest in the in the trailer itself. Com. You know and maybe maybe you can by the trailer from the guy for ten dollars. And oh in the trailer and then. Put insurance policy on the trail along with the liability policy. Community ways to do that but. But yeah adults who won that wouldn't be an issue and good for you for trying to help relative. While Louisiana the law for. I guess. Things in your property or defects and your property it's just not what used to be right through him a lot more favorable to the landowner. Yes RA basically before you stay mr. liability. Long term long count those years and years ago right. Now they have that this basically three prong. Analysis. Is that. First of all any defects on a piece property has to be a defect number two it has to be unreasonably dangerous. And number three. The homeowners new or should have known about the defects. Which is a lot bigger mountain decline in fees if it's someone got harmed any peace proper. Correct which is why in the previous have file when we got three call. It's I asked if that guy put her on notice. That artistry with rod that the limbs were about to fall that it should be inspected. Prior to falling then that person would have had notice. Actual note really of defects. And infield is correct so. Yet this way unique kind of setting up your case in proving your case in terms of knowledge of defense. Now we have not streak on nearly twenty minutes. I now listen you are you writing the book treatise on I don't know that I need to you know think at civil code articles on trees so. They they they kind of talk all about it which you can just expand on you if you're talking at all the different scenario I had a situation where there was a tree. The roots light right in the middle of threats. A cat and a trunk without a whole chapter there until it's out there whose tree is it right in the tree is yeah we grew up right in the middle property loses it. Good. Question though the trumpet to the trunk determines where it is at the roots can extend for you know hundreds of secretly. In the same thing with canopy of the tree with the lambs. But the truck establishes where the ownership of trees and so you know you get a nor versed in the Odyssey with the trees started growing it it's a little bit more once on the other. You know win the property line isn't it to get really technical much ado about nothing really but. That neighbor just got along with one another and say hey you know let's let's let's political cause you know trim the tree decks were both safe that's probable. The way that Amazon sell top 100 absolutely produce an opportunity. In the can teach a class oil. Or Lional par. You know there Diego so they art let's go to break that Exeter Albert because you weaken ours all things legal we'll be right back there to his retirement they were back there and Terry property Coelho we can lawyers all things legal. God I think I figured out it's a 123. Days to opening day for Ellis shoot and spew like you use. They go. They start counting down around nine. When we get under him under his coat and for wild and I can go to the game is that are on the east. So you have to meanest he has not a problem so on and from law. In the field Texas Enron field but it's. And that that that the base policy but. The Houston Texans feel even a thought Texans they picked at the show on wall Watson. What would a great pick up to depict what a great. Anyway are moderate we're talking about oh. Will talk about six sessions. And it seems to be sought one the hot topics. Here on probably next 1520 years with the baby boomers. Coming of age and baby blues living longer. These medical. Advances. And that and in the problems that are associated with that in a lot of people. Lot of console side. They're concerned whether they Brothers sisters and secular science all of the executive sir and you know maybe candies and says. In law. Have an advantage over me as forest Carey now. On terms conditions will open and then an executive she's released. The point person who's supposed to carry out what is in the well it. Yes and I mean there are number of phone number of obligations. There are number of duties in the air in it's it's a big responsibility. I mean you can be personally liable for any mr. dealing. That. That takes places as any in exactly tour and stay. So you really need to be very careful more should take that position on. If if the will does not say so. You can apply to the court for the two and a half percent. Fee which would be to put two and a percent of the gross state. To handle the estate. If it's just one piece of property. It's valued having extreme amount. The court may not grant that. Request for full two and a half percent because it's you know it would it would be a lot of money for a very. Minimal work as an exact tour exact history. The other thing is he wouldn't win your primary job. As the exactly to war. Is to keep in the business is going that may be going. They it's to pay the bills at the house keep the grass cut pay the you know keep the utilities on and things of that nature so you'd take you'd capture of news those accounts. Do an accounting of all them the income. Or the assets of the estate and the income. And as well as the debt and credit card debt any funeral to you know to pay for the funeral any. Mortgages in in any of the loan notes that's what type of thing. So the the suit at the end of the day you're going to prepare what's called a sworn descriptive list. And that filed with the court that lists account numbers and amounts and everything else to establish. What the decedent had at the time of that person's death and then. Those net assets or dispersed among the airs in accordance with the will or in test to see if if there was no way. At this time you know. One thing. The executives get paid up you may have percent and I wanna be exactly you will. To your state I would be rich yeah we're on just getting two here percent which you guys out of you regret you. Are hard if you fail to. Both schools go to Murrow would have said the debt if it does go to girls'. Got a question regarding our is hammer you on all things legal attacks concern Robert Mika. Yes I inherited IRA yeah and the person died this year. And we did that required minimum distribution for that person must CPA tell me. I would have to start my required minimum distribution. On December actually one. How old are you be seven in half at that point am I okay you sound younger though you do. Well anyway. I was yeah well you know. My question is. I'll be doing required minimum distribution easy that in a must do but. Do I have to be taxed also on. Money that Tennessee the other banks. Well what monies in the CDO debate. IR. I areas and a our institution at a bank made enough CD. That was then now with these attacks which pulled out out out this accept. A sure. Yeah it's IRA got a certain VA do I I'm I'm not that I can you know I mean you go to a lot when. I write about my. Economic same thing about it and think programs are. I'm I'm I'm just pretend in the DC prices actually we'll know better than we do. Guys that aren't Murrow. OK let's go to ravens got a will question hiring me you know Tinsley with a turnover Nikko. You know. I had not made to any kind of old. Three years ago. And now I want two it. Can't ideas and it. Emotion like idiots I. Of course we're gonna recommend that you go back to the attorney and you know it shouldn't be as X as expensive to prepare what's called a lot of soul. It's a one little paragraph for too little paragraph if you introduce an I'm prepared to will on X date. I wanna you know. Verizon will in this will be controlling in his window. And that you sign written material forming eurocard. Well there it's just an amendment to the will correct. Yes well occasion to command it could turn you do do that well. Yeah I don't you just you wanna go to right you know 'cause I've seen of seen what's called an all of graphic will or all the graphic consoles. And there handwritten note all the graphic will is a legitimate. Binding will. It must be written entirely in the test leader's hand writing. Signed and dated at the bottom of the well. Problem is I don't do my own the big mix words and I want this want to be. You know my Apollo returning in beneficiary. In in its it is got all convoluted and I've seen three or four of them that. Would have a real difficult time is somebody tried to challenge them. So we call excess yet then you really spend in the month now you got to lawyers' involvement you gotta go to court Nagin to a leasing. As opposed to maybe a thirty minute visit to U laureate you know pay me now pay me later. OK. Most secular. I don't know railroad rim thanks for the call artist go to break that senator Robert Baker you weaken lawyer's opening legal we've right packet to his pre town all right we're back we will only got about a minute let's take a quick. Texas as hot as the beneficiary class fund after the death of death. Arm of an IRA owner. And basically which you do is you take the death certificate. He sent it to the IRA administrator. They look at to see you know determine who beneficiary as and then they will law. Rolled the IRA into any irate that the person whose beneficiaries it is. If the beneficiary doesn't have and are they gonna have to open up one in order to receive the IRA from the deceit car as memories. The person who died so anyway we're out finish our number one all things legal will be right back gonna buy after a local on national usual local news to stay tuned for about ten more minutes all things legal for our number two see that.