Posted on 10/09/2007 9:19:16 AM PDT by icwhatudo
I am so proud of you.
Love the FReeper eye for the Liberal Lie!
...and that they paid a small amount for the house only means that they have that much more equity and therefore wealth which they could access with a second mortgage or by downsizing their lives a bit in order to take care of priorities.
Why the Frosts, who do not trust the education of their children's minds to the government school system, want to trust the repair of their children's bodies to a government "health" system?
Not true. In most states, the rules of evidence prohibit the jury from learning about insurance coverage, and the mere mention of "insurance" will cause a mistrial.
In THIS case, it was a one-car accident, the mother lost control on the ice. So their only hope would have been to sue the insurance company, which wouldn’t probably have worked.
IIRC, Maryland is a "no-fault" state. Most no-fault laws require each driver to look to their own insurance policy for medical coverage. An injured passenger in a one-car accident would be entitled to first party medical benefits subject to the policy limitations. In Maryland, the minimum coverage is $20,000/$40,000, which means coverage up to $20,000 per injured person, not to exceed $40,000 per incident. But again, this is the minimum coverage and nothing prohibits a person from buying greater coverage, which I highly recommend, particularly if the person has assets to protect or doesn't have any health insurance. (For example, I have a $500,000/$1,000,000 automobile policy and an additional $1,000,000 of coverage under an umbrella homeowners policy.) So if the Frost family only had the minimum automobile inusrance coverage, then they have failed their family twice.
One other point, under many no-fault laws, an injured passenger suffers "serious bodily injury" can sue the driver for pain and suffering and economic loss.
I want to see just one snapshot of this family anchoring their sailboat in front of Philips Harborplace.
Coulter warned us about this 100 times with the 9/11 Shriek Sisters.
Some quick notes: LLCs have a lot of tax advantages over s corps. For instance, in an S corp, profits and losses are allocated pro-rata to shareholders, whereas in an LLC, if you elected to be taxed as a partnership, you can specially allocate profits and losses.
AS for the gift issue, a gift is a gift, not income. Taxes on gifts are paid by the maker of the gift, but there is an exemption of $11,000 per year for gifts, so mom can give $11,000 to each kid taxfree every year. Mom and Dad can give $22,000 to each kid, tax free. Now, if you want to give a bigger gift, you can, but it is subject to gift tax (paid by the giver). You can elect to use a portion of your unified credit (gift and estate tax) on the gift, but it reduces the credit for your estate taxes when you die. There. Did I thoroughly confuse everyone now?
A Pajama Patrol badge well earned.
And one step beyond that RayBob.
The grandparents can pay for the grandchildren’s education and that does not count against the $11,000 exemption for each child and grandchild. This counts as long as the check goes directly to the school.
You’re LLC analysis is also exceptional.
As a business owner, I paid for my family’s insurance with pre-tax dollars as part of the business expense. This is common place. If this guy did not do so, he is negligent. As negligent as a parent that does not ensure the kids are buckled up in the car in the first place.
-PJ
Nice work. Thanks.
YOU, Sir or Madam, ARE MY HERO!!!!! You COVERED ALL of the DETAILS which is what a REPORTER is SUPPOSED to DO!!! You did it!! WITH FACTS and EVIDENCE....You could teach a lesson to ALL other so-called reporters on how to do what you did!! THANK YOU...I wish ALL stories were covered this way!!!
Now if the IRS would just give Mr. Frost a call......
WHAT??? Frost’s LLC is not LEGAL???? IRS...call your office!!! Tax Evasion ALERT!!
Bravo, icwhatudo, excellent work.
My Hero
In one trial I was on the jury for, extensive questioning established the dollar figure without explicitly mentioning insurance. We all knew exactly what was being said.
I don’t know how to Cut and Paste...could you repeat that please!!!!
Who’s Rick Klein??
Ping
BUMP for incredible work.
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