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Estate Planning News
Adminstrative Law subcommittee to discuss legislation that grants immunity to gun makers
WASHINGTON, March 14 /U.S. Newswire/ -- A week after the Government Accountability Office released a report exposing a loophole in the law that allows terrorism suspects to easily obtain firearms, Congress is, of course, wasting no time in acting to ensure that not only are terrorists safe from scrutiny, but that all gun sellers are shielded from scrutiny as well.
As surprising as it may seem in the light of all the public attention on the terrorism report, the House Judiciary Committee's Subcommittee on Commercial and Administrative Law will hold a hearing Tuesday, March 15 at 10 a.m. (in Room 2141 of the Rayburn House Office Building, Independence Avenue and South Capitol Streets SW, Washington, D.C.) on legislation that would grant unprecedented immunity from civil litigation to all gun dealers and manufacturers, even in cases of obvious negligence.
"What is the response of the United States Congress to clear and present threats to our national safety and security? Is it to move quickly to strengthen the Brady background check system to stop terrorist suspects from buying guns? No. It is to hold hearings on a bill that would protect from legal accountability the most reckless gun sellers in America," said Dennis Henigan, director of the Legal Action Project of the Brady Center to Prevent Gun Violence. Henigan will testify at the hearing Tuesday.
Also on Tuesday, in 16 cities across the nation including Washington, D.C., members of the Million Mom March and local gun control activists will join together to ring bells 82 times in remembrance of the number of people killed every day in this country by gun violence and in an effort to convince Congress to reject the legislation (H.R. 800 and S. 397) that would deprive gun victims of their legal rights.
"This legislation is an insult to victims of gun violence and their families," said Marsha McCartney, president of the Texas Million Mom March Chapters and national spokesperson. "A small number of gun sellers are reckless, and the damage they do in supplying criminals with guns is devastating. Congress needs to stand with gun victims and reject this special interest giveaway."
A "Living Trust" can be used to hold legal title to and provide a mechanism to manage your property
You can select the person or persons you want -- often even yourself -- as the Trustee(s) to carry out the instructions you want in the Trust and name one or more Successor Trustees to take over if you cannot. Unlike a Will, a Trust usually becomes effective immediately, continues in force during your lifetime even in the event of your incapacity, and continues after your death. Most Trusts are "revocable" which allows the person who creates the Trust to make future changes, modifications and even to terminate it.
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Definition:
Taxes imposed by the US Government on the value of a person's estate upon his or her death.
Gain
Definition:
The difference between the Tax Basis (the amount originally paid for property with certain adjustments) and the amount received for the property when it was sold.
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