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Johnson & Johnson ordered to pay nearly $4.7B in talcum powder case

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  Jurors in St. Louis awarded nearly $4.7 billion in damages on Thursday in a suit that claimed Johnson & Johnson baby powder caused 22 women to get ovarian cancer, including six women who died. Jurors awarded $550 million in compensatory damages and $4.14 billion in punitive damages, report the St. Louis Post-Dispatch, the Wall Street Journal and the New York Times. Lawyers for the plaintiffs expect the defense to file a motion to reduce the award because state law … Continued

What Is a Trust? A Guide to the Types of Trusts and Their Uses

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A trust is a three-party financial arrangement where one party (the trustor) gives a second party (the trustee) the ability to hold assets or property for a third party (the beneficiary). The Business Dictionary defines a trust as a “legal entity created by a party (the trustor) through which a second party (the trustee) holds the right to manage the trustor’s assets or property for the benefit of a third party (the beneficiary).” Basically, a trust is a financial arrangement … Continued

How advisors can use trusts in estate planning for clients | Financial Planning

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  So how can your clients have their cake and eat it too? To plan better, advisors first need to identify how a client’s goals might be different today because of the 2017 tax changes. They may want to consider the following strategies: The current estate, gift and GST tax exemption is a whopping $11.8 million, but that amount is halved in 2026, so clients should try to use as much as feasible before it is reduced. Using the exemption … Continued

Judge dismisses lawsuit alleging constitutional right to literacy; plaintiffs vow appeal

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A Detroit federal judge dismissed a lawsuit last week that accused the city’s schools of denying children their fundamental right of access to literacy. In an issue of first impression for the U.S. District Court for the Eastern District of Michigan, U.S. District Judge Stephen Murphy III ruled Friday in the case of Gary B. v. Snyder that there is no fundamental right of access to literacy under the U.S. Constitution. Agreeing that literacy is vitally important to public life … Continued

Dos and Don’ts for Taxpayers Who Get a Letter from the IRS

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Every year the IRS mails millions of letters to taxpayers for many reasons. Here are some tips and suggestions for taxpayers who receive one: Don’t ignore it. Most IRS letters and notices are about federal tax returns or tax accounts. Each notice deals with a specific issue and includes specific instructions on what to do. Don’t panic. The IRS and its authorized private collection agencies do send letters by mail. Most of the time all the taxpayer needs to do … Continued