Well-Known ERISA Plaintiffs’ Attorney Hit with $1.5 Million Fine for “Reckless” Fiduciary Claims
Jerome Schlichter, the leading plaintiffs’ attorney in numerous ERISA lawsuits, was recently sanctioned and ordered to pay up to $1.5 million by a U.S. District Judge for being “reckless”.
The title of this commentary comes from Franklin D. Roosevelt’s first inaugural address after winning the 1932 presidential election. At the time, the United States was facing many challenges, not the least of which was the Great Depression.
The Biden tax plan, as you know, is released and receiving much commentary pre-election. Understanding that planning is difficult until we know the election outcome and the law, our comments on the tax plan are below.
The CARES Act: Relief for Retirement Plan Participants
On March 27, 2020 Congress overwhelmingly passed, and the President signed, the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
You’ve probably never heard of Ed Thorp. He’s a pioneering mathematician who has run several successful hedge funds built around applications of probability theory. While massively successful as an investor, his original claim to fame was a book he wrote about how to win at Blackjack called “Beat the Dealer”.
Uncertainty is pervasive these days. However, we are all familiar with Benjamin Franklin’s quote, “…nothing can be said to be certain, except death and taxes.” With the 2017 tax law changes in the Tax Cuts and Jobs Act (TCJA), the amount of assets that someone can leave to his/her heirs without incurring estate tax increased significantly.