by: Don Smith

THIS WEEK IN REVIEW ....Oct. 26, 2006
This weeks Reporter-Sterling Cain

 ?   ?    Rev. Jim

Guests:    None

Fines: 2 bits to Bezjak for not proposing a motley crew fine to Jim Perkins for bringing his wife.    2 bits to John Vierthaler for not standing while proposing a fine.

Announcements:   B team bingo. 79 attendance, deposited $3800. C team up next Monday.

Handshake goes to John Vierthaler, a pen, as a consolation prize for his guest not showing this fine, cold, snowy afternoon.

Tim Pollack: Coupon books still available. (Doug Harder. This marks 5 weeks that TP hasn't asked anyone to carry the damned banner.)

Steve Bollard in attendance, applause. Welcome back.  

Dave Miley is doing well after his heart attack.


Don Smith, born in Milwaukee, WS 1946. Parents were both Colorado natives. Don Cannot pronounce the names of the rivers but can pronounce Lake Michigan. Only great lake entirely within the United States. (Lots more boring crap about the lake)

Don a paperboy for the Rocky Mountain News as a kid. Spent one year at East High in Denver.

Went to Littleton High for a year and a half before getting kicked out, then went into the Navy. In for 3 ½ years. In before 18, out before 21. “Kiddy cruiser.” Home based in San Diego on the USS Iwo Jima LPH-2, a landing platform for helicopters. It was the ship that later picked up the astronauts from Apollo 13. Did set foot on Vietnam once, for a beach party for one day. Was a radioman on a teletype machine. Did sit off the shore of Vietnam for quite a while. The object of the helicopters was to carry the Marines behind enemy lines.

After the Navy tour, Don went to work in Southern California as an assembly line worker for a company that made metal desks, then for a rock, sand and gravel company. Moved to NE were he did land leveling for a couple years before going to tech school to learn electronics. After school, worked for King Radio in KS.

Been working with the railroad since 1980. Been with three different railroads The ATSF, D&RGW and the BN. Worked briefly at a steel mill in Pueblo between railroad jobs. Been with the BN in Denver for the past 12 years.

Hobbies are dirt bike riding, hunting, golf, and computers. Don displayed a little chart with his marriages (didn’t compare to John Pifer’s chart) Has a son but never married his mother. Has an adopted daughter from his second wife. Has no kids with his current wife.

Mike Ballew brought him into the club.


The bad news: the speaker couldn't make it from Greely. The Good news: John Vierthaler is giving the presentation today.

John is gonna talk about law. Does some business law. Amazed at the problems that are from LLC's. Always indicate on your business cards that you are an Inc. or LLC and that you are the president or manager of the company.

Always put the Inc or LLC on your window or door sign.

Personal liability – avoiding it.

Get good insurance. Not protected for gross negligent or wanton misconduct. Get a good umbrella policy.

Wills – I like to talk about wills.

Living trusts – they are a pain in the ass, and I do mean big time. They are only good later on in life when your affairs are static. They are a management problem. They take a lot of management. You have to title everything in the name of the trust or you are going to be probating anyway. The living trust is not a tax savings device.

Colorado has simplified the probate process to the point where it's only 3000-5000 to probate an estate. Only about $500 if you don't have real property (a “small estate”)

We have an inheritance tax in Colorado that is very narrow and only comes into play very, very rarely.

We have to worry about the federal estate gift tax act. Applies when your estate hits $2,000,000. Doesn't apply when you leave your estate to your spouse. It is a very punitive tax and goes from 37% to 50%. Next year it goes to 2.5 million and up ½ million per year after that until 2010 where it goes away until 2011 when it goes back down to $200,000.

Wills should be signed in front of 2 witnesses and a notary. This will eliminate the need to prove the will. Biggest will challenges are for “undue influence”.

You lose the step up in basis in 2010 but the estate tax is eliminated. Note, this will be changed probably as soon as the next president is elected. Thinking that the exemption is going to stabilize between 3 and 5 million dollars.

Codicils to wills: You have a will, but your kid turns into a bad apple. You don't want him to have the money directly, but instead you want it funneled through a trust. You don't want to pay a bunch more money for a new will. So you draw up a codicil (or amendment) to the will. Still need to use the two witnesses and a notary and that you need to reaffirm the balance of the will in the codicil.

Glen: is there a maximum for stepped basis? I don't think there is a limit but commentary from the crowd was that it may be around 3 million.

Life insurance is ok for taking care of your estate. You can do an irrevocable life insurance trust, but remember, it's irrevocable, so your life better well be static.

You can now give $12,000 away to any person in any year without gift tax liability. If you go over that number without paying gift tax, then that amount will decrease your 2 million estate tax exemption.

Trusts can be broken by the same challenges as wills, including undue influence.

When it comes to wills, its the latest will that gets enforced. If you think that there was undue influence on the latest will then remember, it can be extremely hard to challenge and if the will was signed properly, then you had the burden of proof.

A copy of a will cannot be probated. You must have the original. Initial every page of the will.

Keep your will in a place of safe keeping. Don't keep it in a safe deposit box if you can. If you do, make sure your spouse and your oldest child are co-owners or signers on the box. Otherwise your probate will be delayed while you get state permission to get into the box.

Pot of Gold: Bob Stein (lucky bugger)

  John Vierthaler       Bob Stein    Bob Stein

          On the calendar ..  
         Nov 2 - Regular Meeting - SOD Bob Stein
         Nov 9 - Chamber Of Commerce luncheon
         Nov 16 - Regular Meeting - SOD John Vierthaler
              Program: Sean Raymond, Galaxy hold planets
                                like Earth?
         Nov 20 - Thanksgiving
         Nov 27 - Regular Meeting - SOD Gus Zsala

         Dec 14 - Regular Meeting - SOD    
              Program: Joe Epstein, Conflict Resolution Svc.   


Oct 30 - C Team
Nov 6 - D Team
Nov 13 - E Team
Nov 20 - A Team
Nov 27 - B Team
Dec 4 - C Team
Dec 11 - D Team
Dec 18 - E Team

 Click here for printable version


Editors notes:
If you want an electronic copy of the Roster,
send me an e-mail.

Remember the guy who got on a plane with a bomb built into his shoe and tried to light it? Did you know his trial is over? Did you know he was sentenced? Did you see/hear any of the judge's comments on TV or Radio? Didn't think so.

Everyone should hear what the judge had to say. Ruling by Judge William Young, US District Court. Prior to sentencing, the Judge asked the defendant if he had anything to say. His response: After admitting his guilt to the court for the record, Reid also admitted his "allegiance to Osama bin Laden, to Islam, and to the religion of Allah," defiantly stating, "I think I will not apologize for my actions," and told the court "I am at war with your country."

Judge Young then delivered the statement quoted below: January 30, 2003, United States vs. Reid. Judge Young: "Mr. Richard C. Reid, hearken now to the sentence the

Court imposes upon you. On counts 1, 5 and 6 the Court sentences you to life in prison in the custody of the United States Attorney General. On counts 2, 3, 4 and 7, the Court sentences you to 20 years in prison on each count, the sentence on each count to run consecutively. (That's 80 years.)

On count 8 the Court sentences you to the mandatory 30 years again, to be served consecutively to the 80 years just imposed. The Court imposes upon you for each of the eight counts a fine of $250,000 that's an aggregate fine of $2 million. The Court accepts the government's recommendation with respect to restitution and orders restitution in the

amount of $298.17 to Andre Bousquet and $5,784 to American Airlines. The Court imposes upon you an $800 special assessment. The Court imposes upon you five years supervised release simply because the law requires it.

But the life sentences are real life sentences so I need go no further. This is the sentence that is provided for by our statutes. It is a fair and just sentence. It is a righteous sentence.

Now, let me explain this to you. We are not afraid of you or any of your terrorist co-conspirators, Mr. Reid. We are Americans. We have been through the fire before. There is too much war talk here and I say that to every-one with the utmost respect. Here in this court, we deal with individuals as individuals and care for individuals as individuals.

As human beings, we reach out for justice. You are not an enemy combatant. You are a terrorist. You are not a soldier in any war. You are a terrorist. To give you that reference, to call you a soldier, gives you far too much stature. Whether the officers of government

do it or your attorney does it, or if you think you are a soldier. You are not----- you are a terrorist. And we do not negotiate with terrorists. We do not meet with terrorists. We do not sign documents with terrorists. We hunt them down one by one and bring them to justice. So war talk is way out of line in this court.

You are a big fellow. But you are not that big. You're no warrior. I've known warriors. You are a terrorist. A species of criminal that is guilty of multiple attempted murders. In a very real sense, State Trooper Santiago had it right when you first were taken off that plane and into custody and you wondered where the press and the TV crews were, and he said: "You're no big deal." You ARE no big deal.

What your able counsel and what the equally able United States attorneys have grappled with and what I have, as honestly as I know, how tried to grapple with, is why you did something so horrific. What was it that led you here to this courtroom today?

I have listened respectfully to what you have to say. And I ask you to search your heart and ask yourself what sort of unfathomable hate led you to do what you are guilty and admit you are guilty of doing? And, I have an answer for you. It may not satisfy you, but as I search this entire record, it comes as close to understanding as I know.

It seems to me you hate the one thing that to us is most precious. You hate our freedom. Our individual freedom. Our individual freedom to live as we choose, to come and go as we choose, to believe or not believe as we individually choose. Here, in this society, the very wind carries freedom. It carries it everywhere from sea to shining sea. It is because we prize individual freedom so much that you are here in this beautiful courtroom. So that everyone can see, truly see, that justice is administered fairly, individually, and discretely.

It is for freedom's sake that your lawyers are striving so vigorously on your behalf, have filed appeals, will go on in their representation of you before other judges. We Americans are all about freedom. Because we all know that the way we treat you, Mr. Reid, is the measure of our own liberties. Make no mistake though. It is yet true that we will bare any burden; pay any price, to preserve our freedoms.

Look around this courtroom. Mark it well. The world is not going to long remember what you or I say here. The day after tomorrow, it will be forgotten, but this justice, however, will long endure.

Here in this courtroom and courtrooms all across America, the American people will gather to see that justice, individual justice, justice, not war, individual justice is in fact being done. The very President of the United States through his officers will have to come into courtrooms and lay out evidence on which specific matters can be judged and

juries of citizens will gather to sit and judge that evidence democratically, to mold and shape and refine our sense of justice.

See that flag, Mr. Reid? That's the flag of the United States of America . That flag will fly there long after this is all forgotten. That flag stands for freedom. And it always will.

Mr. Custody Officer. Stand him down.

So, how much of this Judge's comments did we hear on our TV sets? We need more judges like Judge Young, but that's another subject. Pass this around. Everyone should and needs to hear what this fine judge had to say. Powerful words that strike home. God bless

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