PROFNET EXPERT ALERTS: Business & Technology

1. Finance: Michael Jackson's Sudden Death: Importance of Estate Planning
2. Finance: New Refinance Guidelines
3. Taxation: Tax Code Offers Help for Investment Fraud Victims

1. FINANCE: SUDDEN DEATH OF MICHAEL JACKSON: REMINDER OF THE IMPORTANCE OF
ESTATE PLANNING. GARY ALTMAN, attorney and founder of the estate planning law
firm ALTMAN & ASSOCIATES, in Rockville, Md.: "Immediately following the
passing of Michael Jackson, the media turned its attention to what would
become of the music icon's massive estate: Was there a will? Who would become
the guardian of his children? Who would gain control of his fortune? Adding
fuel to the fire were concerns by Jackson's family that a host of third
parties could try to steal from the estate. It's important to note that these
types of questions arise whether you are a celebrity or an average Joe,
whether you have a large estate or a small one. The lesson for us normal folks
is to plan early and to make sure all assets are owned properly and that all
retirement accounts have the proper beneficiary designations. Everything
should be coordinated and reflect the exact wishes of the individual.
Moreover, it is important that the people close to you know about your
planning, though maybe not the exact details, and know who to call when the
unfortunate happens." News Contact: Vanessa A. van der Have, nessvdh@gmail.com
Phone: +1-301-332-5327 (7/6/09)
2. FINANCE: NEW REFINANCE GUIDELINES. DAVID DICKEY, founder and CEO of the
mortgage consumer advocacy firm NATIONAL HOME LOAN ADVOCATES, in Dallas, is
available to speak to the details of the recent announcement that HUD will
allow Fannie Mae and Freddie Mac to refinance homeowners underwater by as much
as 25 percent. This amends the Obama administration's original Making Home
Affordable guideline announced in February this year: "As the housing market
has continued to deteriorate, it is clear that the original guidelines that
allowed refinances of up to 105 percent are not allowing enough homeowners to
take advantage of this refinance opportunity. The new refinance guidelines go
into effect with loans delivered to Fannie or Freddie starting Sept. 1, and
will be of particular assistance to homeowners in markets with the greatest
price depreciation in California, Nevada, Florida and Arizona." Dickey can
discuss specific qualification guidelines. (7/6/09)
3. TAXATION: TAX CODE OFFERS HELP FOR INVESTMENT FRAUD VICTIMS. MICHAEL
ROZBRUCH, CEO of TAX RESOLUTION SERVICES and tax relief expert in Los Angeles:
"While Bernard Madoff has received the maximum sentence of 150 years in prison
for his Ponzi scheme, what many people may not be aware of is that victims of
investment fraud can take advantage of tax benefits that can help them recover
up to 30-40 percent of their financial losses. Internal Revenue Code Section
165 offers relief to investors seeking to recover taxes paid on phantom
income. I handle IRS cases for victims of investment fraud and know firsthand
that the only way taxpayers can get their money back is to amend their tax
returns. The catch? Even though it's written in the tax code, the IRS will
reject these amended returns, so taxpayers will need to enlist help from
specialized audit professionals to assist them in this complicated and
technical process, and successfully defend them before the IRS so they can get
their money back." Editor's Note: Rozbruch has a profile listed in the ProfNet
Experts Database. To view the profile, go to http://www.profnet.com and, after
logging in, click on "Search Expert." News Contact: Debbie Edwards,
debbie@taxresolution.com Phone: +1-866-477-7762, ext. 326 Web site:
http://www.taxresolution.com (7/1/09)
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