LaSusa & Deb, PLLC

Sunday, June 23, 2013

Art and Law Newsletter: New York's Metropolitan Museum of Art under fire for allegedly misleading admissions policy

The Met, located in New York's famous Central Park, is facing legal action for the second time in only 4 months over its admission fee policy. The museum and the city have an agreement which allows the museum to occupy city-owned land rent free, provided the public may enter free of charge several days during the week. Visitors are greeted with signs reading "Admissions Recommended," which some argue are intentionally misleading and which suggest that an entry fee is required. Cases were filed in November of last year and again this spring, alleging that this signage violates the Met's agreement with the city. In a statement by the museum's Director and CEO, the Met denies the ambiguity of the signs and states that this "recommended admissions" policy was actually agreed to by the City of New York. It remains to be seen whether the signs will have to be removed or reworded.

The Blog does not create an attorney client relationship. LaSusa & Deb, PLLC is a law firm and the contents of this blog may contain legal information, but such information does not create a relationship between the reader and LaSusa & Deb, PLLC or any of its attorneys. Information herein is not guaranteed to be complete, correct or up-to-date nor does it reflect the opinions of LaSusa & Deb, PLLC. Please read full disclosure at the bottom of the page.

Art and Law Newsletter: Kansas City Art Institute pursuing promised donation

In 2005 Larry and Kristina Dodge pledged $5 million to the Kansas City Art Institute for the construction of a new building which would bear their name. The Dodge Painting Building now stands on the KCAI campus, despite the fact that the Dodges only paid $1 million of the promised amount. The school hired an attorney and initiated litigation in order to compel the donors to pay the outstanding amount, which resulted in a $3.3 million judgment against the family. Mr. Dodge, a former banker once worth an estimated $1 billion, has lost his fortune and declared bankruptcy, partially, he claims, due to the lawsuit. Mrs. Dodge now fears she will have to file for bankruptcy as well if the school continues to pursue the matter.

The Art Institute maintains that the Dodges are under a contractual obligation pay the amount pledged. In fact the Institute argues that as a nonprofit organization it is under strict accounting guidelines, under which it has already reported the pledged donation. Failure to collect the full amount may result in an accounting deficit, which could negatively impact future donations.

The Blog does not create an attorney client relationship. LaSusa & Deb, PLLC is a law firm and the contents of this blog may contain legal information, but such information does not create a relationship between the reader and LaSusa & Deb, PLLC or any of its attorneys. Information herein is not guaranteed to be complete, correct or up-to-date nor does it reflect the opinions of LaSusa & Deb, PLLC. Please read full disclosure at the bottom of the page.

Art and Law Newsletter: American collector finally returns 10th century idol stolen in 1974

Norton Simon, an American art collector, was in possession of a stolen Indian bronze for nearly four decades. The priceless bronze, an idol of Lord Nataraja, was taken from the Sri Sivagurunathasamy temple of Sivaputam, located in the Thanjavur district. According to officials, the idol was entrusted to a local sculptor for repairs in 1954. A copy was made and given to the temple, while the original was smuggled to Bombay, and eventually sold to Simon. The idol was later confiscated by Scotland Yard when Simon sent it to a restorer in London for repair. British authorities contacted the Indian government, who reached an out of court settlement with Simon. Under the terms of this agreement, Simon agreed to return the idol, but only if he was allowed to retain the bronze for nearly 10 years, and if the Indian government agreed not to inquire about any other works in his possession. The work is now in the Kapaleeshwar temple in Chennai.

Art and Law Newsletter: India's Ministry of Culture signs new agreement with the Met

On March 19, 2013 an agreement between the Metropolitan Museum of Art and India's Ministry of Culture was signed in New Delhi. Under the auspices of this new agreement, the two institutions will cooperate in areas such as public education, conservation, academic research, and exhibition through short- and long-term loans. One exhibition already being planned will be a large collection of works from the Deccan region of India, scheduled to open at the Met in spring of 2015. This exhibition, which is provisionally titled "The Art of India's Deccan Sultans, ca. 1500-1700," will feature nearly 150 works and will focus on the region's multicultural influences. Another early program to come from this agreement is the Indian Conservation Pilot Program. This program will promote conservation and education through fellowships, seminars, and initiatives at museums throughout India.

Art and Law Newsletter: Sotheby's auction indicates resurgence of contemporary Indian art market

In March art collector Amrita Jhaveri sold several works of modern and contemporary Indian art at a Sotheby's auction in New York. The 43 works sold, formerly a part of the Amaya Collection, fetched $6,694,875. The market for contemporary Indian art suffered a downturn in 2008 with the onset of the global recession, but observers are hopeful this successful sale indicates a new trend. The sales prices for more than half of the lots exceeded their high estimates. Experts agree that this sale could prove very important to the Indian art world.

Ms. Jhaveri was born in Mumbai and currently divides her time between homes in Mumbai and London. She is one of the preeminent figures in the Indian art market. She has pledged to donate a portion of last month's auction proceeds to KHOJ International Artists Association, a nonprofit artists' collective based in Delhi.

Monday, May 13, 2013

Gulf Coast Restoration Event Sponsored by Aveda Northpark at Times Ten Cellar

A few weeks ago I had the pleasure of attending a charity event at Times Ten Cellar. Not just great wine and delicious food from Buca di Beppo, but also great people and tons of fun. The event was sponsored and organized by Aveda Northpark to benefit the Gulf Restoration Network.

Thursday, April 11, 2013

Health Savings Accounts 101

What Are Health Savings Accounts?

Health Savings Accounts, or HSAs as they are commonly known, are tax-exempt accounts used to help those who have high deductible health insurance plans. These accounts are designed to offset some of the costs of medical care and treatment. They were created in 2003 to replace the Medical Savings Account System. An HSA can be set up for an individual account holder or for family coverage. Generally, most adult tax payers covered by a high deductible health plan (HDHP) may qualify for an HSA, so long as they are not enrolled in Medicare, or claimed as dependents on another tax payer's return. HSAs require the use of a trustee, such as a bank or insurance company, and must be linked with a qualifying HDHP.

Much like a traditional savings account you may open at a bank, funds remain in an HSA until the account holder uses them. In other words, there is no "use it or lose it" deadline each year, as encountered with most flex spending plans. Furthermore, HSAs are not set up through an employer, so account holders retain them if they change jobs or leave the workforce. If an employer does make contributions to your HSA, you may exclude those contributions from your gross income on your tax return.

What's New in HSAs for 2013?

The IRS has announced new contribution limits and other important figures for both individual and family coverage accounts in 2013. These new figures are slightly higher than the 2012 rates, in order to adjust for higher costs of living. Below is a summary of the changes for 2013:

	2012	2013	Change
Total HSA contribution limit (employee + employer)	Individual: $3,100 Family: $6,250	Individual: $3,250 Family: $6,450	Individual: + $150 Family: + $200
Minimum required HDHP deductible	Individual: $1,299 Family: $2,400	Individual: $1,250 Family: $2,500	Individual: + $50 Family: + $100
HDHP maximum out-of-pocket expenses	Individual: $6,050 Family: $12,100	Individual: $6,250 Family: $12,500	Individual: + $200 Family: + $400

For Further Information

If you are interested in learning more about Health Savings Accounts and their alternatives, this IRS publication is a good resource. For instructions on claiming your HSA on your 2012 tax return, click here.

The Blog does not create an attorney client relationship. LaSusa & Deb, PLLC is a law firm and the contents of this blog may contain legal information, but such information does not create a relationship between the reader and LaSusa & Deb, PLLC or any of its attorneys. Information herein is not guaranteed to be complete, correct or up-to-date nor does it reflect the opinions of LaSusa & Deb, PLLC. Please read full disclosure at the bottom of the page.