LaSusa & Deb, PLLC

Sunday, June 23, 2013

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.

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: 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.

Monday, November 19, 2012

Fine Art at CostCo?

Costco is now returning to the arena of high dollar art. Now so far we have not seen any million dollar pieces, but there are prints and lithographs from names like Matisse and Chagall. There are also original paintings from artist like Johnny Botts and original collage pieces from the likes of Hilary Williams.
What makes this even more interesting is that Costco is willing to take the risk of re-entering this market with new collaborator Greg Moors of Art For Action base in San Francisco (artforaction@comcast.net). Why? Back in 2006 Costco sold Picassos that were later found to be of questionable authenticity. You can read more about the incident at: New York Times Article: Picasso's Daughter Says Drawing Is a Fake
Of course Costco is not the first retail chain to enter the world of high dollar art. The department store Sears sold more than 50,000 pieces of art from the Vincent Price Collection of Fine Art from 1962-1971. In fact there is a very interesting YouTube clip of the Sear's employee training related to the sale of the Vincent Price Collection (Watch it at:Youtube Vincent Price Collection.)
You can read more about this story at: Studio 360- Big Box Retailers Get Into Art Market and see the collection yourself: Costco Fine Art Collection

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.

Tuesday, November 13, 2012

The Dallas International Art, Antique, and Jewelry Show

Last week I was lucky enough to get VIP tickets for the International Art, Antique, and Jewelry Show.

An event like this provides a venue for over one hundred highly respected and renowned international exhibitors to showcase an extensive selection of fine art, antiques and jewelry. It was any avid collectors dream. My friend and I were able to personally examine notable works such as several original Van Goghs, a few Monets, and a couple of Picassos over sips of complimentary champagne, cocktails, and tasty tidbits,.

With more than 200,000 items on display for purchase there was something for every type of high end collector. Items ranged from Asian Art & Antiquities, Furniture, Fine Jewelry, Paintings, Textiles, Sculpture, Clocks, Oriental Carpets, Glass, Bronzes, Political Memorabilia, and Antique Armor.

The event was definitely a great success with a glittering array of the most serious of Dallas' Collectors as well as the most reputable International Exhibitors.

Monday, October 15, 2012

Investor Visas- Friend of Foe for Entrepreurs Looking to U.S.

Programs like the EB-5 employment-based avenue for gaining a green card have arguably been extremely successful. These programs are designed to attract foreign investors, who are willing to put large sums of money into businesses that will create U.S. jobs. These investors can skip long wait times and do not have to worry about quotas. The U.S. economy benefits by the job creation created by this foreign investment. But why stop here?

With the U.S. economy so desperate for revival we don’t just need jobs, we need innovation- new ideas and talented people to help us regain the reputation for cutting edge and burgeoning entrepreneurship. Recently there has been a lot of buzz for revamping parts of the U.S. immigration policy to create Entrepreneurship Visas. It turns out that research at Duke University demonstrated that between 1995 and 2005, immigrants started roughly half of all of the startups in Silicon Valley. The job creation from these innovative companies can have a bigger impact than those created by the current EB-5 Investor Visa Program.

Why? Because these potential entrepreneurs will be starting businesses of their own, often times businesses with unique and novel ideas, whereas EB-5 applicants are often just investing in existing projects. Investors entering under the EB-5 program are investing with the primary goal of getting citizenship, not necessarily with the primary goal of starting a business. They are not coming to the U.S. just to invest here, because there are plenty of ways for non- citizens to invest in U.S. businesses without getting citizenship or even, for that matter, living in this country. Many would argue that the goal of EB-5 is to attract high net-worth individuals and give them citizenship, as long as they provide short term jobs (typically jobs that last 5 years at a minimum). In contrast, those who would come under the new proposed Entrepreneur Visa program would primarily want to come to this country and get citizenship for the express purpose of starting their business. The difference may seem subtle, but it is significant.

A new category would also allow immigrants on student visas to stay in this country if they start their own business. In this market, this may spur the starting of new business as a way to stay in the country, potentially creating new companies and jobs that would never have otherwise been created. Currently, employment-based types of status would not allow an immigrant to leave a job and start a company. This type of proposed Entrepreneur Visa could potentially create a more dynamic economy through this boost in competition. Immigrants on this type of Entrepreneur Visa would have a lot riding on the line- not just their business and their investment, but also their citizenship, which means they would be even more motivated to have their businesses succeed.

Admittedly, these types of proposed legislation, like those put forth in the Kerry-Lugar proposal, have come across important and relevant criticism for the amounts and types of investment requirements they suggest. Putting impossible restrictions on the amount and types of funding would make such an Entrepreneurship Visa program impractical and ineffective. If the standards for capitalization are so high that most new business would fail to meet them, then it cannot be reasonably expected that the program would attract the types of business innovators that would be needed to strengthen the vitality of the economy.

Critics also rightly argue that even current programs like EB-5 and E-2 visas are far from perfect. This criticism is important because there are real downsides to the current program and much room for improvement. For example the current programs often allow minor children to come to the U.S. on their parent’s investor visa, but this is only till they reach 21. This means that minor children may upon reaching 21 be sent back to a home country they do not know. In theory this problem can be circumvented by the minor child applying for their own visa, however, U.S. officials are so back logged that the visa application for the child may itself take over 12 years. There is a good chance that may not be before the child turns 21. Additionally, visa renewals on E-2s for example, are not guaranteed. This means after sinking substantial funds into a business in the U.S. and creating jobs for U.S. citizens, visa holders risk that they themselves and their children may be sent home even after complying with all aspects of the program. This is a huge potential downside not to be taken lightly.

But the U.S. is not the only country starting programs like these. Other countries like Chile and Singapore have similar programs designed at attracting entrepreneurs as well. With the current political climate buzzing about immigration reform, the need for jobs, and the need to reinvigorate the U.S. economy with new and innovative ideas, this type of proposed legislation definitely gives us something to think about and chew on.

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.