Agency Clauses
An agency clause is a paragraph of legalese in your publishing agreement. It gives your agent the right to collect all royalties (including advances) directly from the publisher. The agent then deducts her commission from that amount, and sends the remainder to you. The agency clause isn’t required by your publisher — it has no interest in where your royalties go, as long as it is...
Read MoreThe “Poor Man’s Copyright”
The Poor Man’s Copyright is one of those apocryphal ideas that almost, but not quite, rises to the status of urban legend (unfortunately, it’s not as scary as exploding toilets). I have encountered many otherwise sophisticated authors who not only believe in this charming fantasy, but also practice it. Here’s the idea: Whenever you send a submission to an editor or agent, you always should...
Read MoreMedicaid Annuities
Annuities Bought for Medicaid Applicant’s Spouse Are Neither Income Nor Resource A U.S. district court has held that the annuities a Medicaid applicant purchased for his wife cannot be considered as either assets or income when determining Medicaid eligibility. Jackson v. Selig (U.S. Dist. Ct., E.D. Ark., No. 3:10–CV–00276–BRW, March 13, 2013). Richard Jackson lived in a nursing home and...
Read MoreDo-It-Yourself Will Leads to Unwanted Result
If you choose to write your own will, you run the risk of not having your estate distributed the way you want, as a recent Pennsylvania case illustrates. George Zeevering apparently wanted his estate to go to two of his five children. Instead of seeking out an elder law attorney to advise him on drawing up an estate plan, he decided to write his own will. The will gave his pickup truck to his...
Read More“Fiscal Cliff” Deal Includes Only Small Change to Estate Tax
As part of the tax compromise Congress approved to avoid tumbling down the “fiscal cliff,” the amount that is exempted from estate taxes will remain the same as it has been for the past two years, although the maximum tax rate will rise by 5 percentage points. The American Taxpayer Relief Act, which passed the House by a vote of 257 to 167, permanently sets the estate tax exemption at $5 million...
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