Wall Street Journal Cites Tips from McManus for Avoiding and Properly Handling Sweetheart Scams

wsj logoWall Street Journal Columnist Veronica Dagher penned a new article this week, “How to Avoid, Detect and Respond to Romance Scams.” The piece provides steps that readers can take to protect themselves (and their parents) from these fraudulent attacks, as well as things to do if the swindling has, unfortunately, already taken place.

As revealed by Dagher, so-called sweetheart scams cost victims nearly $120 million in the first half of 2016, according to the FBI’s Internet Crime Complaint Center. How are these criminals finding success? “The fraudsters are ‘very adept at playing on the vulnerability of human emotions’…With some senior citizens, they are also playing on a lack of tech savvy.”

Dagher buckets the steps to avoid and address these scams, as follows:

1)      Check the Connection

2)      Check In With Your Parents

3)      Check the Pressure

4)      Report It

McManus & Associates Founding Principal John O. McManus is cited and quoted in the “Check In With Your Parents” and “Report It” sections. From the article:

“Stay in touch and call your parents often so that they don’t become vulnerable to scammers,” says John McManus, an attorney in New Providence, N.J., who has helped several senior citizens who were victims of fraud…If your parents do fall victim to a scam, show compassion, says Mr. McManus. Help them keep their dignity and understand that anyone can be wrongly manipulated at any age, he says.

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McManus Quoted by MarketWatch on Digital Estate Planning

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McManus & Associates Founding Principal John O. McManus was recently tapped for insight on digital estate planning by MarketWatch (WSJ), which has over 16 million unique visitors per month. Andrea Coombes’ column, “How to include your digital assets in your estate plan,” explores the importance of accounting for one’s online presence – from email and “bank accounts to Facebook, PayPal and more” – when planning for the transfer and administration of assets.

From the article:

If you fail to account for those digital assets in your estate plan, you risk burying your family or friends in red tape as they try to get access to and deal with your online accounts that may have sentimental, practical or monetary value.

John’s comments make up #5 and #6 on the article’s list of tips:

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McManus’ Insight on Modern Estate Planning Featured in NJBIZ Wealth Issue

Last week, McManus & Associates Founding Principal John O. McManus was featured in NJBIZ‘s Wealth Issue. The piece, “A GUIDING HAND – McManus: Estate planning is increasingly complex,” includes a Q&A with John and highlights his insights on trends in how the ultra-wealthy protect their assets and their families.
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A GUIDING HAND: McManus: Estate planning is increasingly complex

By NJBIZ STAFF, July 7, 2016 at 10:29 AM

John McManus has spent more than 25 years as a guiding hand for high net worth families and individuals, but it was an experience with his own family that helped shape his career.

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Wall Street Journal Shares Guidance from McManus in “Wealth Report”

The Wall Street Journal “Wealth Report” recently published a story by Veronica Dagher titled “When an Elderly Parent Has Been Scammed.” The article outlines key steps for an adult child to take if he/she expects that a parent or loved one is the victim of elder financial abuse. McManus & Associates Founding Principal John O. McManus is quoted throughout the piece.

At the outset of the article, Dagher helps readers understand both the obstacles that they’re likely to encounter when trying to help an elderly loved one who has been scammed and the typical feelings of the victim. Empathy and patience are key.

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Bankrate and WealthManagement Highlight McManus’ Guidance on Tax and Estate Planning for Gay and Lesbian Couples

bankrate logoBankrate, which has more than 2.75 million readers, recently published a story based on McManus & Associates’ “Same-sex marriage tax and estate planning tips.” As the story points out, thousands of gay and lesbian couples are celebrating wedding anniversaries this year and, this month, another momentous date. June 26 was the day last year that the Supreme Court declared same-sex marriage legal throughout the United States.

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McManus Teams Up with Forbes to Shed Light on Elder Financial Abuse

forbes-logo-pngForbes Writer Ashlea Ebeling recently brought a very important topic to light with the help of John O. McManus and one of his clients: elder financial abuse. In her new article “Inside A Lottery Scam,” Ebeling tells the harrowing story of a McManus & Associates client, who – in her 90’s – was targeted strategically and relentlessly by unscrupulous phone fraud. From the piece:

“There was a man who was very friendly, very charming.” So begins the tale of a socialite widow from New Jersey horse country who lost nearly $1 million in a lottery scam. Call her Penny. She’s ashamed. “I can’t believe I was so ignorant; nobody can condemn me more than I do myself,” she told me on the line with her lawyer, John O. McManus of New Providence, N.J. “What’s funny is I’m a penny picker-upper; when I think of the amount of money that I gave away to an unknown person, it’s unbelievable,” she says.

How did the scammer convince Penny to part with a lot more than just pennies? “If she sent money, the caller said, she would have a chance to win big.” She started sending checks in hopes of hitting the sweepstakes jackpot, which would give her more money to make a big impact on the community by setting up a charitable foundation to honor her husband and carry on their family tradition of giving.

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Bankrate Relays Investment Ideas from McManus in Feature Slideshow

bankrate logoBankrate, which has more than 2.75 million readers, recently turned to McManus & Associates Founding Principal John O. McManus for advice on investments and IRAs. His thoughts are included in the publication’s feature slideshow, “Traditional or Roth IRA: Find out which IRA is better-suited for high-return investments.” From the slideshow:

Pay upfront, watch Roth explode later

Do you benefit from having an extra-long time horizon? Then going full throttle in the Roth IRA is apropos, says John O. McManus, founding principal of McManus & Associates in New York City.

“If you can take a long-term view, opt for a Roth IRA and take an aggressive approach with asset allocation and investing,” he says. “Roth IRAs buy you a lot more time to allow the market to recover, absent the mandatory distributions of traditional IRAs. Create a self-directed Roth IRA and pour significant capital in it to build horsepower. Then smartly pursue alternative investments to generate the biggest returns,” he says.

“Private equity and real estate are the 2 best areas where real leverage can be achieved with a Roth IRA. The idea is to pay your taxes up front, then really watch returns from your investments explode.”

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McManus Weighs in on “Ways the Rich Waste Their Money” for GOBankingRates

GoBankingRates logoToday GOBankingRates, which has nearly 350,000 readers, launched an interesting slideshow, “21 Ways the Rich Waste Their Money.” For #6 and #7 on the list, journalist Lia Sestric shared two examples of wasteful spending flagged by John O. McManus, founding principal of McManus & Associates.

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MarketWatch Publishes Article on Cutting Capital Gains Authored by McManus

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5 ways to protect your estate from capital gains taxes

Published: Dec 25, 2015 6:04 a.m. ET

Traditional estate planning is being turned on its head

By JOHN O. MCMANUS

The time-honored approach to estate planning is being turned on its head by significant tax law changes that have taken effect in recent years.

Long-term capital gains tax rates now range from 25% to 33% (when you add together the top federal, state and local rates and Obamacare’s Medicare surtax). So now that the federal estate tax exemption is $5.43 million ($10.86 million for a couple’s combined exemptions), many Americans may no longer be exposed to federal estate taxes, making taxes on income and capital gains more prominent.

In fact, some legal practitioners who spent the first half of their careers zealously transferring assets out of their clients’ estates to avoid estate taxes now expect to spend the second half pushing assets back into their clients’ estates because the estate planning paradigm has changed.

What are the best ways to strategize around capital gains taxes to keep them as low as possible?

Rundown of the tax rules for gifts

To answer that, it helps to first understand the rules about gifts and taxes.

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Forbes Confers with McManus on Intra-Family Loans

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Are intra-family loans now a steal? According to a recent story from Ashlea Ebeling of Forbes, the answer is a resounding “yes!” John O. McManus recently spoke with Ebeling on the topic, of which you should take note. From the article:

The terrifically low rate you can use for a short-term intra-family loan is just 0.56% for loans up to three years. Go out up to 9 years and the rate is 1.68%. For loans of 10-years-plus, it’s just 2.61%.

As Ebeling points out, intra-family loans are a good option for parents and grandparents who want to help buttress future generations with buying a house or opening a professional practice, for example. And what if you were to loan $1 million to a family member who then uses it for a private equity investment that doubles to $2 million? From the story:

“I’ve just made $1 million on her balance sheet instead of mine,” explains John McManus, an estate lawyer in New Providence, N.J. who just helped a developer father loan his son the money to invest in distressed commercial real estate in Newark.

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