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Broken Bow: (308) 872-8327 Kearney: (308) 767-2650
Grand Island: (308) 767-2695 North Platte: (308) 221-6204
Lincoln: (402) 414-4898 Omaha: (402) 414-4896
September 2024
KNOW YOUR LIMITS How Coverage Levels Can Affect Your Claim
You cannot anticipate a car accident or how costly and severe it will be. Depending on the circumstances of the collision, you may be able to endure it without so much as a bruise; other times, you could suffer serious, debilitating injuries. While some things are out of our hands, we still can control many factors to improve our odds of a successful outcome in the aftermath of an accident. Having proper insurance, promptly seeking medical attention, and obtaining quality legal representation to handle your car accident case could all contribute to your chances of successfully obtaining a settlement for your damages. Right Amount of Insurance Many victims of car accidents fail to realize the importance of insurance limits and their effect on potential compensation claims. Your insurance limit is the maximum amount an insurance company will pay for a claim. These limits depend on your coverage, and Nebraska has a legal minimum for the amount of car insurance coverage you must possess before taking the wheel.
• $25,000 per person, and $50,000 per accident, for Uninsured Motorist Bodily Insurance Coverage (UIM)
• $25,000 per person, and $50,000 per accident, for Underinsured Motorist Bodily Insurance Coverage (UIM)
So, how do you protect yourself? Simple: Buy more UIM auto insurance! I suggest a minimum of $250,000 UIM coverage. Thankfully, 10 times the minimum insurance coverage will not cost you 10 times as much. Typically, that amounts to about the cost of two extra-large pizzas a month. A small price to pay for protection against negligent drivers who have little or no insurance.
We urge you to check over your auto insurance declaration page and see what your coverage amounts to.
At-Fault Driver’s Insurance Another factor to consider is the at-fault driver’s insurance coverage. The easiest time to get this information is to exchange insurance and contact information at the time of the accident. If you are unable to get their information this way, you have a couple of other options. You can send a demand letter to the insurance company requesting the insurance information, or, in some cases, you can even file a lawsuit against the at-fault driver to acquire that information. Exceeding Insurance Limits When a victim’s losses exceed the limits of their insurance policy, they often assume it is the end of the road and just throw in the towel. In some cases, however, it is not, and additional remedies may be available. Following a car accident, take your case to a local personal injury lawyer. A personal injury attorney can safeguard your rights and do whatever is necessary to get you adequate compensation for your losses.
In Nebraska, the minimum levels of coverage for drivers are:
• $25,000 per person, and $50,000 per accident, for Bodily Injury Liability Coverage
• $25,000 for Property Damage Liability Coverage
–Bill Steffens
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NEW YEAR, NEW EXEMPTION
Why 2024 Is the Year to Update Your Estate Plan
While keeping up to date with your estate planning should always be a priority, 2024 is the ideal year to review and make changes to your estate plan. This is because the federal estate, gift, and generation-skipping transfer, or GST, tax exemptions have seen a marked increase this year. In 2023, the GST was $12.92 million per individual, but it has increased by $690,000 to $13.61 million per individual in 2024. This means you can transfer property with a value up to the exemption amount, either at death or throughout your lifetime, without paying a transfer tax. If you are in a position to do so, consider taking full advantage of this estate planning environment. Estate, Gift, and GST Taxes Every year, the IRS allows individuals to gift up to $18,000 to individuals without incurring federal gift or estate taxes. If you are married, your spouse may also gift up to the same amount, effectively increasing the amount to $36,000 per year, tax-free. Some gifts do not count toward the exemption — meaning these are not taxed — such as payments made directly to medical providers or between spouses. According to the American Bar Association, the GST tax is imposed on transfers to “remote descendants,” including grandchildren, known as “skip” persons, that exceed the exemption limits.
“You need to create your estate plan this year ; the current federal estate, gift, and GST tax exemption rate is temporary and set to decrease soon.”
The GST tax is applied to direct transfers to any skip person, either during someone’s lifetime or at the time of death. However, transfers made to trusts can use the GST exemption — making the trust partially or wholly exempt from the tax. As of 2024, the federal gift, estate, and GST tax rate is a flat 40% — representing a significant expense. That is why the gift, estate, and GST tax exemptions are so important; they allow you to circumvent this tax rate in your estate plan. The GST Tax Exemption While the federal estate, gift, and GST tax exemptions were just $5 million in 2011, they have increased by over 170%. Before 2012, inflation was not considered when determining the exemption. This increase should not come as a surprise to anyone. After all, inflation has significantly strained the economy in recent years. If you wish to take advantage of the GST tax exemption through the use of a trust, you need to consider a few factors. Any non-exempt trust will still be taxed at a 40% rate. For a trust to be GST tax-exempt, it must either be a Gallo trust, meaning it is for the benefit of a single grandchild or skip person, be a grandfathered trust, or qualify for the GST tax annual exclusion. Otherwise, if you want to cement your legacy and do what is best for your family at the time of death, you need to act quickly while this exemption still applies. You need to create your estate plan this year ; the current federal estate, gift, and GST tax exemption rate is temporary and set to decrease soon.
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Nature’s Playground Awaits!
TAKE A BREAK
These National Parks Are Accessible to All
For decades, the 400-plus national parks encompassing over 84 million acres were unreachable for millions of Americans with mobility issues. Thankfully, recent advances at many national parks have made nature available for everyone. Let’s look at five accessible options for your next adventure. Great Sand Dunes Great Sand Dunes National Park has 5 billion cubic meters of sand and stretches 30 miles. The winds blow these sands into massive dunes with peaks reaching 13,000 feet in elevation. Now, with sand-friendly wheelchairs available for rent, utilizing inflatable wheels for accessibility, everyone can explore these natural wonders. Grand Canyon A scenic drive accessibility permit allows visitors to access roads that are closed to regular traffic, providing incredible views of the Grand Canyon without needing to get out of the car. However, for a closer peek, you can find wheelchair- friendly overlook platforms and a free shuttle to transport visitors around the park. Carlsbad Caverns Think again if you thought cave exploration was off the table for folks with trouble getting around. Carlsbad Caverns features an elevator that takes visitors 750 feet underground into a giant cave chamber, home to over a mile of paved trails through beautiful rock formations that took millions of years to form. Grand Teton Feel like going for a swim? Grand Teton National Park wanted everyone to feel welcome to cool off in the 1,200-acre Jenny
ABUNDANT APPLES
COOKOUT CRUNCHY FALL GOLDEN GRANDPARENTS HARVEST
LABOR MAPLE SPORTS WINDY
TASTY TURKEY MEATLOAF
This turkey meatloaf is packed with flavor and protein, perfect for a family dinner or meal prep!
Lake, so they built a path that allows wheelchair users to roll into the water.
Nearby, Teton Adaptive Sports hosts climbing trips, so nobody has to abandon their dreams of conquering the cliffs. Yellowstone
Ingredients
• 1 lb ground turkey • 1 onion, diced • 2 cloves garlic, minced • 1/2 cup bread crumbs • 1/2 cup grated Parmesan cheese
• 2 tbsp ketchup • 2 tbsp Worcestershire sauce • 2 eggs • 2 tbsp chopped fresh parsley • Salt and pepper, to taste
This national park is one of the country’s best, with over 90% of visitors reporting never needing to leave their car. For adventurers with injuries, age-related mobility issues, or other disabilities who want a closer look, most of the thermal features Yellowstone is famous for are easily accessible due to its excellent boardwalk system. The accessibility changes made by these parks are a significant step toward ensuring our national treasures are inclusive for all who wish to experience nature’s wonders. Through innovative solutions like sand-friendly wheelchairs, cave elevators, and special driving permits, these parks give outdoor access to even more people.
Directions 1. Preheat oven to 375 F and line a baking dish with parchment paper. 2. In a large bowl, combine turkey, onion, garlic, bread crumbs, Parmesan cheese, ketchup, Worcestershire sauce, eggs, parsley, salt, and pepper. 3. Form the mixture into a loaf shape and place it in the baking dish. 4. Bake for 45 minutes or until the internal temperature reaches 165 F. 5. Let the meatloaf rest for 10 minutes before slicing.
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(308) 872-8327 www.SteffensLaw.com PO Box 363 Carnegie Prof. Bldg. Broken Bow, NE 68822
INSIDE THIS ISSUE
1
The Importance of Insurance Limits
2
2024 Sees Rise in Transfer Tax Exemptions
3
Tasty Turkey Meatloaf
Parks Pave the Way for Accessibility
4
Eminem’s Family Feud
Slim Shady’s Mom Sued Him for Millions
Eminem has famously feuded with Machine Gun Kelly, Mariah Carey, and many other musicians and celebrities. In many cases, his rivals become the subject of his rap lyrics.
He has even written entire songs as parts of long-standing rap battles and disputes, some of which become massive hits. In 2018, Eminem released a music video for his single, “Killshot,” a song targeting rapper Machine Gun Kelly. Despite the video being nothing but a still image — a drawing of Machine Gun Kelly seen through a gun’s scope and crosshairs — it has amassed nearly half a billion views on YouTube. But one of his earliest, and perhaps most hurtful battles, hit close to home. Eminem, whose real name is Marshall Mathers, was sued for defamation by his mother, Debbie Mathers-Briggs, in 1999. She sought $10 million in damages, claiming that the then-26-year-old rapper had slandered her in songs and interviews. Background of the Beef Eminem first mentioned Mathers-Briggs in his 1999 single, “My Name Is.” The song
won the artist a Grammy for Best Rap Solo Performance in 2000. The lyrics include explicit references to his mother in the lines, “I just found out my mom does more dope than I do,” and “I told her I’d grow up to be a famous rapper. Make a record about doin’ drugs and name it after her.” Mathers-Briggs claimed that she did not use illegal drugs and that the rapper’s lyrics were untrue and amounted to slander. Eminem’s attorney refuted this claim, arguing that everything the rapper sung about her was verifiably true. Rapper’s Result The court awarded Mathers-Briggs a settlement in this case, but it was far from the $10 million she originally sought. She initially won around $25,000, which was reduced to just $1,600 by a Macomb County judge, who awarded the majority of the settlement, some $23,354, to her attorney to cover legal fees.
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