Afghan policewoman kills US adviser: police

KABUL, Afghanistan — An Afghan police official says an Afghan policewoman has killed an American adviser at the Kabul police headquarters.

Kabul's Deputy Police Chief Mohammad Daoud Amin says an investigation is under way to determine whether the killing Monday was intentional or accidental.

It was not known whether the victim was a military or civilian adviser. The NATO military command says it's looking into reports of the shooting but had no independent information.

At least 53 international troops have been killed by Afghan soldiers or police this year, and a number of other assaults are still under investigations. NATO forces, due to mostly withdraw from the country by 2014, have speeded up efforts to train and advise Afghan military and police units before the pullout.

Read More..

90-year-old real estate baron Jay Kislak is forever young

Real estate baron Jay I. Kislak discovered a Fountain of Youth of sorts that springs from an inquisitive and acquisitive mind.

At 90, Kislak is wheeling and dealing in real estate, and he’s exploring history and art with the fervor of a man generations younger.

The patriarch of The Kislak Organization marked 74 years in real estate this year, 59 spent in Miami.

While he has long since appointed a protégé, Thomas Bartelmo, as president and CEO of the diverse family-owned real-estate businesses, Kislak remains chairman. And he is a regular at the headquarters in Miami Lakes.

That is, when he’s not off to Maine for the summer.

Or busy chairing a blue-ribbon commission named by the U.S. Interior Secretary to orchestrate the 450th anniversary in 2015 of the founding of St. Augustine.

Or jetting off to evaluate a possible acquisition. (Kislak recently looked at the potential for real estate development in North Dakota, booming with shale oil, but decided to pass.)

Kislak’s empire has gone through dramatic changes over the years. He built — and eventually sold — commercial banking, mortgage servicing and insurance firms.

Today, with annual revenue in excess of $28 million, his organization focuses on the commercial brokerage business started by his father, Julius Kislak, in Hoboken, N.J., more than a century ago; on owning a portfolio of apartments and other property (Kislak is on the prowl for more), and on managing funds of property-tax certificates, a niche created by the economic downturn.

Looking out his office window at a bustling interchange recently, Kislak mused: “I remember when they built the Palmetto Expressway and you could drive down it and never see another car.”

“The same thing with I-95: There was hardly any traffic,” said Kislak, a slender man with a signature mustache and a thick Hoboken accent that never faded.

Kislak moved to Miami in 1953 to grow the mortgage business, but his world view hardly dates to 1950s Florida. Already a book lover, he began pulling on a thread of Florida history, soon broadening his interest to the early Americas.

Over the decades, Kislak, bankrolled by a stream of brokerage commissions, mortgage fees and apartment rent, grew into a prominent collector of rare books and maps, manuscripts, artifacts and art to feed his fascination with the pre-Columbian era and the European exploration of America.

His wife Jean Kislak shares his passion for collecting. They met at a party for Andy Warhol; it would be her second marriage, his third. Their quest for art, history and collecting has taken them to all continents, even Antarctica.

“We don’t quit [collecting]. But we are going to quit,” said Jean, a former corporate art director. “Acquisition has always been a part of my life. I don’t know if it’s a sickness.”

In 2004, Kislak gave away much of the treasure. His foundation donated more than 3,000 rare maps, manuscripts, paintings and artifacts to the Library of Congress. The gift, estimated to be worth in excess of $150 million, is housed in the ornate Thomas Jefferson building in an exhibit that bears his name. Kislak also funds fellowships for studies of the collection, part of his diverse efforts over the years to support education. Among other things, his family foundation endowed the Kislak Real Estate Institute at Monmouth University, in West Long Branch, N.J., and has provided key support to a real estate program at Florida State University.

Read More..

Gov. Scott working on syllabus for Florida colleges: Less expensive and more practical

TALLAHASSEE --
Gov. Rick Scott went to college with one goal: make money.

He didn’t join a fraternity or become active in student government. He took only the classes he needed for his degree and not a credit more.

Married when he attended community college, he paid for a bachelor’s degree at the University of Missouri-Kansas City with help from the G.I. Bill. And he worked full time in a donut shop he purchased with a friend.

The boy who grew up wanting to be rich knew from the start he wanted to become an attorney.

For Scott, college was a means to an end. Now he wants Florida colleges and universities to have the same razor-sharp focus — rein in tuition costs and create cheaper degrees that can get graduates jobs.

It’s an approach to higher education that has put Scott at odds with educators who argue dollars and cents aren’t the only factors determining the worth of a degree.

But Scott is convinced his ideas are best for the bottom lines of both the state and students.

And he’s got his personal history to prove it.

Cost is cornerstone

As a kid, Scott’s family didn’t have much. He vowed to become an adult who didn’t have to worry about money.

Becoming a lawyer, however, meant earning degrees his family could not afford. So he figured out a way to pay for it himself.

“I think junior college cost $200 a semester and the university cost $255 a semester. ... I could work 40 hours a week and be able to pay for my school,” said Scott, 60.

He spent a couple of years in the Navy as a radar technician, using his spare time to pass correspondence courses that earned credit toward an associate’s degree. That military experience made him eligible for financial aid through the G.I. Bill.

He returned home and attended the University of Missouri-Kansas City to earn a bachelor’s degree in 1975. But he also worked full time running a donut shop and set aside money that, along with his federal financial aid, paid for a law degree from Southern Methodist University in Dallas.

As governor, cost is now the cornerstone of Scott’s higher education policy. He worries that tuition increases are putting college out of reach for working-class families like his.

“My wife and I put ourselves through college. We would not have been able to do it with tuition as high as it is today,” Scott said in a recent weekly radio address. “We must make our colleges more affordable for Florida families.”

He called on universities to halt tuition increases and vetoed a bill last year that would have allowed top-tier schools like the University of Florida and Florida State University to charge whatever they wanted in tuition.

More recently, state colleges have lined up to meet Scott’s challenge to create bachelor’s programs that cost $10,000 or less.

Universities have told Scott they are willing to hold the line on tuition, but only if the state agrees to contribute additional funding.

“I actually believe what Gov. Scott is saying about keeping tuition low is great,” said FSU President Eric Barron. “But that means then that the state has to fund the universities if we’re going to maintain the quality that the citizens in the state of Florida deserve.”

Pushing ‘practical’ degrees

But it’s not just the cost of degrees.

Read More..

Buzzmakers: New X Factor and Miss Universe Winners

What had ET readers buzzing this week?

1. 'The X Factor' Crowns A Winner!

And the $5 million recording contract goes to…

Tate Stevens! The 37-year-old country crooner beat out runner-up 13-year-old Carly Rose Sonenclar for the top prize Thursday night. 35 million votes were cast Wednesday to determine victory for L.A. Reid's mentee.

Near tears, the Raymore, Missouri native thanked his fans for their overwhelming support.

"This is the best day of my life," said an emotional Stevens.

Girl group Fifth Harmony, mentored by Simon Cowell, placed third in the competition. Earlier in the night, the holiday themed finale saw performances by One Direction and Pitbull.

Auditions for an all-new season of The X Factor USA have already begun online. In-person auditions will start on March 6, 2013 in Los Angeles.

The celebrity judging panel has yet to be announced, but L.A. Reid has already taken himself out of the running. Spears has expressed interest in returning to the show for season three, but nothing has been confirmed.

2. Miss Universe 2012 Crowned

Beauties from 89 countries strutted their stuff Wednesday night in pursuit of the Miss Universe crown, but only one woman would earn the coveted title.

In the end a panel of ten celebrity judges, including Cee Lo Green and U.S. Olympic gold medalist Kerri Walsh Jennings, appointed Miss USA Olivia Culpo the winner.

The 20-year-old Rhode Island native beat out Miss Brazil (Gabriela Markus) Miss Philippines (Janine Tugonon), Miss Mexico (Irene Sofía Esser Quintero), and Miss Australia (Renae Ayris) for the distinction.

Culpo follows in the footsteps of Miss Angola, Leila Lopes, who earned the crown in 2011.

The two-hour show was broadcast live from Las Vegas with musical acts One Direction and Train lending their talents to the annual extravaganza.

3. Exclusive: Arsenio on His Late Night TV Return

Break out the Woof! Woof! fist pump: Arsenio Hall is coming back to late night TV in the Fall of 2013 after a 17-year break from the game, and only ET is behind the scenes with the timeless talk show host as he shoots his first-ever promo for The Arsenio Hall Show!

"[This is] the first time America will see anything on television about the show," says Arsenio. "Instead of a commercial where I do something like say, 'I'm baaaaack' -- and everybody's, 'Ugh' -- they've come up with a real, unique, creative angle that -- actually, I looked at dailies, and it scared me. I looked at the dailies and I frightened myself."

The trailer-length promo from CBS Television Distribution pays homage to horror movies and begins airing today on all Arsenio Hall Show affiliate stations, kicking off the campaign for the new late night syndicated talk show that will be seen all across the country next year.

"I'm real excited about this; so many things have changed in pop culture since I left the air," says Arsenio about his return to late night. "I can't wait."

The Arsenio Hall Show premieres on 9/9/13. Look for much more with Arsenio between now and then, only on ET!

4. Claire Danes Gives Birth

It's a boy!

Homeland star Claire Danes and her husband Hugh Dancy welcomed their very first child together on Monday, December 17, her rep confirms to People Magazine.

The proud parents named their bouncing baby boy Cyrus Michael Christopher Dancy.

Danes, 33, wed Dancy, 37, in 2009 after two years of dating.

5. President Obama is Time's Person of the Year

For 2012, Time Magazine has selected President Barack Obama as their Person of the Year.

"For finding and forging a new majority, for turning weakness into opportunity and for seeking, amid great adversity, to create a more perfect union, Barack Obama is Time's 2012 Person of the Year," Time's Managing Editor Richzard Stengel explained.

He also cited both of the president's re-elections, snagging over 50 percent of the popular vote, as one reason he received this honor.

This is the second year Time has tapped Obama as their Person of the Year -- he previously was selected in 2008 for becoming the first black president of the United States.

Time previously named the eight finalists for 2012's Person of the Year. They included: Bill and Hillary Clinton, Apple CEO Tim Cook, Malala Yousafzai (the Pakistani girl who was shot by the Taliban for her crusade for better girls' education), Yahoo! CEO Marissa Mayer, Egyptian president Mohamed Morsi and the three scientists who discovered the Higgs Boson particle.

Read More..

True meanings of Christmas

There are certain Christmas traditions that seem like they’ve been with us forever, from putting aside December 25 to celebrate the birth of the sun, to our collective worship of the great god Woden.

On second though, maybe things have changed more than we like to admit.

“The History of Christmas,” a new e-book by Wyatt North, recounts the history of many of the Christmas traditions we take for granted, showing how so many of these customs are as amorphous as they are joyous.

Here are just some of the treasured beliefs North helps shed a bit of Christmas light upon.

AP

The Rockefeller Center tree — slightly taller than Martin Luthor’s original Christmas tree.

CELEBRATING ON DECEMBER 25

North points out that early Christians in Europe “were part of an agrarian, pagan culture,” and that their early traditions included a post-harvest winter celebration called Saturnalia which “paid homage to the gods who ruled all aspects of sowing, planting and harvest.”

Consisting of “feasts, festivities and festivals” that included “conspicuous indulgence” and “raucous behavior,” Saturnalia took place in mid- to-late December to “honor the god of the sun, Saturn.”

Several other pagan celebrations — including one praising the birth of “the unconquerable sun” and another that worshipped “Mithra, the god of fertility, who was the son of the sun” — took place on the birth date of their gods, December 25.

Early Christian converts, writes North, were torn between the massive (and enjoyable) pagan feasts they had come to know and the life of relative moral austerity to which they were committing. As such, Christian celebrations often carried pagan elements over from their prior beliefs.

Understandably, this caused dissension between strictly religious Christians and those with a more lax and nostalgic approach, especially as some Christians continued worshipping the sun. North tells of how, in the 5th century, “Pope Leo lamented in a sermon that upon entering the basilica to celebrate Christ’s nativity, worshippers turned on the stairs to face the rising sun and bowed.”

When an 8th century English bishop was “horrified” by the “pagan debauchery” he saw over Christmastime in Rome, he wrote to Pope Zacharias, who in turn unleashed a barrage of cruelty and violence in order to curb the practice, establishing a tradition of Saturnalia horror that lasted for centuries.

But within this, the holiday also evolved, with 1103 seeing the introduction of the Old English phrase “Cristes-Maesse,” meaning the Mass of Christ. That phrase eventually morphed into the word we know today.

While the celebration itself remained controversial for centuries, so too was the date of this worship, as North reminds us that “the exact date of Christ’s birth is a controversial topic.” December 25 had been revered by early pagans, but Christians long settled on January 6 as their day of “epiphany, meaning God’s manifestation to humanity.”

Have a comment on this PostOpinion column? Send it in to LETTERS@NYPOST.COM!

Read More..

Time’s up for holiday shopping procrastinators

Last minute shoppers like Josette Tyne are in luck this year.

With a long weekend before Christmas, retailers want to make it easier for procrastinators to finish their gift buying. Macy’s for the first time is keeping all its stores open around the clock from Friday until Sunday at midnight. Toys “R” Us and Walmart Supercenters will be open non-stop until Christmas Eve.

Even those retailers skipping the all nighter still have added extended hours often as late as 11 pm or midnight. Coupled with a flurry of last minute promotions, they hope to lure shoppers, many of whom have been largely sitting on the sidelines since Black Friday.

Tyne, 33, just starting her shopping this week at Aventura Mall, armed with a list of about two dozen people and the presents they wanted. The list would have been longer if the Fort Lauderdale resident hadn’t limited it to the kids in her family.

“I’ll probably be shopping every day from now till Sunday,” said Tyne, as she wheeled the youngest of her three boys around H&M in a stroller before heading on to Game Stop, Urban Outfitters and BCBG. “Whatever catches my eye. Luckily the kids usually like everything I get. I’m the awesome Auntie.”

A Consumer Reports Poll released earlier this week found that with just five shopping days left until Christmas, a whopping 68 percent of shoppers — a projected 132 million Americans — have yet to finish their holiday shopping.

With an early Thanksgiving leaving an extra week until Christmas and a long weekend before Tuesday’s holiday, shoppers have felt little need to rush. They also haven’t found December deals to be quite as compelling as the November sales.

Based on disappointing sales trends earlier this month, ShopperTrak said Wednesday it was cutting its holiday sales forecast. The company, which counts foot traffic and its own proprietary sales numbers from 40,000 retail outlets across the country, now expects a 2.5 percent sales increase to $257.7 billion, down from the 3.3 percent growth it initially predicted. The National Retail Federation is sticking with its prediction of a 4.1 percent sales increase.

Online sales trends are more encouraging, up 13 percent to $35 billion from Nov. 1 through Dec. 16, according to comScore, an online research firm. But that pace is below the forecast of 17 percent for the season.

“It’s coming down to the wire,” said David Bassuk, managing director and co-head of the retail practice at AlixPartners, a global consulting firm. “It’s going to require retailers to be more aggressive with their promotions than they were hoping heading into the weekend.”

While the economy is certainly in a better position than it was during the recession, many consumers still feel uneasy this year about their financial future. Some are worried about the U.S. job market and others fear the stalemate between Congress and the White House over federal “fiscal cliff’’ that could lead to tax increases and less disposable income for shoppers.

That was the case for Latonya Jones, on the hunt for bargains at Aventura Mall, coupon-loaded iPad in hand.

“I wasn’t going to buy anything this year, because I wanted to save money,” said Jones, 39, of Miami Gardens, who was shopping with her daughter Richelle, 12, this week in Macy’s. “But then I changed my mind.”

Read More..

Great-grandmother leads annual Miami-Dade, Monroe toy drive

Beginning in August, Bunchy Gertner puts aside her social life, her needs and even her great-grandchildren to head over to the “North Pole,” the place where she stores, wraps and distributes thousands of toys destined for foster care children in Miami-Dade and Monroe counties.

“This is top banana,” said Gertner referring to the nonstop volunteer work she has done for the past 16 years. “Every kid will get a gift and — even if it’s just for a moment — they will know that someone cares.”

It’s Gertner who dedicates her time to planning and execution of the toy drive that will distribute 3,400 gifts to the children under Our Kids, a non-profit agency that provides foster care and related services in Miami and the Florida Keys.

“She focuses solely on the toy drive and lives to match the right toy with the right child,” said Fran Alegra, Our Kids CEO. “I don’t have staff that would be able to dedicate the time that she gives to this.”

Over the years, 78-year-old Gertner has not only given every foster child a gift, but she has made sure that everyone receives a good quality, age appropriate present.

“I think I have 3,400 children,” said Gertner. “Thank God I didn’t give birth to all of them and they’ve all left the house. But I feel like they’re all mine.”

Gertner has even made it her mission to look after the children who are aging out of foster care and are considered independent living. For these teens, she prepared a gift that includes a comforter, sheets, pillow cases, hand towels, bath towels, glass wear, pillows, dishes, pots and pans.

“They have no money when they leave foster care,” said Gertner. “I give them what a mom and dad would give a child who was going off to college or going off on their own.”

In order to raise money and collect presents, Gertner has relied on about 50 sponsors, who are responsible for collecting gifts. She distributes the first names of children with their age, gender and ethnicity to provide each child with an appropriate gift.

“I became a beggar. I got down on my hands and knees and begged everyone that I met,” said Gertner. “I write letters, I make phone calls and ask if they would want to help or if they know anyone who would want to do it.”

Once she receives the gifts from the sponsors, they are taken to her North Pole, which this year is an empty store donated by Gulfstream Park.

There, she sorts the presents that come with a specific child’s name by agency and begins wrapping the gifts that she receives with no specific name.

“I couldn’t do it alone,’’ said Gertner, who refers to her helpers as elves. “If it weren’t for the people helping me wrap and the sponsors, I wouldn’t have a toy drive.’’

On any given 10-hour work day, the volunteers, which range in numbers from a handful to two dozen, show up to wrap and sing holiday songs.

“This is better than staying at home in bed all day,” said Rivly Breus, a student at Florida Atlantic University. With a little experience under her belt from wrapping at Macy’s, Breus decided to Google a way she could volunteer her talents.

“It was hard for me growing up so it’s good to be able to shine a light on others,” Breus said.

Some come with no experience, like Gonzo Gonzalez, who often has to patch the spaces where he didn’t use sufficient paper.

“I didn’t have it easy growing up, but at least I had my parents,” said Gonzalez, who wrapped about 30 footballs on a recent Sunday. “It’s good to be able to give back. The kids who don’t have parents are not expecting anything.”

Although, Gertner does not give the presents directly to the children for privacy reasons, she is satisfied with knowing that there is a child at the end of every present. She said she will continue to do it until she can’t anymore.

“I know in my heart that what I do is enough,” said Gertner. “When I go to bed I know that I have fulfilled my mission and done my job well.”

Read More..

Windows already threatening iPhone in Southern Europe

Kantar Worldpanel’s report for November came out and much has been made of the iPhone market share surge in the United States. What I find interesting in the November numbers is just how ice cold the iPhone has gone in so many international markets, from Australia to Brazil to Southern Europe. The iOS market share showed hefty declines outside in many major markets: down 5.4 percentage points in Australia to 35.9% and down 1.6 points in Brazil to 1.6%. That’s right — the iPhone market share has halved in the most important South American market over the past year. And this happened while BlackBerry and Symbian market shares absolutely caved in. This should have been the period for Apple (AAPL) to pick up points while RIM (RIMM) and Nokia (NOK) floundered. Instead, the sky-high pricing of the iPhone models has effectively started reversing Apple’s market share gains across several major markets.

[More from BGR: Fan-made tweak gives Apple a blueprint for better multitasking in iOS 7 [video]]

In November, the burden of the stiff iPhone pricing was highlighted by how rapidly Windows has started closing the market share gap in Spain, Italy and France. Because Nokia has had trouble ramping up the production of the new Lumia 920 and 820 Windows models, it chose to crank out older Windows models like 800 and 610 for remarkably aggressive Christmas promotions. As European markets are now hitting 50% smartphone market penetration, consumer demand is shifting towards cheap models, and Apple cannot compete in the budget category. The new first-time smartphone buyers have a lot lower household income than the consumers who bought smartphones in 2010. In the recession-ravaged Europe, the upgrade cycle is lengthening and prepaid smartphones are a more important part of the overall product mix.

[More from BGR: RIM’s biggest problem: It’s still scrambling to catch yesterday’s hottest mobile app]

As a result, Windows market share in Italy hit a stunning 11.8% in November despite the razor thin availability of the Lumia 920. Windows has already erased most of the market share lead iPhone had in Italy. The iOS market share slipped to 20.6% during the last month. In Spain, Windows market share vaulted to 3% from 0.4% a year earlier while iOS share faded to 4.4%. As the affordable HTC (2498) 8S ramps up and the even cheaper Lumia 620 launches at the end of January, Windows may overtake iPhone in Spain already in February.

The strong performance Apple had in France and the United Kingdom kept its overall European market share climbing by 2.5 percentage points in November. But in Southern Europe, Latin America and parts of Asia, iPhone is slipping badly due to the lack of a low-end version. This is what is driving the Google (GOOG) Play revenue surge globally as Android apps now narrow the huge lead Apple built in the app market before the year 2012. Apple may well have to reconsider its iPhone pricing strategy in a fundamental way. Maintaining $ 620 ASP level globally could lead to a scenario where Android has 10-to-1 volume lead outside the United States and Northern Europe, and Windows actually has a shot at pulling well ahead of Apple in lower income countries from Spain to Brazil to South-East Asia.

This article was originally published by BGR

Gadgets News Headlines – Yahoo! News

Title Post: Windows already threatening iPhone in Southern Europe
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment

Read More..

Mike is kickin’ class over $250M aid loss

The teachers union’s refusal to come to the negotiating table on a new rating system for its members will end up costing the city $250 million in state education aid, Mayor Bloomberg said yesterday.

Hizzoner and Schools Chancellor Dennis Walcott slammed the president of the United Federation of Teachers for ditching talks on how to meaningfully evaluate the performance of teachers — just weeks shy of a strict Jan. 17 deadline for an agreement.

“I thought we were well on the way of having productive discussions, but for some reason Mr. [Michael] Mulgrew has instructed his people to walk away from the table,” Walcott said during the mayor’s weekly radio appearance. “It’s really tough to negotiate when the UFT walks away from the table.”

Bloomberg said the city is recalculating its midyear budget with the assumption that the anticipated $250 million boost is now a bust.

“It takes weeks to figure out what we’re going to have to cut if we don’t get the money,” he said. “We can still keep negotiating, but we’re going to start assuming in our budget preparations . . . that we will not have the money.”

The rules of the deadline say the city needs to not only reach a deal before that date in order to get the funds, but it also needs to have its plan approved by the state Education Department — and implemented.

That’s why Walcott had imposed an even earlier deadline for striking a deal, but his hopeful deadline expired last night.

Mulgrew said he’s open to continuing talks with the city, but he’s insisting that officials agree to discuss the implementation of the new rating system before the two sides hammer out the details of the evaluations themselves.

He said it’s because the DOE has already botched preparations for introducing the new ratings — including a lack of training for key personnel.

“[If] the implementation and training is all messed up, then the evaluation [system] will fail — and that’s too important for the schools system,” said Mulgrew.

Gov. Cuomo insisted earlier this week that he would not extend the approaching deadline.

The city is one of just 27 districts — out of 692 in the state — that have yet to submit a plan to the state.

The rating system will include a component that judges teachers based on how well their students do on state tests — something the union had been opposing for years.

yoav.gonen@nypost.com

Read More..

Investors shuffling assets ahead of fiscal cliff

Some citizens aren’t waiting to find out if the White House and Republicans in Congress will be able to reach a last-minute deal to pull the country away from the “fiscal cliff.”

They are selling securities while capital gains tax rates are still low or transferring millions into trusts for the benefit of children and grandchildren before estate tax laws become more stringent. Others are getting out of the markets and parking money in less risky accounts.

Miami financial planner Cathy Pareta has been counseling her upper middle class clients — “the Johnsons, not the Rockefellers” — on whether to adjust investment portfolios, accelerate income or realize capital gains sooner than planned.

“Some people are going to get hit hard,” said John Bacci, a financial planner in Linthicum, Md., who has gone down his client list and run projections on what higher taxes would look like for them. He’s looking at tax-friendly alternatives for some clients, such as annuities or rental property.

At year’s end, the country will leap off the “fiscal cliff” unless politicians reach a compromise on mandated spending cuts and the expiration of the Bush-era tax cuts.

For most investors, the expiring cuts will mean that the tax rate for long-term capital gains will rise from 15 percent to 20 percent. Dividends also will no longer be taxed at 15 percent but treated as ordinary income, which could mean a tax rate as high as 39.6 percent. And individuals with multimillion-dollar estates will find much more of their money subject to the federal estate tax.

Estate planning lawyers say the demand is so intense that they are putting in grueling hours to set up trusts.

“It’s very stressful. We are working day and night,” said Diana Zeydel, an estate planning lawyer with Greenberg Traurig in Miami. “Were doing three times what we normally do for end-of-the-year planning.”

Zeydel said many of her clients waited until after the elections in November to gauge how the political tide would affect their future finances. This gave them little more than a month to make major decisions about their wealth.

Most observing the political jousting in Washington expect taxes will go up even if the political leaders reach a deal — they’re just not sure how much. Many aren’t taking any chances.

Jim Ludwick, a financial planner in Odenton, Md., said one client in his late 50s cashed out stock and bond funds totaling $1.7 million not long after the election and stashed the proceeds in a money market fund.

The client, anticipating a market plunge due to the “fiscal cliff” and other issues, said he spent his entire working life building up a nest egg and wouldn’t have time to wait for his portfolio to recover, according to Ludwick. The client fears it won’t be safe to re-enter the stock market for another year.

“We have a number of clients who are taking capital gains this year, expecting that if they wait until next year, they will have to pay higher taxes on those same gains,” said Daniel McHugh, president of Lombard Securities in Baltimore. Some of those clients are realizing six-figure gains but are still willing to take the tax hit now, he said.

Of course, the downside is that the stock market could take off, and these investors will miss out on even higher gains, McHugh said. But, he added: “Given the state the economy is in, that’s a very small risk.”

Read More..