Latest news with #NRA
Forbes
a day ago
- Business
- Forbes
Three Inspiring Leaders To Help Define Your Path To Success
Ask any successful person, and they'll tell you how they were inspired by a leader who paved the way. getty We've all heard the expression 'self-made' when referring to a successful individual. But ask any successful person and they'll tell you how they were inspired by a leader who paved the way. Perhaps it was their hard-working parents, like so many immigrant entrepreneurs. Or maybe a teacher who believed in them when no one else did. Or maybe a well-known businessperson whom they admired from a distance. In my book, Underdog Nation, I call these people 'Admirables': people you strategically look to for guidance. Along your journey, you'll need three types of Admirables: the Pusher, the Supporter, and the Mentor. As you might expect, the Pusher is the Admirable who gives you the needed 'push' in the right direction. For me, that was Marine Corps Officer Selection Officer Doug Hamlin, who is the current CEO of the National Rifle Association (NRA). When I first met him at UCLA, he saw the potential I didn't yet see in myself. There were few Asian-Americans in the Marines at the time, and he strongly encouraged me to go to Officer Candidates School. At one point, I told him that I was going to take an entry-level position after graduation and start working my way up the corporate ladder instead of pursuing my dream to be a pilot like my father, who flew for South Vietnam. He looked me in the eyes and said, 'You can go into business or work for IBM at any time. Now is your chance to serve your country and fulfill your childhood dream of being an aviator like your father. You can't do this later.' It was just the push I needed: A reminder of my dream and a reminder that the window of opportunity was closing. To this day, I'm grateful for the push because it started me on the path to where I am today. The next Admirable you need is someone who can become a key member of your support system. Someone ahead of you who sees your potential and becomes your loudest cheerleader. For me, that has been Wayne Yetter. Wayne was CEO when I first joined Astra Merck in 1995 as a pharmaceutical sales representative. At a company event, I decided to introduce myself since he was a Vietnam veteran and thank him for his service. This act of gratitude shocked my peers, who couldn't fathom approaching the towering 6'5' gray-haired CEO. Wayne was nothing but warm and kind, asking me about myself and how I was doing so far. Suddenly, as a brand-new drug sales rep, I had an ally in the head of the company. We kept in touch even after I left Astra Merck, and he later became a director for my first startup ( and the key board member for my second startup (Espero BioPharma). And I should mention he's been a fine golf buddy, too. Finding a strong Supporter like Wayne isn't just about the corporate politics of 'knowing the right people.' It's about creating immense accountability for yourself. When the CEO knows your name, it gives you the extra drive to earn and maintain their support. Both the Pusher and the Supporter are mentors in their own right, but when discussing the Mentor in terms of Admirables, it helps to think of someone whose career trajectory you'd like to emulate. And you don't even have to know them personally. For me, that person has been Fred Smith, the founder and CEO of FedEx. Though I've never met Fred, I've become acquainted with his story and strategy. For one thing, he was a USMC Vietnam veteran, but also, he was told his idea was impossible. His concept for FedEx earned him a C from his professor at Yale. But Fred believed in his idea and was able to get others to believe in it, too. What I admired most about Fred was his risk taking and undying belief in FedEx. In 1973, when he couldn't make payroll, he flew to Las Vegas, won $27,000 playing blackjack, and wired the money back to his company! And, as they say, the rest is history. (Yes, I am sure his Yale connections were also helpful.) Fred's journey to success is one of many such stories of resilience—leaders who were told their idea would never work, yet they went on to be world changers. At my current venture, Cadrenal Therapeutics, we face similar obstacles in completing an impossible IPO in the most difficult financial climate and in developing a drug that Big Pharma had no interest in. You may already have a Mentor in your life, whether it's someone you know or an inspiring leader you've followed from afar. You may not do everything exactly as they do, but the point is that they become a sort of inspirational 'template' for your journey. When thinking about your network, who are the Admirables in your life? Do you have a Pusher, a Supporter, and a Mentor? If not, there's no better time to start than today.
Forbes
2 days ago
- Business
- Forbes
5 U.S. Estate Tax Surprises For Nonresident Alien Investors
Foreign investors can win big with United States investments. While holding U.S. assets can be lucrative, the U.S. estate tax regime is complex and often misunderstood by nonresident alien investors. NRAs, those who are neither U.S. citizens nor residents for estate tax purposes, are often very surprised when they learn of the challenges imposed by the estate tax rules. This article summarizes 5 estate tax surprises that often catch the NRA investor off-guard. These include the limited exemption amount, common misconceptions about asset types, the requirement to disclose the value of worldwide assets on the NRA's estate tax return, and other pitfalls that can complicate estate planning. One of the biggest surprises for NRA estates is the paltry $60,000 exemption amount for U.S. situs assets subject to estate tax. U.S. citizens and residents are taxed on the value of their assets owned worldwide, but they benefit from a very generous $13.61 million federal estate tax exemption (as of 2025), and under the Trump Administration, this may rise to an inflation-indexed $15 million in 2026. NRAs are limited to a mere $60,000 exemption for U.S. situs assets. This means that if the total value of an NRA's U.S. situs assets exceeds $60,000 at the time of death, the excess is subject to U.S. estate tax at rates ranging from 18% to 40% based on a progressive table, with amounts exceeding $1 million taxed at the 40% rate. Wealthy foreign investors typically hold significant U.S. assets such as real estate, stocks, or business interests. For them, the low exemption amount can result in substantial estate tax liability that could have been mitigated with proper advance planning and structuring. The harsh effect of the estate tax can be seen for example, by an NRA with $1.5 million in non-exempt U.S. situs assets. Assuming no treaty applied to reduce the tax and no deductions are taken, the estimated U.S. estate tax would be a punishing $532,800 (a tax hit that is over 35% of the U.S. investments, significantly eroding their value). A very common source of confusion arises when identifying which assets are subject to, or exempt from, U.S. estate tax. Many NRAs mistakenly believe that cash-related holdings are exempt from the estate tax. They do not appreciate the subtle but highly important nuances. For example, bank deposits in a U.S. bank are generally not considered U.S. situs assets due to special rules. They are thus exempt from U.S. estate tax, provided they are not connected to a U.S. trade or business. Typically, this exemption applies to cash held in checking or savings accounts, certificates of deposit, or similar instruments. Many NRAs mistakenly assume this exception applies to cash held in a U.S. brokerage account but are shocked to learn that this cash is treated differently. It is considered a U.S. situs asset subject to the estate tax. Estates of foreign uninformed investors will be faced with a surprise estate tax bill since the tax law's distinction transforms what seems like a 'safe' cash holding into a taxable asset. The U.S. estate tax treatment of U.S. stocks, U.S. mutual funds, U.S. ETFs, and similarly structured U.S. vehicles is clear. These are U.S. situs assets subject to estate tax, regardless of where they are held. It will not be a shield from U.S. estate tax simply because the assets are held in a foreign brokerage account, or in the name of a nominee. Furthermore, the custodian will usually not release the assets to heirs without receiving what is called a Federal Transfer Certificate or other proof that U.S. estate tax has been fully paid. It can sometimes take well over a year for the NRA's U.S. estate tax return on Form 706-NA to be filed, tax paid and the matter to be fully resolved with the IRS. This rule can and does, trap NRAs who hold substantial U.S. investment portfolios of through international accounts. Too many foreign investors are unaware of this exposure until it's too late. This is why advance planning should be undertaken. For example, use of a properly formed estate tax 'blocker' is often a simple and beneficial solution. Perhaps one of the most jarring surprises for NRA estates is the requirement to disclose the value of the decedent's worldwide assets when filing the U.S. estate tax return. Only the assets treated as located within the U.S. are subject to the estate tax, but the IRS requires a complete picture of the decedent's global estate to determine the computation of the tax. This requirement is often viewed as very intrusive and if more investors were aware of it, they might reconsider U.S. investments or at least, implement ownership structures to avoid the estate tax. The disclosure of worldwide asset value is required for the IRS to determine whether certain deductions and treaty-based benefits may apply and specifically to calculate the amount of allowable deductions under a special proportional deduction rule. If the estate wants to benefit from these, the disclosure must be made. Although the worldwide disclosure is technically required only if the estate claims deductions or treaty benefits, omitting the information can possibly cause the return to be treated as incomplete. This can jeopardize the estate's ability to claim any of these benefits at a later time, for example, on audit. As such, full disclosure of the value of the decedent's worldwide asset value is generally the safest course. Sophisticated investors often use blocker structures, for example, holding U.S. assets through a foreign corporation. This permits the investor to avoid U.S. estate tax entirely. At death, the decedent owns shares in a non-U.S. corporation. Since shares of a foreign corporation are generally not U.S.-situs property, they are not subject to U.S. estate tax. By holding the U.S. assets indirectly through such entities, NRA investors can avoid both the estate tax on death and the intrusive requirement to disclose worldwide assets. Such strategies are commonly used by high-net-worth individuals who want to tap the U.S. market but wish to avoid triggering the U.S. estate tax regime. Think you're good because of a treaty? Think again! Another unwelcome surprise for the foreign estate lies in the limited scope of estate tax treaties. It is true that the U.S. has estate tax treaties with certain countries to mitigate double taxation, but too often they provide less relief than expected, and as discussed, claiming treaty relief means significant disclosure about the value of worldwide wealth. Some treaties allow for a prorated exemption based on the ratio of U.S. situs assets to worldwide assets. For high-net-worth taxpayers, this may not significantly reduce the U.S. estate tax burden. Complications also when the decedent's home country also imposes estate or inheritance taxes on the assets. Quite often there is a mismatch and the lack of coordination between the two tax systems can lead to double taxation, unless specific treaty provisions apply. The foreign estate may be surprised to find that the home country's tax authorities and the IRS both claim a share of the estate. Careful planning is needed when foreign laws and U.S. laws overlap and sometimes collide. Many possibilities exist, including ownership structures and certain investments, but taxpayers must be proactive in learning and implementing the plan beforehand. For example, one lesser known but welcome surprise is the treatment of life insurance proceeds paid out on an NRA's life. Even if paid by a U.S. insurer, these proceeds are typically exempt from U.S. estate tax. The use of such insurance can provide a robust planning tool for NRAs with significant U.S. assets since the life insurance can provide liquidity to cover the U.S. estate tax without itself being taxable. Get the proper advice so that efficient planning strategies are not overlooked! Stay on top of tax matters around the globe. Reach me at vljeker@ Visit my U.S. tax blog
Yahoo
7 days ago
- General
- Yahoo
Gun violence prevention group vehemently disputes Marion Hammer's assertion of a payoff
Marion Hammer, lobbyist for the National Rifle Association. (Photo via the Trace by Phil Coale) Marion Hammer, the National Rifle Association's first woman president and a longtime Second Amendment lobbyist in Tallahassee, is suing the organization for alleged breach of contract. Among the allegations in her federal lawsuit is that in 2018 she was offered $5 million by Brady: United Against Gun Violence, the gun violence prevention organization that has history of clashing with the NRA, if she would 'retire and cease advancing the interests of the NRA and defeating the Second Amendment.' The suit says Hammer relayed the Brady offer to then-NRA executive vice president Wayne LaPierre, who developed a proposal with other NRA staffers to offer her a new contract proposal. 'Although the new proposal would pay less half the offer from the Brady group, the proposal would allow Plaintiff [to] continue working with the NRA for years to come,' the suit claims. Hammer goes on to claim that ultimately the NRA ceased to pay her as agreed, and now she is suing them in the Northern District Court of Florida. But what about the sensational claim that Brady offered her $5 million to retire? Late last week, the gun-safety group issued a blistering statement denying the charges. 'Brady has no interest in being involved in Marion Hammer's dispute with the National Rifle Association (NRA), two parties that have spent decades pursuing policies and breaking politicians that prioritize guns over American lives,' Brady said. 'The disputes over Marion Hammer's agreements with the NRA and related entities is a matter for the courts. But let us be clear: Brady did NOT make any such offer, nor would it ever consider offering any proffer, to Marion Hammer, a woman whose legacy will be thousands and thousands of grieving families who lost their loved ones to gun violence propagated by the reckless policies Marion championed throughout her career.' SUPPORT: YOU MAKE OUR WORK POSSIBLE
Pink Villa
23-05-2025
- Entertainment
- Pink Villa
EXCLUSIVE: Hrithik Roshan and Jr. NTR's War 2 sparks interest in Telugu distribution; Gets Rs 100 crore offer
The Hrithik Roshan and NTR Jr. led War 2, directed by Ayan Mukerji, is among the most awaited films of Indian Cinema in 2025. Also starring Kiara Advani as the female lead, War 2 is slated to release on August 14 in Hindi, Telugu, and Tamil. The teaser dropped a couple of days back and has sparked a lot of interest in the Telugu exhibition and distribution community. According to reliable trade sources, YRF has got Non-Refundable Advance (NRA) aka. MG offers from distributors like Mythri Movie Makers, Sri Venkateshwara Creations, Sithara Entertainment, and Asian Cinema, among other independent buyers. 'The bids for War 2 is in the range of Rs 90 crore to Rs 110 crore, making it a film in demand. YRF is currently evaluating multiple aggressive Non-Refundable Advance (NRA) bids, and leading from the front at the moment is Asian Cinemas, who has made a staggering offer of Rs 100 crore for Telugu states for the Hindi and Telugu dubbed version,' revealed a source. The source further added that Sithara Entertainment is not far off, with a bid in the range of Rs 80 crore. These bids are the highest of all time for a dubbed film in Telugu, surpassing the all-time record of KGF 2, which secured Rs 85 crore as NRA in Telugu states. 'The demand for War 2 isn't just restricted to Telugu states, as industry heavy weights like KVN Productions and Hombale Films are expressing strong interest to release the film in Karnataka. The film is tremendous buzz across the south market owing to the presence of Jr. NTR, aided with popularity of Hrithik Roshan. The combination has sparked interest, higher than ever before,' the source added. War 2 is among the first 'Pan India' releases from Hindi Cinema, as YRF has brought together two superstars – Hrithik Roshan and NTR – together for the film and the early response is very encouraging from the trade. If the deal is locked, YRF will take a break from its traditional self-distribution model and outsource a local company with right experience to release the film in Southern belts The distributor's confidence in South for War 2 is also a result of 'HIT Business' of Devara, which was totally riding on Jr. NTR's shoulder, as the stakeholders in Telugu are bullish on his loyal fanbase to embrace his Hindi debut with open arms. The Hrithik Roshan factor has just elated their trust further, as he also has a growing popularity since the release of Krrish (2006) and back in the day, War (2019) had also done well in the Southern belt. The power-house collaboration between the two is expected to bring in big numbers, as the one of its kind collaborations is enough to spike excitement. Meanwhile, YRF will continue with its self-release model for the Hindi version in rest of India, as also the international markets.
Associated Press
20-05-2025
- Business
- Associated Press
European cheeses show their quality and versatility at the prestigious NRA fair in Chicago
The promotion and information campaign 'Discover the European Cheestories with cheeses from Spain', promoted by theInterprofessional Dairy Organization (InLac)with the support of the European Union, continues its course with new activities scheduled for 2025 in its third and final year of execution, including attendance at the prestigious NRA fair in Chicago, held between 17 and 20 May. TheNational Restaurant Association (NRA)of Chicago is one of the most important fairs for the restaurant and food industry in the USA, which has brought together exhibitors, buyers, chefs and experts around the latest innovations in products, services and technologies for the gastronomic sector in a single forum. The fair is a key platform to discover the latest market trends and exchange ideas with other professionals in the sector, being a crucial meeting point on development and innovation within the food industry, explained InLac, the organization that brings together the entire value chain of the dairy sector in Spain. At this event, which attracted exhibitors and visitors from the US and abroad, InLac had its own stand in which it promoted a selection of ten European cheeses of Spanish origin, with the help of the master cheesemaker Erin T. Connolly. Specifically, references of PDO Arzúa-Ulloa, PDO Murcia al Vino, PDO Idiazabal, Queso Mezcla, PDO Manchego, Rulo de Cabra, PDO Mahón-Menorca, PDO Tetilla, PGI Valdeón and PDO Zamorano shone. 'We are very satisfied with the receptivity that our cheeses have had in this event, a forum where we have been able to publicize the variety, quality and versatility of European cheeses of Spanish origin and thus help their greater internationalization,' said the managing director of InLac,Nuria Maria Arribas. Participation in fairs has been one of the priorities of the 'Cheestories' promotional campaign, allowing the European sector to be present in relevant forums such as theGood Food Mercantile, the Summer Fancy Food or theWinter Fancy Food, to publicize the cheeses and help their expansion in the US, their main market outside the EU. The three-year European promotion campaign (March 2023-February 2026) integrates different dissemination actions in cities such asNew York, Las Vegas and Chicago, and has set out to increase the level of knowledge about the benefits of European cheeses, especially their variety and diversity. In 2024, global exports of European cheese of Spanish origin to all destinations increased both in volume (+6.95% to 125,206 tonnes) and in value (+4.57% to 839.42 million euros). Shipments to the USA have a significant weight, concentrating 14.45% in value and almost 8% in volume of the total, which makes it the third foreign market in the sector in value and the fourth in volume for this category.
