[StBernard] News You Can Use from Paul Perez

[Westley Annis]

I will be sending out information to people I believe to be either displaced
by Katrina or to people who are housing those of us displaced by Katrina.  I
am doing this to try and help us all.  I realize that many of us are getting
lots of e mails.  If you would like to be taken off of this list, please
reply to that effect and I'll remove you. 

On the other hand, if you know of someone who you think may benefit from
receiving information such as what I've sent here, please let me know that
and I'll add them to the list.

If you have a question on some financial, insurance or related topic, please
let me know.  I'll try to address it and share the information with
everyone!!

 

 

September 22, 2005

 

First off, please forgive me.  It’s been three days since I have published a
“News You Can Use” e mail.  While I am trying to publish at least every
other day, sometimes little things like my career get in the way.  I’ll try
to do better.

 

NEWS FLASH FROM WASHINGTON – TAX RELIEF 

 

Although the Ketrina Emergency Tax Relief Act has not yet been signed by
President Bush, it passed the the House and Senate and I believe W's
endorsement is just a formality. There are many tax relief aspects to this
bill.  One involves withdrawals from Individual Retirement Accounts (IRAs). 

 

Victims of Katrina 1) may withdraw up to $100,000 of distributions from IRAs
and qualified plans without paying the 10% penalty tax for pre-age-59½
withdrawals. Eligible individuals are those who lived in a Katrina disaster
area and make the distribution within one year after the area is declared a
disaster by the President,  and 

 

2) there's no regular income tax on up to $100,000 of withdrawals that are
recontributed to a qualified plan or IRA within three years. 

 

I’ll publish more on this in future editions of the “News You Can Use” after
I’ve had a chance to decipher the actual bill.

 

 

MURPHY OIL SPILL CONTACT

 

If you believe that you have been impacted by the oil spill that originated
at Murphy Oil, you are asked to call Crawford & Company at 877-511-1006.
According to their website, “Crawford & Company
<http://www.crawfordandcompany.com>  is the world's largest independent
provider of claims management solutions to insurance companies and
self-insured entities”.  I’m guessing that Murphy has engaged this firm to
gather information from potential claimants who think they have been
affected by their spill.  

 

I called last night.  Before anything is done, the representative reads a
statement basically telling the caller that taking this information is in no
way an admission of guilt, but they have been retained by Murphy to gather
information.  They simply asked me for my St. Bernard address and how they
could contact me now.  (I gave them my current phone number.)    They then
inquired as to how I was affected by the spill and what concerns I had about
it.

 

If anyone has any definitive information about the spill’s location, I would
appreciate you sharing that information with me.  I have had a very
difficult time nailing down the specific area(s) affected.   Thanks in
advance.

 

 

STATE FARM POLICYHOLDERS

 

If you are a State Farm Homeowners or Flood insurance policyholder and would
like a copy of your contract, please know you can call the State Farm
Operations Center at 918-621-3442 to make this request.

 

I expect there will be many disagreements between insurers and their
insureds over what is covered and what is excluded.  The first place to
start preparing for your own little battle is by reviewing the specific
language in your contract.    If you happened to leave your policy behind
and it is not inaccessible, here’s a chance to get a copy.  

 

 

MISSISSIPPI RIVER GULF OUTLET

 

First off, a little marketing is in order.  The Mississippi River Gulf
Outlet is the avenue that all that nasty swamp grass and mud took to get
into our houses.  Calling in the “Mr. Go” makes it sound like a sweet,
innocent old waterway flowing lazily along just minding its own business.  

 

We need to change the way we refer to this source of death and destruction.
I’m thinking referring to it as the “Death Channel” or something.   If you
have a moniker you’d like to submit, reply to this e mail and we’ll have a
little contest to see what the people of St. Bernard (who now have Mr. Go’s
guts in our living rooms) want to call it from this point forward.

 

Secondly, you should know that the Army Corps of Engineers is already
planning to begin dredging the Death Channel in order to re-open it so the 2
ships that use it per day can begin eroding our protective marshes even
more.  

 

Taken from the Corps website
http://www.hq.usace.army.mil/cepa/katrina/navigation.html

"Mississippi River Gulf Outlet: Closed to deep draft vessels. Inland portion
will serve as an alternative route to GIWW due to closure of IHNC for
shallow draft vessels. Critical AToN's are in place. USCG and pilots are
discussing reopening to deep draft. Preliminary surveys indicate controlling
depth of 23' (Authorized 36'). MVN is surveying to support dredging
contract. "

If you agree with me in that the Death Channel should be closed, please
visit the following site:
http://senate.legis.state.la.us/Boasso/Petition.asp and complete the
petition.  It's easy and takes less than a minute to complete.

 

ROTARY CLUB REVIVAL

 

I spoke to Liz Abadie this morning.  Liz is this year's St. Bernard Rotary
Club president. She would like any Rotarian to contact her at either
225-677-9791 or on her cell phone at 504-913-5973.  After spending several
glorious days in St. Bernard during and after Hurricane Katrina, Liz has
made her way to Prarieville, LA and is focused on getting the Rotary Club
back up and running.

 

If you are a Rotarian or know of a Rotarian, please contact Liz at either of
the phone numbers above, or by e mailing her at lixaba at aol.com.  She would
appreciate it.

 

SOMETHING ON THE LIGHT SIDE  (We all could use a laugh every now and then)

Word is that the Trial Lawyers are suing the National Weather Service.


The claim is that they should have named Katrina Hurricane Hillary. 

Had they done so the storm would have wandered aimlessly throughout the Gulf
and petered out before making any decision of where to hit.

Please stay safe. 

May God Bless All of Us

 

 

 

DISCLAIMER:  This e mail is intended to help those of us who have been
impacted by Hurricane Katrina.  It may contain information that is somewhat
legal  in nature or affect your taxes.

 

References to legal or tax considerations are intended only to alert you in
a general way of those considerations which may effect you.  We do not
engage in the practice of law.   All legal considerations must be referred
to and passed upon by your attorney.  All tax considerations should be
reviewed by your tax preparer.

 
Paul V. Perez
Certified Financial Planner
 
Financial Network Investment Corporation, Member SIPC
2800 Veterans, Suite 204
Metairie, LA  70002
(504) 494 3144
(225) 248 6635