Blackletter

For today’s Monday Minutes, Tom discusses the Prep Act, or the Public Readiness and Emergency Preparedness Act. The law issues declarations that allow for the immunity of companies that create products to combat diseases such as the Zika virus, Ebola, and of course, the coronavirus. Essentially, companies that make masks, ventilators or more are free of liability unless there is willful misconduct. Hear more about the Act, who issues it, and its amendments by listening to this episode of Monday Minutes.  

Tom discusses President Biden’s proposal for his Estate Tax plan. Tom covers what the proposal entails, including reducing the current lifetime credit each individual has from 11.7 million to 3.5 million, and increasing the estate tax from 40% to 45%. He contextualizes the proposal in relation to 2026, where the increased estate tax and the lifetime credit will automatically change. Tom encourages planning for everyone, even those who will potentially have an estate of 3 million by 2026.  

Tom discusses buy-sell agreements, which have seen an increased interest during Covid. He touches on how some partners are either entering or existing the business in response to the pandemic, while others are staying. Tom also explains the two types of buy-sell: cross-purchase agreement and the redemption agreement. Overall, buy-sell agreements remove a lot of the what if questions out of the equation when a business partner leaves or even passes away and can also regulate to whom the shares are given.  

For today’s Monday Minutes, Tom goes over the top Dos and Don’ts of Zoom etiquette. Though it’s been a year since the first lockdown, Tom and his partners still see blunders while video conferencing. From muting yourself when not speaking, to camera angle, and backdrop, Tom covers tips to have a better, more professional conference call. He encourages everyone to treat Zoom meetings like in person ones, with the appropriate dress and attention required. 

For today’s Monday Minutes, Tom discusses non-fungible tokens and their recent popularity. Non-fungible tokens, or NFTs, exist in blockchain, but unlike Bitcoin, cannot be replaced with something else. NFTs can be anything from a collectable to a piece of digital artwork. The most common use of NFTs can be seen in gaming, where users can trade items for real money to utilize in the game. Listen to the episode to hear more on non-fungible tokens. 

For today’s Monday Minutes, Tom touches on smart contracts and how they relate to blockchain. A smart contract is a way to enter into a transaction without having a physical contract. He likens it to a vending machine, where you put money into a chain of events, such as blockchain, and you immediately get out your part of the transaction. Blockchain, an example being Bitcoin stores data and creates a marketplace. Tom gives examples of how this type of interaction can be used in real life scenarios.

Today, Tom Dunlap and Kurt Klaus of Dunlap, Bennett, and Ludwig chat with Will Gee, the CEO of Balti Virtual about the field and future of augmented and virtual reality. Listen in as they cover topics such as VR and the AR Cloud,  the potential future of the industry and what Balti Virtual has learned through business culture, growth and working with some amazing clients. 

For today’s Monday Minutes, Tom discusses his recent work with blockchain and NFTs, or non-fungible tokens. Blockchain is a specific type of database in which information is stored in chains, as opposed to tables in an Excel spreadsheet. He gives a simplified explanation of how data is stored and encrypted in a blockchain. Bitcoin is the most known type of data stored in a blockchain. Tom touches on why some people prefer bitcoin over traditional banking and how blockchains protect the data stored inside them.

In a lighter rendition of Monday Minutes, today Tom mentions some of the bloopers and blunders that have happened on Zoom during legal proceedings. By now, many of us have seen the lawyer on Zoom with a kitten face filter, saying “I am not a cat.” Tom shares other instances such as naked attorneys, drinking, meth pipes and more!  

For today’s Monday Minutes, Tom discusses Judge Jed Rakoff’s recent book, “Why the Innocent Plead Guilty and Why the Guilty Go Free.” Working in the southern district of New York, Rakoff is an experienced judge who delves into why people are pleading guilty instead of going to trial. The book offers anecdotes and observations on how the legal system and class privilege support this pattern.