It was then registered to a company called MM Fleet Holdings LLC, based in Dallas, Texas, Federal Aviation Administration records show.
Mehrdad Moayedi, an Iranian-American real estate developer based in Dallas, has been identified by The Daily Beast as the owner of MM Fleet Holdings LLC.
Aside from purchasing the private jet, Moayedi has previously used his earnings to regularly donate to the Republican Party.
From 2019 and 2020, his donations to the Trump campaign totaled $245,000.
In the last five years, he has donated hundreds of thousands of dollars to other Republican candidates and organizations, including $50,000 to the Ted Cruz Victory Fund and $34,000 to the National Republican Senatorial Committee.
Moayedi's new jet, which can accommodate up to nine passengers, was regularly seen along Trump's campaign trail in 2020 as its smaller size allowed it to fly into smaller airports.
The plane's tail number, DT725, features a pair of personal details, with the 725 referencing the New York City address of Trump Tower, which sits at 725 Fifth Avenue, and the "DT" symbolizing Trump's initials.
Trump's Boeing 757 has been a regular feature at campaign rallies.
Gene J. Puska/AP
Now, the presidential candidate will have to turn to the rest of his multimillion-dollar fleet, such as the famous Boeing 757 private jet known as "Trump Force One."
It is not known how much the Cessna jet was sold for, but the model is estimated to cost around $10 million, according to private jet broker evoJets.
It's not enough to make a significant dent in the $454 million fine Trump was ordered to pay by New York Court in March. The court found that the former president had committed fraud by overstating the value of his assets by more than $350 million.
Trump has also been ordered to pay $83.3 million to writer E. Jean Carroll for defaming her during a civil trial involving sexual assault allegations. He has secured a bond to stop her from collecting the payment while he appeals the verdict.
Orange juice manufacturers face a supply crisis and are considering alternative fruits.
Brazil and Florida's orange supplies are declining due to disease and poor weather conditions.
It means prices are increasing while suppliers scurry for a solution.
The world's leading orange juice manufacturers may have to consider using alternative fruits as they face a supply crisis.
A report from Fundecitrus and CitrusBR said that the climate crisis and a citrus disease known as greening have caused Brazilian orange farmers to harvest their smallest crop in decades.
Brazil is the world's largest orange juice producer and exporter. The report predicted that Brazil's main orange-producing areas of Sao Paulo and Minas Gerais will harvest 232.38 million 40.8kg boxes this year, a drop of 24.36% compared to the previous year.
"Should this production forecast hold true, this will be the second smallest crop since 1988-1989," it said.
Florida, the world's second-largest producer of orange juice, is also facing severe shortages due to disease and poor weather conditions, the Financial Times reported.
Kees Cools, president of the International Fruit and Vegetable Juice Association, told FT that recent shortages mark a "crisis."
"We've never seen anything like it, even during the big freezes and big hurricanes," he said.
In the past, orange juice providers avoided long-term shortages by freezing juice stock, which can be used for up to two years, the FT said. But even the frozen stock is dwindling because of a three-year shortage build-up, it added.
An aerial image taken on March 14, 2023 shows a worker plucking oranges at an orchard in Arcadia, Florida.
CHANDAN KHANNA/Getty Images
One major problem is citrus greening. This is an incurable disease caused by plant-feeding insects that make the tree's fruit bitter before ultimately killing the tree.
Since spreading throughout Florida in 2008, citrus greening has had disastrous effects when paired with the climate crisis. In the past 20 years, Cools told the FT, the state's supply of orange juice declined from 240 million boxes annually to 17 million annually.
Cools said manufacturers may have to consider using a different fruit, such as mandarin, as its trees are more resilient to weather patterns.
However, this would be a lengthy process. The IFU would have to request legislative changes in the Codex Alimentarius food standards code and in the US Food and Drug Administration, FT said.
Meanwhile, Harry Campbell, a commodity market data analyst at research group Mintec, told CNBC that manufacturers are likely to become "less reliant" on orange production by incorporating higher quantities of pear juice, apple juice, and grape juice in their blends.
The financial consequences are already coming into play. Concentrated orange juice futures rose to $4.92 on New York's Intercontinental Exchange on Tuesday, FT said. That's almost double compared to the previous year, the outlet added.
Meanwhile, the price of 16 ounces of orange juice cost the average US consumer an estimated $2.41 in 2019, compared to $3.41 by the end of 2023, according to the data gathering platform Statista.
Francois Sonneville, a senior beverages analyst at Rabobank, told The Guardian that consumer demand for orange juice has decreased by around a fifth in the past year because of price increases.
"The global orange juice industry is in crisis," he said.
"The Florida industry has all but disappeared, and Brazilian groves are plagued by disease, rising costs, and unfavorable growing conditions, leaving global orange juice supplies at their lowest point in decades."
"Until that point is reached where consumers are no longer willing to pay the premium for orange juice because it is at such low supply, prices will continue to drive up," Campbell told CNBC.
The International Fruit and Vegetable Juice Association did not immediately respond to a request for comment.
According to the outlet, the OpenAI CEO recently reached an agreement with the iPhone maker to incorporate some OpenAI services into Apple products. Nadella was reportedly concerned about the potential impact of a deal on Microsoft's product ambitions, per the report.
Representatives for OpenAI, Apple, and Microsoft did not immediately respond to requests for comment from Business Insider, made outside normal working hours. Apple and OpenAI declined to comment to The Information.
Apple was said to be considering both Google and OpenAI for the deal, which could be worth billions.
If OpenAI has indeed reached an agreement with Apple, it would be a much-needed win for Altman.
The tech boss has faced heightened scrutiny after former employees and board members publicly criticized him.
Helen Toner, a former OpenAI director, recently accused Altman of lying to the board "multiple" times and "withholding information."
Toner, who participated in November's ousting of the CEO, said Altman had also kept the board in the dark about the company's ownership structure.
Altman has also faced criticism from Jan Lieke, a former executive at OpenAI.
Leike quit OpenAI earlier this month, accusing the company of prioritizing "shiny products" over "safety culture and processes."
Tensions over the priorities within OpenAI had reportedly been brewing since Altman's brief ouster.
An insider told The Financial Times that Microsoft had pressured OpenAI to prioritize commercial products following the failed coup. The increased pressure from its largest investor reportedly amplified already-simmering tensions between executives.
Russian President Vladimir Putin and Chinese leader Xi Jinping in Beijing in October 2023.
Sergei Savostyanov/Pool/AFP/Getty Images
The US said China is giving Russia "every support behind the scenes" with its invasion of Ukraine.
A US official hinted at further sanctions from the US and NATO.
China's actions also help Russia threaten elsewhere in Europe, he warned.
The US has accused China of covertly supporting Russia's invasion of Ukraine, and suggested that further US and NATO sanctions would be leveled against it.
This includes Russia's long-range missile, artillery, and drone capabilities, as well as how it can track movements on the battlefield, he said.
"What we've seen from China to Russia is not a one-off or a couple of rogue firms involved in supporting Russia," Campbell said, according to Reuters. "This is a sustained, comprehensive effort that is backed up by the leadership in China that is designed to give Russia every support behind the scenes."
As such, Campbell said that European countries, as well as others in the NATO military alliance, need "to send a collective message of concern to China about its actions, which we view as destabilizing in the heart of Europe."
He warned that China's help had already allowed Russia to build up its abilities so it can "pose a strategic challenge" to European countries.
Campbell also said that he'd briefed the North Atlantic Council, NATO's main political decision-making body, on Tuesday about the US' concerns.
He noted Europe and the US had imposed some sanctions on China for aiding Russia, and said he expected more from the US and NATO.
"I think the view is that we will need to send a clear, unambiguous signal to Beijing that such steps that China is undertaking are dangerous to the long-term stability in Europe," he said.
Campbell's warnings came after other US statements about China's assistance to Russia.
China has not explicitly said that it supports Russia in its war with Ukraine, but it has still acted in ways that aid it.
While many Western countries have put sanctions on Russia, China has remained a close economic ally, which has helped Russia finance its war.
The leaders of both countries have also met and publicly complemented each other.
Some Chinese companies are buying Russian energy and paying for it with machinery and vehicles, Reuters reported.
The US also warned last month that China is giving Russia geospatial satellite imagery for military use.
In May, the US put new sanctions on banks and companies in China that it said were trading components with Russia that could be used to make weapons. China denies supplying Russia with weapons.
Since it launched its invasion, Russia has, at times, suffered from shortages of key weaponry, like missiles and artillery, showing that it is possible Ukraine could have made more progress if Russia had not received help.
While Ukraine has support from many allies, including the US, UK, and Germany, their support has come in waves that have been disrupted by politics. This includes Republicans in the US blocking new aid for six months.
Pro-Palestinian demonstrators in Michigan during a visit by President Joe Biden in May.
Jeff Kowalsky/AFP via Getty Images
Israel's war in Gaza — and US support for it — has become a major issue in the 2024 election.
Some voters are threatening to stay home or cast protest votes over Biden's handling of the issue.
But Trump would likely be even more supportive of Israel if he gets a second term.
Israel's ongoing war in Gaza — and President Joe Biden's continued support for it — has become a major issue in the 2024 election.
After Hamas killed more than 1,200 people in its October 7 attack, Israel launched a counteroffensive aimed at eliminating the group.
That's led to the deaths of over 35,000 Palestinians, mass displacement and looming famine in the Gaza strip, and an international investigation into whether Israel is committing genocide.
Here's a guide to where President Joe Biden and former President Donald Trump stand on Israel — and why some are threatening to stay home or cast protest votes in November.
Where Joe Biden stands on Israel
In general, Biden has remained staunchly supportive of Israel as it has waged its war in Gaza — but over time, he's gradually pushed the country to change its tack in the war.
His administration has pushed for a six-week cease-fire, conditioned upon Hamas agreeing to release the remaining Israeli hostages.
In February, he described Israel's conduct in the war as being "over the top," and one month later, he announced the establishment of a temporary port in Gaza while urging Israel to do more to allow the passage of humanitarian aid into the besieged territory.
In March, the US abstained from voting on a UN Security Council resolution calling for an immediate cease-fire and the release of hostages, allowing it to pass — though the administration quickly downplayed the significance of that vote.
Biden described Israel's conduct of the war as "over the top" at a February press conference.
Nathan Howard/Getty Images
In May, his administration halted the shipment of some weapons to Israel amid concerns about the impending invasion of Rafah, a city in southern Gaza where hundreds of thousands of Palestinians have sought refuge. He also threatened to halt further shipments of offensive weapons if a large-scale invasion proceeds, though he has insisted that he will continue to supply the country with defensive weapons.
Yet the Biden administration has also cut off US funding to the United Nations Relief and Works Agency, the primary source of humanitarian aid in Gaza, over concerns that members of the organization may have been involved in the October 7 attacks.
Where Donald Trump stands on Israel
Trump, the all-but-certain GOP nominee for president in 2024, has been somewhat murky on the present conflict, criticizing Israel numerous times over the optics of the war.
"I think Israel made a very big mistake," he told Israel Hayom in March. "These photos and shots. I mean, moving shots of bombs being dropped into buildings in Gaza… it's a very bad picture for the world."
At the same time, Trump said in that same interview that Israel should "go and do what you have to do" and that "you have to finish up, you have to get the job done."
Trump with Israeli Prime Minister Benjamin Netanyahu in 2020.
Doug Mills/Getty Images
As president, Trump was even closer with Israel than Biden is, and he took several steps that benefited the Jewish state, including relocating the US embassy from Tel Aviv to Jerusalem. His administration also recognized the Golan Heights — a disputed territory claimed by Syria — as part of Israel.
Trump has also said numerous times that any Jewish person who votes for Biden or other Democrats should "have their head examined" — a missive that many have found offensive, but that signals he would be more staunchly supportive of the country than Biden.
The former president has also reportedly pledged to deport pro-Palestinian protestors on college campuses.
"If you get me reelected, we're going to set that movement back 25 or 30 years," Trump told a group of Jewish donors in May, according to the Washington Post.
Why some voters might cast protest voters — or stay at home
Given that Trump is broadly more supportive of Israel, one might expect voters who are concerned about Israel's war in Gaza to vote for Biden.
That's especially true given that many of the most vocal opponents of Biden's Israel stance are Arab and Muslim Americans, who have long been a scapegoat for Trump's brand of politics. Trump has also made vague pledges to expand upon the so-called "Muslim ban" that he enacted when he was president.
But many voters aren't doing that.
Hundreds of thousands of voters who might otherwise support Biden have cast "uncommitted" ballots in Democratic presidential primaries this year in protest of his handling of the conflict.
While a solid chunk of those voters are likely to vote for Biden in the general election anyway, many say they're still waiting to see Biden change course.
Some are even saying it's too late — that Biden has supported what they consider to be a genocide, and that there's no way they can vote for him again.
For these voters — some of whom may have even had family members killed in Gaza — they argue that the war outweighs all other considerations.
Abdullah Hammoud, the mayor of the predominantly-Arab city of Dearborn in Michigan, told Business Insider in March that even though he believes Biden has been a "transformative" president in terms of his domestic agenda, some of his constituents will never vote for Biden now.
"A genocide outweighs all of this," said Hammoud. "Aiding, abetting, defending, and supporting a genocide outweighs all that transformative legislation."
Rather than cast votes for Biden or Trump, these voters may simply stay home, or cast so-called "protest" votes for third-party candidates who have no chance of winning, such as Green Party candidate Jill Stein or independent candidate Cornel West.
Shelley Paxton was the chief marketing officer at Harley Davidson but suffered from severe burnout.
Lena Jackson
Shelley Paxton learned that success meant climbing the corporate ladder from a young age.
She developed an unhealthy relationship with work during her career as a marketer.
Paxton became severely burned out as an executive and had to quit to overcome her health problems.
The following as-told-to essay is based on a transcribed conversation with Shelley Paxton, an author, speaker, and coach, about her experience with professional burnout. It has been edited for length and clarity.
I grew up in a middle-class, straight-laced family but always felt restless. I was raised primarily in Minneapolis, which felt very homogenous. I always wondered what else was out there.
After I graduated from high school, I went to Boston College. I felt drawn to the East Coast because I wanted to be in a place with lots of diversity. Moving to Boston was one step toward broadening my worldview.
Success meant climbing the corporate ladder to the top
After college, I started working as an assistant account executive in 1992 in Chicago at a huge global advertising agency called DDB. I followed in my dad's footsteps as a marketer. He worked on many cool brands. I watched him work his way up in his career to become the CEO of Hagen Dazs eventually. He made the script of success clear: climb every rung of the corporate ladder, work for sexy brands, and get bigger and bigger titles.
I was rebellious growing up, but now I can see that his career path influenced me.
At 26, I was successful in my career and had an active social life. I'd even taken a four-month sabbatical, or "soulbbatical" as I call them now, to travel Europe. In my journals from 1996, I talked about following the winds of my soul and the tensions I felt in my career, but I didn't know who to talk to about my doubts.
My solution was to move to Istanbul for an international role at the agency I was working for.
Looking back, I took this role because I wanted to do something different, but I didn't know how to process that desire, so I stuffed it back down. I was trying to achieve a corporate career and travel — to reach success the Shelley Paxton way.
I returned to the United States in 2000 to take a senior role at AOL. I then continued to work in marketing roles with large clients like Visa.
I wanted to rebrand myself after a divorce
When Harley Davidson hired me as VP of Global Integrated Marketing and Planning in 2010, I was 40 and had just gone through a very traumatic divorce. I felt like my life was upside down.
Harley Davidson was my first opportunity to work on the client side of marketing, not the agency side. I saw myself as a biker babe marketer for one of the most iconic motorcycle brands on the planet. I thought, "Hell yes, I want to do that."
I thought the role would be my chance for reinvention, but ultimately, it was my final lesson and wake-up call.
If I wasn't working, who would want me?
I had struggled throughout my career with prioritizing work over my well-being.
This was an unfortunate pattern for me. Back in 2006, I agreed to go to Shanghai for a work assignment for Omnicom Media Group. At the time, my now ex-husband and I were trying to have children and wanted stability. Instead of honoring that, I said yes to the assignment because I feared the company would no longer see me as valuable if I said no.
I always believed that if I didn't put work first, Harley, or any company I worked for, wouldn't want me anymore. And who would I be, then?
I had allowed my entire sense of self and self-worth to be tied to my job, and it was a dangerous place to be. I always put work over my well-being and wasn't good with boundaries.
This pattern became more unhealthy at Harley Davidson. I was working late, canceling social plans to work more, and constantly checking my work emails or taking calls after hours.
I had the role of a lifetime, and I didn't feel happy
My dad had taught me to climb all the rungs. He was telling me, "You're going to be the president of Harley Davidson. You've got this. Keep going. Keep climbing." But I realized I didn't want that — even when I was promoted to CMO in 2014.
I was exhausted and burned out, and I felt guilty that I wasn't happy in my new role. It was a marketer's dream job, and I felt privileged even to ask, "Is this all there is?"
In September 2015, I started having vivid recurring nightmares about my dog, who had died. In my dream, I neglected my beloved companion, and my dog had become emaciated, and I'd been too busy to notice. Shortly after, I started drinking heavily to cope with the stress and help myself fall asleep.
I was able to function while drinking one or two bottles of wine before bed, but I started ignoring my own personal policies on drinking — like not drinking on planes and while traveling. Suddenly, I was drinking in airports, on planes, and at events.
I was trying to numb the painful truth of my own unhappiness while pretending to the outside world that I had it all together.
Seeking help made me confront my unhappiness
The decline in my physical well-being, which included weight gain, stomach issues, chronic coughing, and overall feelings of exhaustion, forced me to see a doctor in early 2016.
I wanted to see a doctor who specialized in Eastern and Western medicine so I could share that what I was experiencing was mental, physical, emotional, and spiritual. Sharing and accepting that I was unhappy was how I started on the path to leaving the corporate world.
I quit Harley Davidson in September 2016, and I stopped having nightmares. I worked with my financial advisor, and while I wasn't in a position to retire, I did have enough savings to give me some leeway while I decided on my next steps.
Initially, I didn't know what to do next, but I've since found my calling in helping others define their own version of success — one that doesn't burn them out or compromise their values.
When I first quit, I was inundated with messages from recruiters and tempting opportunities to rejoin the corporate world, but I didn't pursue them beyond a few meetings. I started traveling, enjoying time in France, and writing my book in New Zealand before going to Canada, Italy, and the United States.
Speaking about my journey has been my most important role
10 months into what I now call my "soulbbatical," my dad had a stroke. I made it my priority to support my family. Once he began to recover, I shared pieces of what evolved into my book at a writer's retreat.
I was encouraged to think bigger and share my message through speaking engagements and coaching programs for business leaders.
When I left Harley, I created the title Chief Soul Officer out of thin air because I was desperate to put something on my LinkedIn. I see it as the greatest title I've had because it reminds me of the importance of listening to my soul and letting it guide me.
Passengers on a flight to Florida say they were told to prepare for an emergency water landing.
The Spirit Airlines flight had to return to a Jamaica airport due to a suspected mechanical issue.
Passengers say the flight descended into "total chaos" after they were told to put on life jackets.
A Spirit Airlines flight reportedly descended into chaos after passengers were told to wear life jackets and prepare for an emergency water landing.
Flight 270 from Montego Bay, Jamaica to Florida was forced to return to the airport shortly after takeoff due to a suspected mechanical issue on Sunday, according to the airline.
Passenger Bettina Rogers told CNN the pilot had initially told passengers there was nothing to worry about when a beeping sound went off in the aircraft, before informing them the plane was returning to the airport.
She said that as the plane turned back, passengers were told to "prepare for an emergency water landing," sparking pandemonium.
"It was scary, and people were freaking out and panicking," Rogers said.
"We never knew we would actually make it to the ground because all we were seeing was literal water … it was total chaos," she said.
In a statement reported by CBS News, Spirit Airlines said the flight had returned to Sangster International Airport in Montego Bay "out of an abundance of caution following a suspected mechanical issue."
The airline said safety was its top priority and apologized to passengers for any inconvenience.
The airline did not immediately respond to Business Insider's request for comment made outside normal working hours.
Passengers on the flight were offered a new flight to Fort Lauderdale and reportedly given a $50 credit by the airline — which Gordon described as a "slap in the face" after the "traumatic" experience.
Passengers were told to put on life jackets before the plane landed safely at Jamaica's Sangster International Airport, and some recounted having difficulties accessing their buoyancy aids.
"I would say 15 min from the first announcement we were told that we had to prepare for a water landing. Everyone went frantic on the plane," Shancy Faison told CBS News.
"I tried to retrieve my life vest, and the case that the life vest was in it would not open. My husband then took his life vest off of him and placed it on me, and he still fought for it. Took about 4 of us to break open the box," she added.
A new report from the New School's Schwartz Center for Economic Policy Analysis looks at how student loan debt is weighing down workers gearing up for retirement, and how that debt has diminishing returns for any would-be-retirees.
Using data from the Fed's Survey of Consumer Finances, the analysis finds that over a million Americans ages 55 to 64 are holding student loans, or have spouses with loans. Gen Xers and boomers are also set to be saddled with that debt for years to come.
And the burden of that debt falls disproportionately on the lowest earners. Looking at debtors over the age of 55, just 3.7% are in the top 10% of earners — meaning that they make over $192,000. Conversely, 46% of those debtors are in the middle 40%, making $54,600 to $192,000. And 56% of those debtors are in the bottom half of earners, making below $54,600.
Gen Xers and younger boomers still expect their student debt to loom well into retirement age, according to the analysis; on average, workers ages 55 to 64 say it'll take 11 years to repay their loans, meaning many will be saddled with that debt well into retirement.
There are a range of reasons why older borrowers might be struggling to pay off their student loans. A key reason is interest capitalization: if a borrower finds they cannot make their monthly payments at any point in their repayment period, they are forced to enter deferment or forbearance. During those times, the borrower is not required to make a monthly payment, but interest still accrues on their principal balance, meaning that oftentimes, the balance can surge beyond the original amount borrowed.
And should a borrower find they cannot pay their loans in retirement, the consequences could be severe. Retirees are at risk of having up to 15% of their Social Security benefits garnished to repay their loans — something that a group of Democratic lawmakers have called to put an end to.
Of course, younger borrowers are also facing challenges paying off their student debt. Millennials are most likely to hold student debt with an average balance of about $35,000, and while fewer Gen Xers have student debt, their average balance is higher at about $48,000, according to TransUnion.
Provisions are being rolled out by President Joe Biden's Education Department that could ease the burden of student debt on older borrowers. For example, the SAVE income-driven repayment plan shortens the timeline for debt relief — borrowers who originally took out $12,000 or less in student loans could receive debt cancellation after as few as 10 years of qualifying payments.
The department also extended the deadline for borrowers to benefit from one-time account adjustments, which allows borrowers on Public Service Loan Forgiveness and income-driven repayment plans an extra shot to get closer to relief.
On top of that, the Education Department is working to implement a broader student-loan forgiveness plan after the Supreme Court struck the first one down. It would cancel up to $20,000 in unpaid interest for borrowers, along with providing debt relief to those who have made at least 20 years of payments without any forgiveness.
Jennifer Rozelle said it breaks her heart to see families fighting over inheritance.
iStock; BI
Jennifer Rozelle has been working in estate law for over a decade.
She's witnessed some heartbreaking fights between families over inheritance.
One pair of siblings even argued until they lost their inheritance to legal fees.
This as-told-to essay is based on a transcribed conversation with Jennifer Rozelle, 36, an attorney at the firm Indiana Estate & Elder Law, about seeing families receive inheritances in her line of work. The following has been edited for length and clarity.
I'm an attorney who practices exclusively in estate planning, elder law, and estate administration fields. I help people with planning for incapacity, death, and long-term care. I also work with family members of the deceased, helping them navigate the legal processes that occur after a person dies.
When a person dies, I represent the trustee or executor of their estate. My responsibility is to ensure that they follow the estate plan that the person who died created or, if the person didn't have an estate plan, that they follow intestacy laws, which will dictate who inherits what from the person who's passed.
I've been in this line of work since 2012 when I joined an Indiana-based law firm. Around five years ago, my husband, also an attorney, and I purchased the firm.
When I've dealt with inheritance at my job, I've noticed that putting money on the table changes people. I've seen it benefit a lot of people — they receive money or property they didn't have before — but I'd be remiss if I didn't recognize how many families end up fighting over it.
Families fight over property that is valuable — and not so valuable
My husband often says that dealing with estate planning documents is the easiest part of our jobs — It's the relationships and personalities involved that make it difficult.
In my experience, it's not even the amount of money that makes families fight. I've seen people bicker over personal property in mom or dad's house that isn't worth anything but has high sentimental value, like a family sword or jewelry. You can't always split this type of property between relatives.
I was once tasked with getting a valuation of a mother's wedding ring as two children were fighting over it. It turned out that the wedding ring was comprised of cubic zirconia, not real diamonds. Once that was discovered, neither wanted the ring.
Legal fees can end up consuming estates, so when estates have a significant amount of assets, there's a lot more time and room for families to argue.
Many years ago, I was involved in a case where two sisters were fighting, and their legal fees were consuming their estate balance. We were trying to get them to settle their dispute before they ran out of money, but one of the siblings looked us dead in the eye and said, "I would rather see you guys get that money than my sister." I will never forget the look on her face. In the end, the beneficiaries walked away with nothing. Litigation continued and consumed the entire estate balance.
Sometimes, you can tell from a mile away that a family doesn't get along and will argue, but some fights really do surprise you.
I once had a client who died with two properties, which went to his two children. Both children were in the room during previous meetings with the client and were very agreeable and amicable.
After their father died, the siblings began to argue over the properties; one wanted to sell both, and the other wanted to keep them. The one who wanted to sell was frustrated because their sibling, who wished to keep the properties, wasn't paying any of the bills.
I would never have thought in a million years that these two clients would have fought, but they both dug their heels in and went to court, where they were forced to sell the properties and split the money. They could have saved themselves a lot of time and money if they were more collaborative.
Grief impacts the way people handle inheritance issues
It breaks my heart to see families fighting over inheritance. We spend countless hours creating a plan so that nothing bad will happen, but when humans, relationships, and personalities enter into the equation, unpleasant surprises can occur.
I once had a client who was estranged from one of her children. She anticipated that her estranged child would kick up a fuss about inheritance down the line. She had written a letter before she died explaining why she disinherited the estranged child and gave it to me to keep until she died.
After she died, the estranged child was the first person to call my office. I gave the letter to her, and she caused an absolute scene in my office. There was a lot of screaming and expletives, but at the end of the day, I'm glad it happened in my office and not in front of her sibling.
Grief is very much at play in a lot of inheritance disputes. People can be in a very emotional and fragile state. Because I'm naturally a glass-half-full kind of person, speaking about death with people all day doesn't really impact me negatively. I'm used to the fact that people might react in a way that I don't agree with. I'd be doing them a disservice if I didn't extend them a little grace while they are navigating tough times, but it does become challenging when people are disrespectful.
I've also seen that inheritance has the power to do good
I think a lot of people assume that inheritances can impact families for the worse. People want to hear the juicy, dramatic stories, but I've mostly found that bickering families will calm down eventually and resolve things.
I've also had the pleasure of seeing how inheritance can have a positive impact. I've seen beneficiaries who didn't expect to inherit anything from someone receive a surprise check, or money being given to charitable organizations.
One client I had didn't have anyone close to her to leave money to, as her spouse and child had both died before her. She ended up leaving around $7 million to five charitable organizations. I got to be the person calling some of these organizations and telling them they'd be receiving money from this person's estate.
Seeing this kind of good come out of inheritances just fills my cup. I think it's important not to forget how inheritance can also change lives for the better.
The AI frenzy is similar to the crypto craze a few years ago, top economist Paul Romer said.
The Nobel Prize winner called it "typical bubble hype" and predicted AI progress would slow sharply.
A narrowing, AI-obsessed stock market could signal an economic slump ahead, another expert said.
The breathless buzz around artificial intelligence is similar to the rabid excitement that surrounded digital assets such as dogecoin and NFTs in recent years, a top economist warned.
"There was this solid consensus only a couple years ago that cryptocurrencies were going to change everything, and then suddenly that consensus just goes away," Paul Romer told Bloomberg TV this week.
"Nobody even asks, 'Gee, why were we so confident and then it blew up?'" he added.
"Right now there's way too much confidence about the future trajectory of AI," Romer said. "When people project this forward I think they're at risk of making a very serious mistake."
He acknowledged that AI has advanced significantly in the past few years. However, the economist argued there was not enough data available for the tech to keep progressing at the same pace.
"Things are going to slow down a lot," Romer said. "It's just a lot of hype, the typical bubble hype where people are trying to cash in on the latest trend."
He predicted that in two years there would be broad agreement that AI was a bubble and people had overestimated its short-term potential.
Winners and losers
Romer is calling out the kind of AI hype that has boosted Nvidia stock more than sixfold since the start of last year, valuing the graphics chip maker as high as $2.8 trillion — just shy of Apple's market cap.
More staid companies like Nike and McDonald's, and even non-AI tech companies have performed far worse. They're "getting squashed," said Gary Kaltbaum, the president of Kaltbaum Capital Management, told Fox Business this week.
Transportation stocks are also in "bad shape," he said, cautioning that a narrowing market has often preceded past economic slumps.
"I think the economy's now in somewhat of a downtrend," Kaltbaum said. "Not a big recession or anything like that, but heading the wrong way."
Economically sensitive stocks have underperformed recession-resistant ones this year, signaling investors anticipate trouble, he continued.
"The market's speaking up here," Kaltbaum said. "I can promise you, if we head into recession, the market will be down 10% before you even know it."
Taken together, Romer and Kaltbaum see AI-linked stocks as hogging the market's gains — rightfully or not — and view the frenzy as a sign of problems ahead.