Maryland may be an undersized state, but we are known for our oversized state pride.
Perhaps at no other time during the year does Maryland pride get such nationwide recognition as when the eyes of the nation fall on the Pimlico Race Course in Baltimore each May for the Preakness Stakes, the second leg of horse racing’s Triple Crown.
With the Preakness just around the corner, given Bulman Dunie’s nearly 90 years of presence in Maryland, we wanted to provide some free legal advice for those of you attending Preakness.
To: The Fans Attending the Infield
From: Personal Injury Attorneys – Dan Shaivitz and Phil Kuljurgis
Subject: Avoid the Running of the Porta-Potties
It used to be a Preakness tradition for attendees in the infield to participate in the “Running of the Porta-Potties.”
Yes, it is exactly like what it sounds. You can watch a video here.
You will likely get injured. If you are injured, be aware of two Maryland legal doctrines called “contributory negligence” and “assumption of the risk”.
Contributory negligence means that if you help to contribute to the injury you have suffered, you are barred from recovery. Assumption of the risk likewise means that if you were injured in a dangerous activity and knew or should have known of the risks involved, and you voluntarily took part, even if slightly inebriated, you are barred from recovery.
What does this mean? That bodily injury claim is going to be an uphill battle!
To: The Family Which Owns the Winning Horse
From: Family Law Attorney, Meg Rosan
Subject: Make Sure Your Children Have Pre-Nups
Congratulations! What a thrilling day for you! Not only have you won a large prize purse, but your horse is likely to generate a huge income stream in stud fees.
Careful estate planning can do a lot to protect your children’s inheritance.
However, the best way to protect your child’s inheritance is with a pre-nuptial agreement.
Just do know that one of many factors to protect a pre-nuptial agreement from later challenges is to ensure each party to the pre-nup had sufficient time before the wedding to review the pre-nup with independent legal counsel. So that June wedding may need to get pushed back.
To: The Person Holding the Winning Betting Slip
From: Estate and Tax Attorneys – Tim Canney, Liz Farley, and Jeremy Rachlin
Subject: The Tax Man Cometh
Did you hit the Superfecta with incredibly difficult odds? Amazing!
Not to throw too much cold water on your moment, but don’t forget that gambling winnings are taxable.
Moreover, some taxable wins are bigger than others. What kinds of gambling wins will be automatically reported to the IRS by your friends at Pimlico?
- If you won $600 or more and your winnings are at least 300 times your wager, the amount you won will be reported to the IRS.
- If you won $5,000 or more, not only will the amount you won be reported to the IRS, but the track will withhold 25% and submit it directly to the government.
If the track reports your winnings to the IRS, you’ll receive an IRS Form W-2G, which you will need to submit with your tax return at tax time next year.
Now, how about some betting advice for your friends at Bulman, Dunie, Burke & Feld? And in the meantime, enjoy your black-eyed susan!
