Bellaire, TX (PRWEB) December 14, 2004
According to retirement planning expert Jim Trippon, Â21% of the people who retire are forced back to work from financial need within five years of retirement.Â In conducting research for his retirement planning book ÂStay Rich Forever,Â Trippon interviewed 537 millionaires to identify nine pitfalls that retirees fall prey to. He also stumbled across a fascinating lawsuit that perfectly illustrates the challenges that modern retirees face.
Billionaire Carl Icahn wants to build a luxury casino tower on Paul MoldonÂs rental property in Las Vegas, the City government seized the retired tax preparerÂs property without compensation to make it available for development. A court is set to decide the ten year old case shortly before Christmas on December 13, 2004 (#A344462 Nevada State District Court, Clark County, Nevada - Department III).
The City of Las Vegas Redevelopment Agency seized the prime property from the retiree Moldon, who suffers from multiple sclerosis, in 1995. MoldonÂs property is located next to the Stratosphere Casino monorail stop on the Las Vegas Strip, and is valued upwards of $12 million, but the City has taken Moldon to court to force a sale to the City for an artificially low price of less than $800,000. The windfall purchase price, which is $11.2 million below the property's estimated fair market value, would be passed along to Icahn, according to disclosures made by the City in court. After ten years of litigation, Moldon has yet to see any in compensation.
ÂIn my opinion, if the City of Las Vegas and Carl IcahnÂs Stratosphere get their way, Moldon will be lucky to receive a dime on the dollar in the ten year litigation over his land,Â says expert Trippon, a former Price Waterhouse CPA. ÂImagine losing your retirement income because a billionaire wants to take your property without paying you for its value.Â
ÂStay Rich Forever: Retirement Planning Secrets of Millionaires and How They Can Work For You,Â by Jim Trippon, ISBN: 0-9723389-1-8, is published by Bretton Woods Press LLC and distributed by Midpoint Trade Books. Published in February 2004, the book is 254 pages and available for $21.95 in hardcover. Media kits and review copies available on request.
Jim Trippon is available for interviews. To arrange an interview contact Beth O'Neal at 713-661-3806, or contact Jim Trippon directly at 713-498-8849.
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