Privacy Statement Update

Privacy Statement Update - April 2002

Requirements for Law Offices

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Question or Topic

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The Question: After the ABA (American Bar Association) requested exemption for legal counsel, was the exemption granted?

Objectives: Determine whether the law office must comply and what is needed to be in compliance.

"Lawyers Must Have Privacy Statement"

Law Office Categories

	The Answer

Reminder - Legal Counsel Requirement for "Privacy Statements"

If your law firm performs the following engagements your firm is required to prepare and make available to individual clients a privacy statement. (Read the FTC's April 8, 2002, letter refusing to act on the ABA's exemption request and the ABA's April 11 response by President Robert Hirshon.)

Bankruptcy
Tax - Estate, Income or other tax bases; advice, planning or preparation
Real Estate Closings
Divorce

Leasing real or personal property or advising in such leasing;

Debt collecting;

Financial advisory activities, including management consulting and counseling activities; and

Tax planning, preparation and advising.

The following links to web sites will offer you more insight:

Bob Parrish CPA, P.C.

Lawyers' Responsibility for Privacy Statements (paste this into your browser of your browser does not recognize the hyperlink: http://www.pro1040.com/Occupations/Lawyers/lawyers_must_issue_privacy_state.htm)

Gramm-Leach-Bliley Act Fact Sheet (or paste this into the web address bar of your browser: http://www.abanet.org/poladv/glbfactsheet.html)

Technical Links

Gramm-Leach-Bliley Act of 1999
Regulations
Federal Trade Commission (FTC)
Bank Holding Company Act of 1956 (12 U.S.C. 1843(k)) (describes financial activities)
Access a helpful article on the Gramm-Leach-Bliley Act of 1999 on the ABA Tax Section's web site at http://www.abanet.org/tax/glbnote.html.
View two sample Gramm-Leach-Bliley notices for law firms, as well as other related information, at http://www.abanet.org/cle/programs/tftcmo.html

Bob Parrish CPA

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	Solutions

Solutions are dependent upon facts & circumstances, law and the objectives. These elements vary from one time to another, from one circumstance to another and from person or entity to another.

Kit to Prepare for Your Adviser

Bob Parrish can assist you with the drafting

See the Bob Parrish CPA letter - Please keep in mind that this letter should not be used as a model. The Bob Parrish CPA, P.C. firm is a multi-disciplinary practice unit and maintains an Internet site, which mandates additional language to be included. Read Bob Parrish's Privacy Statement or View My Securities Broker/Dealer I am a stock broker for InterSecurities, Inc Privacy Statement (pdf).

The ABA has samples for you also