Bethenny Frankel Separates From Husband of 2 Years

After two years of marriage, TV personality Bethenny Frankel and husband Jason Hoppy are separating.

"'It brings me great sadness to say that Jason and I are separating. This was an extremely difficult decision that as a woman and a mother, I have to accept as the best choice for our family. We have love and respect for one another and will continue to amicably co-parent our daughter who is and will always remain our first priority. This is an immensely painful and heartbreaking time for us," the former Real Housewives of New York City star's rep said in a statement.

Frankel, 42, also tweeted: "I am heartbroken. I am sad. We will work through this as a family."

In 2010, the couple were married and had their daughter, Bryn. Frankel and Hoppy's relationship was then documented in two reality TV shows, Bethenny Getting Married? and Bethenny Ever After...

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A Visit From St. Nick








Clement Clark Moore was born in New York City in 1779 and, long before his death 84 years later, established a reputation as a scholar. A noted lecturer and writer, he also generously supported theological education.

Yet his life would merit little more than a footnote in New York’s history — except for the one poem for which he is remembered. Written for his children in 1822, it was first published (anonymously) in the Troy, NY, Sentinel the next year. The poem was, of course, “A Visit From St. Nicholas” (“The Night Before Christmas”).

‘Twas the night before Christmas, when all through the house





AP IMAGES FOR MACY'S



IMAGE DISTRIBUTED FOR MACY'S- Santa Claus and his elves tell the Christmas time favorite "Twas the Night Before Christmas," during the Macy's National Santa Tour at The Ritz Carlton Golf Resort in Naples, Fla., Friday, Dec. 21, 2012. Santa made the stop at the resort to tell the story and to play putt-putt with 10 Make-A-Wish children and their families as part of the Macy's national tour. (Erik Kellar/AP Images for Macy's)





Not a creature was stirring, not even a mouse;

The stockings were hung by the chimney with care,

In hopes that St. Nicholas soon would be there;

The children were nestled all snug in their beds,

While visions of sugar-plums danced in their heads;

And Mamma in her ‘kerchief, and I in my cap,

Had just settled our brains for a long winter’s nap;

When out on the lawn there arose such a clatter,

I sprang from the bed to see what was the matter.

Away to the window I flew like a flash,

Tore open the shutters and threw up the sash.

The moon, on the breast of the new-fallen snow,

Gave the lustre of mid-day to objects below,

When, what to my wondering eyes should appear,

But a miniature sleigh, and eight tiny reindeer,

With a little old driver so lively and quick,

I knew in a moment it must be St. Nick.

More rapid than eagles his coursers they came,

And he whistled and shouted and called them by name;

“Now, Dasher! now, Dancer! now, Prancer and Vixen!

On, Comet! on Cupid! on Donder and Blitzen!

To the top of the porch! To the top of the wall!

Now dash away! dash away! dash away all!”

As dry leaves that before the wild hurricane fly,

When they meet with an obstacle, mount to the sky;

So up to the house-top the coursers they flew,

With the sleigh full of toys, and St. Nicholas too.

And then, in a twinkling, I heard on the roof

The prancing and pawing of each little hoof—

As I drew in my head, and was turning around,

Down the chimney St. Nicholas came with a bound.

He was dressed all in fur, from his head to his foot,

And his clothes were all tarnished with ashes and soot

A bundle of toys he had flung on his back,

And he look’d like a peddler just opening his pack

His eyes — how they twinkled! his dimples how merry!

His cheeks were like roses, his nose like a cherry!

His droll little mouth was drawn up like a bow,

And the beard of his chin was as white as the snow;

The stump of a pipe he held tight in his teeth,

And the smoke it encircled his head like a wreath;

He had a broad face and a little round belly

That shook, when he laughed, like a bowl full of jelly.

He was chubby and plump, a right jolly old elf,

And I laughed, when I saw him, in spite of myself;

A wink of his eye and a twist of his head,

Soon gave me to know I had nothing to dread;

He spoke not a word, but went straight to his work,

And fill’d all the stockings; then turned with a jerk,

And laying is finger aside of his nose,

And giving a nod, up the chimney he rose;

He sprang to his sleigh, to his team gave a whistle,

And away they all flew like the down of a thistle.

But I heard him exclaim, ere he drove out of sight,

“Happy Christmas to all, and to all a good night!”

— CLEMENT CLARK MOORE



Have a comment on this PostOpinion column? Send it in to LETTERS@NYPOST.COM!










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90-year-old real estate baron Jay Kislak is forever young




















Real estate baron Jay I. Kislak discovered a Fountain of Youth of sorts that springs from an inquisitive and acquisitive mind.

At 90, Kislak is wheeling and dealing in real estate, and he’s exploring history and art with the fervor of a man generations younger.

The patriarch of The Kislak Organization marked 74 years in real estate this year, 59 spent in Miami.





While he has long since appointed a protégé, Thomas Bartelmo, as president and CEO of the diverse family-owned real-estate businesses, Kislak remains chairman. And he is a regular at the headquarters in Miami Lakes.

That is, when he’s not off to Maine for the summer.

Or busy chairing a blue-ribbon commission named by the U.S. Interior Secretary to orchestrate the 450th anniversary in 2015 of the founding of St. Augustine.

Or jetting off to evaluate a possible acquisition. (Kislak recently looked at the potential for real estate development in North Dakota, booming with shale oil, but decided to pass.)

Kislak’s empire has gone through dramatic changes over the years. He built — and eventually sold — commercial banking, mortgage servicing and insurance firms.

Today, with annual revenue in excess of $28 million, his organization focuses on the commercial brokerage business started by his father, Julius Kislak, in Hoboken, N.J., more than a century ago; on owning a portfolio of apartments and other property (Kislak is on the prowl for more), and on managing funds of property-tax certificates, a niche created by the economic downturn.

Looking out his office window at a bustling interchange recently, Kislak mused: “I remember when they built the Palmetto Expressway and you could drive down it and never see another car.”

“The same thing with I-95: There was hardly any traffic,” said Kislak, a slender man with a signature mustache and a thick Hoboken accent that never faded.

Kislak moved to Miami in 1953 to grow the mortgage business, but his world view hardly dates to 1950s Florida. Already a book lover, he began pulling on a thread of Florida history, soon broadening his interest to the early Americas.

Over the decades, Kislak, bankrolled by a stream of brokerage commissions, mortgage fees and apartment rent, grew into a prominent collector of rare books and maps, manuscripts, artifacts and art to feed his fascination with the pre-Columbian era and the European exploration of America.

His wife Jean Kislak shares his passion for collecting. They met at a party for Andy Warhol; it would be her second marriage, his third. Their quest for art, history and collecting has taken them to all continents, even Antarctica.

“We don’t quit [collecting]. But we are going to quit,” said Jean, a former corporate art director. “Acquisition has always been a part of my life. I don’t know if it’s a sickness.”

In 2004, Kislak gave away much of the treasure. His foundation donated more than 3,000 rare maps, manuscripts, paintings and artifacts to the Library of Congress. The gift, estimated to be worth in excess of $150 million, is housed in the ornate Thomas Jefferson building in an exhibit that bears his name. Kislak also funds fellowships for studies of the collection, part of his diverse efforts over the years to support education. Among other things, his family foundation endowed the Kislak Real Estate Institute at Monmouth University, in West Long Branch, N.J., and has provided key support to a real estate program at Florida State University.





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Amid tragedy, we can still find peace




















Dear Friends and Neighbors:

By now, we have kind of wrapped our heads around the tragedy that happened in Newtown on Dec. 14. I say, "kind of," because I am still finding it hard not to tear up when I think about the victims, and also the family of the person who did the shooting.

That this happened at a time when the world is celebrating the birth of the Prince of Peace, is terribly ironic. Still, my message to you is that we still can find space in our hearts for peace and joy and love, in spite of our loss, by having a forgiving spirit.





The 20 little angels who were taken away so suddenly and violently will never be forgotten. At this time of the year for the rest of our lives, we will remember their smiling little faces and the teachers who so bravely gave their lives to protect the children placed in their care.

So, even at this time, when the Christmas lights seem a little dimmer and the laughter of children seems a bit strained, let us remember that this is still a season of peace, and thank God for all the years that the victims brought laughter and joy to their families and loved ones.

May you find peace during this season and throughout the New Year.

Historic homes tour

On a happy note: On Saturday the Miami Springs Historical Society will have it annual tour of homes, starting at 6 p.m.

At this time of the year, Miami Springs hosts and hostesses open their lovely homes to the community in the true spirit of the holidays.

Visitors will experience what makes the homes unique and special, whether it be its rich history, the lovely decor, or the festive holiday atmosphere. The tour will end in a festive holiday party with food and drink at the home of Dr. Karen Williams and Ken Amendola, at 454 Hunting Lodge Dr. in Miami Springs.

For more information call Tom Snook, president of the Miami Springs Historical Society and Museum at 305-805-3321.

Pioneer lunch

Florida’s maritime history will be the topic of discussion at the Bea Peskoe Lunchtime Lecture series at noon, Jan. 7, at the First National Bank of South Florida’s third floor Pioneer Room, 1550 N. Krome Ave. in Homestead.

The speaker will be Ray Stewart, Florida maritime historian and enthusiast, who believes that Floridians survive, profit and die because of the sea, His extensive maritime experience began with his boating family’s home on the New England shore. He served in the U.S. Coast Guard based in Key West. One of his career highlights was rescuing crews off freighters in the North Atlantic.

Because of his upbringing and his Coast Guard experience, Stewart has a love of all things nautical, especially for the nation’s maritime service. He visits and photographs lighthouses all around the nation and has been a U.S. Power Squadron member since 1953.

The lecture is free. But an optional simple lunch will be available for $10 starting at 11:30 a.m. by reservations only. To make lunch reservations, call Barbara at 305-230-9185, before 2 p.m. on Jan. 4. Handicapped access is available and parking on the bank lot is free.

Oz Sing-A-Long

Here’s one for you diehard Wizard of Oz fans: the Miami Shores Fine Arts Commission and O Cinema Miami Shores and the Miami Theater Center will present "Sing-A-Long Wizard of Oz" at 7 p.m. on Jan. 4, at the Miami Theater Center, 9806 NE Second Ave. in Miami Shores.

If you go, the cost is only $5 per person and you are asked to dress "dress up your munchkins, click your ruby slippers and fly away ... for a boisterous Sing-A-Long.’’





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Buzzmakers: New X Factor and Miss Universe Winners

What had ET readers buzzing this week?

1. 'The X Factor' Crowns A Winner!

And the $5 million recording contract goes to…

Tate Stevens! The 37-year-old country crooner beat out runner-up 13-year-old Carly Rose Sonenclar for the top prize Thursday night. 35 million votes were cast Wednesday to determine victory for L.A. Reid's mentee.

Near tears, the Raymore, Missouri native thanked his fans for their overwhelming support.

"This is the best day of my life," said an emotional Stevens.

Girl group Fifth Harmony, mentored by Simon Cowell, placed third in the competition. Earlier in the night, the holiday themed finale saw performances by One Direction and Pitbull.

Auditions for an all-new season of The X Factor USA have already begun online. In-person auditions will start on March 6, 2013 in Los Angeles.

The celebrity judging panel has yet to be announced, but L.A. Reid has already taken himself out of the running. Spears has expressed interest in returning to the show for season three, but nothing has been confirmed.

2. Miss Universe 2012 Crowned

Beauties from 89 countries strutted their stuff Wednesday night in pursuit of the Miss Universe crown, but only one woman would earn the coveted title.

In the end a panel of ten celebrity judges, including Cee Lo Green and U.S. Olympic gold medalist Kerri Walsh Jennings, appointed Miss USA Olivia Culpo the winner.

The 20-year-old Rhode Island native beat out Miss Brazil (Gabriela Markus) Miss Philippines (Janine Tugonon), Miss Mexico (Irene Sofía Esser Quintero), and Miss Australia (Renae Ayris) for the distinction.

Culpo follows in the footsteps of Miss Angola, Leila Lopes, who earned the crown in 2011.

The two-hour show was broadcast live from Las Vegas with musical acts One Direction and Train lending their talents to the annual extravaganza.

3. Exclusive: Arsenio on His Late Night TV Return

Break out the Woof! Woof! fist pump: Arsenio Hall is coming back to late night TV in the Fall of 2013 after a 17-year break from the game, and only ET is behind the scenes with the timeless talk show host as he shoots his first-ever promo for The Arsenio Hall Show!

"[This is] the first time America will see anything on television about the show," says Arsenio. "Instead of a commercial where I do something like say, 'I'm baaaaack' -- and everybody's, 'Ugh' -- they've come up with a real, unique, creative angle that -- actually, I looked at dailies, and it scared me. I looked at the dailies and I frightened myself."

The trailer-length promo from CBS Television Distribution pays homage to horror movies and begins airing today on all Arsenio Hall Show affiliate stations, kicking off the campaign for the new late night syndicated talk show that will be seen all across the country next year.

"I'm real excited about this; so many things have changed in pop culture since I left the air," says Arsenio about his return to late night. "I can't wait."

The Arsenio Hall Show premieres on 9/9/13. Look for much more with Arsenio between now and then, only on ET!

4. Claire Danes Gives Birth

It's a boy!

Homeland star Claire Danes and her husband Hugh Dancy welcomed their very first child together on Monday, December 17, her rep confirms to People Magazine.

The proud parents named their bouncing baby boy Cyrus Michael Christopher Dancy.

Danes, 33, wed Dancy, 37, in 2009 after two years of dating.

5. President Obama is Time's Person of the Year

For 2012, Time Magazine has selected President Barack Obama as their Person of the Year.

"For finding and forging a new majority, for turning weakness into opportunity and for seeking, amid great adversity, to create a more perfect union, Barack Obama is Time's 2012 Person of the Year," Time's Managing Editor Richzard Stengel explained.

He also cited both of the president's re-elections, snagging over 50 percent of the popular vote, as one reason he received this honor.

This is the second year Time has tapped Obama as their Person of the Year -- he previously was selected in 2008 for becoming the first black president of the United States.

Time previously named the eight finalists for 2012's Person of the Year. They included: Bill and Hillary Clinton, Apple CEO Tim Cook, Malala Yousafzai (the Pakistani girl who was shot by the Taliban for her crusade for better girls' education), Yahoo! CEO Marissa Mayer, Egyptian president Mohamed Morsi and the three scientists who discovered the Higgs Boson particle.

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Staten Island man killed in early-morning house fire

A Staten Island man was killed when an early-morning fire swept through his home, police and relatives said.

Jameek Champagne, 23, died in the third-floor attic of the home on Osgood Avenue in Clifton. His brother and grandfather escaped the blaze uninjured.

A neighbor reported the blaze after seeing flames erupt from the house at about 5:40 a.m. He banged on the door in a frantic effort to awaken its residents.

The fire was extinguished about an hour after it started, according to an FDNY spokesman. Fire marshals are investigating what caused it.

About ten cars full of grief-stricken relatives and friends came to the scene to mourn Champagne. His devastated girlfriend said that the two had a newborn girl and a 1-year-old boy.




G.N.Miller/New York Post



The Staten Island house after it was damaged by the fire



“We’re just trying to find out how this happened,” Champagne's uncle said, weeping.

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Time’s up for holiday shopping procrastinators




















Last minute shoppers like Josette Tyne are in luck this year.

With a long weekend before Christmas, retailers want to make it easier for procrastinators to finish their gift buying. Macy’s for the first time is keeping all its stores open around the clock from Friday until Sunday at midnight. Toys “R” Us and Walmart Supercenters will be open non-stop until Christmas Eve.

Even those retailers skipping the all nighter still have added extended hours often as late as 11 pm or midnight. Coupled with a flurry of last minute promotions, they hope to lure shoppers, many of whom have been largely sitting on the sidelines since Black Friday.





Tyne, 33, just starting her shopping this week at Aventura Mall, armed with a list of about two dozen people and the presents they wanted. The list would have been longer if the Fort Lauderdale resident hadn’t limited it to the kids in her family.

“I’ll probably be shopping every day from now till Sunday,” said Tyne, as she wheeled the youngest of her three boys around H&M in a stroller before heading on to Game Stop, Urban Outfitters and BCBG. “Whatever catches my eye. Luckily the kids usually like everything I get. I’m the awesome Auntie.”

A Consumer Reports Poll released earlier this week found that with just five shopping days left until Christmas, a whopping 68 percent of shoppers — a projected 132 million Americans — have yet to finish their holiday shopping.

With an early Thanksgiving leaving an extra week until Christmas and a long weekend before Tuesday’s holiday, shoppers have felt little need to rush. They also haven’t found December deals to be quite as compelling as the November sales.

Based on disappointing sales trends earlier this month, ShopperTrak said Wednesday it was cutting its holiday sales forecast. The company, which counts foot traffic and its own proprietary sales numbers from 40,000 retail outlets across the country, now expects a 2.5 percent sales increase to $257.7 billion, down from the 3.3 percent growth it initially predicted. The National Retail Federation is sticking with its prediction of a 4.1 percent sales increase.

Online sales trends are more encouraging, up 13 percent to $35 billion from Nov. 1 through Dec. 16, according to comScore, an online research firm. But that pace is below the forecast of 17 percent for the season.

“It’s coming down to the wire,” said David Bassuk, managing director and co-head of the retail practice at AlixPartners, a global consulting firm. “It’s going to require retailers to be more aggressive with their promotions than they were hoping heading into the weekend.”

While the economy is certainly in a better position than it was during the recession, many consumers still feel uneasy this year about their financial future. Some are worried about the U.S. job market and others fear the stalemate between Congress and the White House over federal “fiscal cliff’’ that could lead to tax increases and less disposable income for shoppers.

That was the case for Latonya Jones, on the hunt for bargains at Aventura Mall, coupon-loaded iPad in hand.

“I wasn’t going to buy anything this year, because I wanted to save money,” said Jones, 39, of Miami Gardens, who was shopping with her daughter Richelle, 12, this week in Macy’s. “But then I changed my mind.”





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Great-grandmother leads annual Miami-Dade, Monroe toy drive




















Beginning in August, Bunchy Gertner puts aside her social life, her needs and even her great-grandchildren to head over to the “North Pole,” the place where she stores, wraps and distributes thousands of toys destined for foster care children in Miami-Dade and Monroe counties.

“This is top banana,” said Gertner referring to the nonstop volunteer work she has done for the past 16 years. “Every kid will get a gift and — even if it’s just for a moment — they will know that someone cares.”

It’s Gertner who dedicates her time to planning and execution of the toy drive that will distribute 3,400 gifts to the children under Our Kids, a non-profit agency that provides foster care and related services in Miami and the Florida Keys.





“She focuses solely on the toy drive and lives to match the right toy with the right child,” said Fran Alegra, Our Kids CEO. “I don’t have staff that would be able to dedicate the time that she gives to this.”

Over the years, 78-year-old Gertner has not only given every foster child a gift, but she has made sure that everyone receives a good quality, age appropriate present.

“I think I have 3,400 children,” said Gertner. “Thank God I didn’t give birth to all of them and they’ve all left the house. But I feel like they’re all mine.”

Gertner has even made it her mission to look after the children who are aging out of foster care and are considered independent living. For these teens, she prepared a gift that includes a comforter, sheets, pillow cases, hand towels, bath towels, glass wear, pillows, dishes, pots and pans.

“They have no money when they leave foster care,” said Gertner. “I give them what a mom and dad would give a child who was going off to college or going off on their own.”

In order to raise money and collect presents, Gertner has relied on about 50 sponsors, who are responsible for collecting gifts. She distributes the first names of children with their age, gender and ethnicity to provide each child with an appropriate gift.

“I became a beggar. I got down on my hands and knees and begged everyone that I met,” said Gertner. “I write letters, I make phone calls and ask if they would want to help or if they know anyone who would want to do it.”

Once she receives the gifts from the sponsors, they are taken to her North Pole, which this year is an empty store donated by Gulfstream Park.

There, she sorts the presents that come with a specific child’s name by agency and begins wrapping the gifts that she receives with no specific name.

“I couldn’t do it alone,’’ said Gertner, who refers to her helpers as elves. “If it weren’t for the people helping me wrap and the sponsors, I wouldn’t have a toy drive.’’

On any given 10-hour work day, the volunteers, which range in numbers from a handful to two dozen, show up to wrap and sing holiday songs.

“This is better than staying at home in bed all day,” said Rivly Breus, a student at Florida Atlantic University. With a little experience under her belt from wrapping at Macy’s, Breus decided to Google a way she could volunteer her talents.

“It was hard for me growing up so it’s good to be able to shine a light on others,” Breus said.

Some come with no experience, like Gonzo Gonzalez, who often has to patch the spaces where he didn’t use sufficient paper.

“I didn’t have it easy growing up, but at least I had my parents,” said Gonzalez, who wrapped about 30 footballs on a recent Sunday. “It’s good to be able to give back. The kids who don’t have parents are not expecting anything.”

Although, Gertner does not give the presents directly to the children for privacy reasons, she is satisfied with knowing that there is a child at the end of every present. She said she will continue to do it until she can’t anymore.

“I know in my heart that what I do is enough,” said Gertner. “When I go to bed I know that I have fulfilled my mission and done my job well.”





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Guns in our households: protecting or killing us?








The Issue: America’s gun-control laws and the commercial availability of military-like weapons.

***

When our forefathers wrote our right to bear arms into the Constitution, the arms they referred to fired one bullet at a time and took a while to reload (“Adam Lanza’s Weapons,” Editorial, Dec. 18).

Our country was in its infancy and laws and civility were still being formed. In addition to personal protection, guns were used to hunt.

Protecting our constitutional rights is important, but common sense should prevail. The sale of these killing machines either legally or illegally needs to be addressed.





Anti-gun group Credo at Capitol Hill after Sandy Hook.

EPA



Anti-gun group Credo at Capitol Hill after Sandy Hook.





The need for anyone outside of the military or law enforcement to possess one is senseless.

Joseph Canevari

Lake Grove

We will use this horrific incident as a platform for a political argument, the resolution of which would, at best, be many months away.

We need immediate action to protect our children. Arguments won’t stop, God forbid, another murderer from firing bullets at our children.

An executive order that bypasses Congress banning everything from tanks to sling shots would not stop anyone from repeating this horrible incident.

It would be too logical to propose armed defense of schools. Let’s just engage in rhetoric for months on end and allow another Sandy Hook to take place, God please forbid.Barney Rinaldi

North Kingstown, RI

When the Second Amendment was written the modern weapon at that time, the musket, could fire maybe two rounds in one minute.

Now that we have weapons like the AR-15 that can fire over 400 rounds per minute, might it be time to stop hiding behind the right to bear arms and have a real discussion on gun control?Brian Rathjen

Rockville Centre

Schools are gun-free zones, which make them targets for the insane.

The only way to stop lunatics is trained, qualified citizens with concealed-carry permits afforded these rights on school grounds. The police will never arrive in time to end it, obviously.

Lou D’Agostino

Queens

We are seeing more of these large-scale shootings by sick individuals with easy access to firearms designed for warfare. It is past time for our leaders to take charge of this catastrophic situation and do something about it.

A ban on private ownership of automatic and semiautomatic weapons would be a good place to start. No one has any need to own weapons designed to kill so many people except police officers and the military.

The Second Amendment just does not apply anymore and needs to be changed or rescinded. We are not living in the 1700s. Wake up, America. Innocent people are needlessly dying.

Robin Wieder

East Rockaway

Once again, the rhetoric in the wake of another mass murder turns to political showmanship. In each one, the shooter is armed with military/law-enforcement grade weapons.

Why was a single suburban mother allowed to buy and own a Bushmaster and a Berretta?

Those weapons are designed and manufactured with one target in mind: people.

Peter Seymour

Pleasantville

I was crushed to read that the editors of The Post decided that it is they, and not the Constitution, who should decide what has “no legitimate place in American society.”

I look forward to the next editorial telling us that our government’s attempt to wipe out the Indians, slavery, and the Japanese internment weren’t really government tyranny, and we don’t ever have to worry that any of that will ever happen again.

John Dumary Jr.

Duanesburg









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Investors shuffling assets ahead of fiscal cliff




















Some citizens aren’t waiting to find out if the White House and Republicans in Congress will be able to reach a last-minute deal to pull the country away from the “fiscal cliff.”

They are selling securities while capital gains tax rates are still low or transferring millions into trusts for the benefit of children and grandchildren before estate tax laws become more stringent. Others are getting out of the markets and parking money in less risky accounts.

Miami financial planner Cathy Pareta has been counseling her upper middle class clients — “the Johnsons, not the Rockefellers” — on whether to adjust investment portfolios, accelerate income or realize capital gains sooner than planned.





“Some people are going to get hit hard,” said John Bacci, a financial planner in Linthicum, Md., who has gone down his client list and run projections on what higher taxes would look like for them. He’s looking at tax-friendly alternatives for some clients, such as annuities or rental property.

At year’s end, the country will leap off the “fiscal cliff” unless politicians reach a compromise on mandated spending cuts and the expiration of the Bush-era tax cuts.

For most investors, the expiring cuts will mean that the tax rate for long-term capital gains will rise from 15 percent to 20 percent. Dividends also will no longer be taxed at 15 percent but treated as ordinary income, which could mean a tax rate as high as 39.6 percent. And individuals with multimillion-dollar estates will find much more of their money subject to the federal estate tax.

Estate planning lawyers say the demand is so intense that they are putting in grueling hours to set up trusts.

“It’s very stressful. We are working day and night,” said Diana Zeydel, an estate planning lawyer with Greenberg Traurig in Miami. “Were doing three times what we normally do for end-of-the-year planning.”

Zeydel said many of her clients waited until after the elections in November to gauge how the political tide would affect their future finances. This gave them little more than a month to make major decisions about their wealth.

Most observing the political jousting in Washington expect taxes will go up even if the political leaders reach a deal — they’re just not sure how much. Many aren’t taking any chances.

Jim Ludwick, a financial planner in Odenton, Md., said one client in his late 50s cashed out stock and bond funds totaling $1.7 million not long after the election and stashed the proceeds in a money market fund.

The client, anticipating a market plunge due to the “fiscal cliff” and other issues, said he spent his entire working life building up a nest egg and wouldn’t have time to wait for his portfolio to recover, according to Ludwick. The client fears it won’t be safe to re-enter the stock market for another year.

“We have a number of clients who are taking capital gains this year, expecting that if they wait until next year, they will have to pay higher taxes on those same gains,” said Daniel McHugh, president of Lombard Securities in Baltimore. Some of those clients are realizing six-figure gains but are still willing to take the tax hit now, he said.

Of course, the downside is that the stock market could take off, and these investors will miss out on even higher gains, McHugh said. But, he added: “Given the state the economy is in, that’s a very small risk.”





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