?what is the law regarding pointing and presenting a firearm?

Answers:
If you fear for your life or your family's..nothing will happen. You have a right to defend yourself. But be smart.

If you cant prove fear of life then brandishing a firearm is one of several things you may be charged with if you point a firearm. There are other charges you'll be slapped with also.
I suggest ANYONE who has or is thinking of obtaining a firearm read this book..it only costs a couple buck and is a real eye opener. Very plain language without all that "legalese". This one is a california edition, laws in your state may vary.
http://www.amazon.com/gp/product/0964286483/qid=1145804767/sr=2-3/ref=pd_bbs_b_2_3/002-1006831-6660060?s=books%26v=glance%26n=283155

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I don't know about state laws but the fed says that pointing a gun is the same as firing a gun while aiming it at someone, ie 7 years if it is done in the commission of a crime.

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Wow, you can get in real trouble. being from a state that allows you to carry and bare arms it is made absolutely clear that when you pull that fire arm out you best be ready to go to jail. For if you use it in self defense or to stop someone from harming another, you will be charged with threatening or murder, depending which you do. However, you will eventually be cleared.

You must warn the person or person before you draw your weapon that you are about to do so. Do it loudly and often and quick and then take action. Never draw unless you intend to take action, or you may wind up dead.

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Pointing and presenting a firearm is a text book definition of the common law crime of assault. Every state has adopted this common law crime in their penal code, although it may be called by different names - aggravated assault, offer-type assault, etc. Bottom line its a crime in every jurisdiction a significant jail time (5years) is a possibility.

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JUST DON'T DO IT!