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Revised Health Care Plan

Revised health care plan to be unveiled Thursday and senators will stick around Washington to (hopefully) tackle the issue. U.S. Senate Majority Leader Mitch McConnell (R-KY) announced that a revised version of major health care legislation would be made public on 7/13 and a vote is expected sometime next week. McConnell didn’t disclose any of Read More

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New Health Care Reform Report

The Congressional Research Service has issued a report providing a comparison of the House Republicans’ health care bill; the American Health Care Act (AHCA), passed on May 4; the Senate Republicans’ June 22 bill, the Better Care Reconciliation Act (BCRA); and the Affordable Care Act (ACA) under current law. Tables show how provisions of the Read More

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Treasury Regulations

Tax regs listed on the chopping block under executive order. President Trump directed federal agencies to review all “significant tax regulations” issued on or after 1/1/16 that impose an undue financial burden on U.S. taxpayers or add undue complexity to the tax laws. The Treasury Department has identified eight regs that potentially qualify for burden Read More

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Are you familiar with fraudulent transfer laws?

A primary goal of your estate plan is to transfer wealth to your family according to your wishes and at the lowest possible tax cost. However, if you have creditors, be aware of fraudulent transfer laws. In a nutshell, if your creditors challenge your gifts, trusts or other strategies as fraudulent transfers, they can quickly Read More

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Senate Health Care Bill

A U.S. Senate vote on health care has been moved to after the Fourth of July recess. And the Congressional Budget Office (CBO) has issued a score of the Senate’s draft bill, the “Better Care Reconciliation Act of 2017” (BCRA). The CBO projected that, over the next 10 years, enacting the BCRA would reduce federal Read More

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Leaving specific assets to specific heirs is an estate planning no-no

Planning your estate around specific assets is risky and, in most cases, should be avoided. If you leave specific assets — such as a home, a car or stock — to specific people, you could end up inadvertently disinheriting someone. Unintended consequences Here’s an example that illustrates the problem: Kim has three children — Sarah, Read More

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Are your retirement savings secure from creditors?

A primary goal of estate planning is asset protection. After all, no matter how well your estate plan is designed, it won’t do much good if you wind up with no wealth to share with your family. If you have significant assets in employer-sponsored retirement plans or IRAs, it’s important to understand the extent to Read More

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Tax Reform

President Trump’s budget would restrict eligibility for two credits. President Trump’s budget proposal for the 2018 fiscal year, titled “A New Foundation for American Greatness,” aims to cut approximately $3.6 trillion in government spending over the next decade. Some of the cuts would be attributable to eligibility changes relating to the earned income tax credit (EITC) Read More

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Alimony Deduction – Get it in writing

A taxpayer who pays alimony to an ex-spouse per a written divorce or separation agreement can generally deduct the agreed-upon alimony on his or her tax return. In one case, a taxpayer made an oral agreement to pay his ex-wife substantially more than he was required to pay per the written agreement, out of his Read More

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Will we see tax reform in 2017?

Next up for House Republicans in Congress: tax reform. After the lengthy health care debate, the Republican-controlled House of Representatives will now turn their focus to tax reform, hoping to reach agreement before year end. However, new uncertainties about what the final tax package will contain may make it an uphill battle, mainly over policy Read More

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