When the Affordable Care Act of 2010 (Obamacare) was enacted, part of its sales pitch was the cost would not exceed $1,000,000,000,000 (One TRILLION US Dollars) over the next ten years. Of course, most of the cost savings was done by implementing taxes immediately and not implementing most of the care provisions until 2014, four years after passage. Well, it doesn’t take a genius (of which there aren’t any in Congress) to see that if you start saving today, you can offset costs in the future. However, with an individual, the cost in the future are severely limited, because an individual only has limited resources. With the Federal government, the cost can continue to explode because the government can print its own money.

Which brings me to the recent “re-scoring” of Obamacare. For the next ten years, the cost is estimated to be $1,740,000,000,000 ($1.74 Trillion). Remember, we are still two years from getting most of the “benefits” of the legislation, but we can already see where it will lead on taxes.
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My suggestion: You should make sure you are protected the best you can be against these increasing taxes and burdens. The best way to do that? Come see a qualified tax lawyer.

We will be having another basic estate planning seminar on April 5th at the First National Bank in Altus, Oklahoma. The seminar will be provided to the Retired Federal Employees group, but is open for attendance to all.  We will cover Yes, it is true that the time PWD ram rush liquid incense aromas has been the number one component antioxidant that helps fight high blood pressure, high blood sugar level, cardiovascular problems, kidney problem, vascular disease etc. buy levitra http://www.slovak-republic.org/history/national-oppression/ Some of the proposals are themselves filled with problems while the others are not going to have any kind of variation. generic cialis online If discount cialis a man is suffering from Peyronie’s disease, he can take his partner’s help in seeking for an effective treatment of men’s erection problem. In this article, we will take a look at the various erectile dysfunction remedies available, one outstanding remedy is home care. online cialis canada what options are available for passing property from your estate to your children and how you can incorporate tax planning into your estate plan.

If you would like to attend, then please let me know and I will save you seat.

In what may be one of the stranger cases with the IRS, there is contention that the above sculpture is both worthless and worth up to $65 million at the same time.

Art dealer Ileana Sonnabend died in 2007 a resident of New York City and citizen of the United States. When she passed away, the value of her estate, as determined by her children, was around $1,000,000,000 (one billion dollars) and her estate was subject to federal and New York estate taxes. According to the tax returns, her Estate had to pay $331 million to Uncle Sam and $140 milliion to New York State for the estate taxes. Those are big numbers, but they do not even include the above “art”.

You see, the above sculpture includes a stuffed bald eagle. Because the bald eagle is a part of the work of art, there is a federal statute that says any sale of the piece will result in a fine up to $1,000,000 and imprisionment for up to one year in a federal pen. Because of the penalties against transfer, the executors of the Estate said the sculpture was was worth $0. The IRS and the Department of Revenue for New York feel differently, though. They allege that even with the penalties, the sculpture is worth $65 million, which would cause another $40 million in taxes to be due.
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So what is the family going to have to do? They will have to pay the $40 million in taxes and hold on to a worthless sculpture that they can only donate to a federal institution or a Native American musuem (the only institutions which are permitted bald eagle artifacts), but even with the donation, they are not entitled to any tax deduction.

What you should learn from this is “get rid of any contraband worth any money before you die.”

I was informed by my local State Senator this past week that an issue I wanted addressed by our new Governor and her administration has been resolved. The best part is the resolution will greatly help farmers and ranchers in Oklahoma.

A little background: The Oklahoma State Constitution provides for the exemption from ad valorem taxation of household goods and livestock employed in the support of a family. Okla. Const. Art. 10, Sec. 8A. The previous Attorney General issued an opinion on this provision that stated “in support of a family” was limited to farmers and/or ranchers that owned the livestock in their individual name or as sole propreitorships. If livestock were owned through a limited liability company, a family partnership or a corporation, the livestock should have been subject to the County’s ad valorem taxes.

The conflict that arises here is that all of the forms of ownership that allowed for exemption from property taxes would subject the farmer or rancher to unlimited liability in the event a lawsuit arose. For example, if a fence went down and cattle were out at night and caused a significant automobile accident, the farmer and his insurance would have to pay all judgments that arose from that accident; even to the point of having to sell land, if the judgment far exceeded liability coverage. Under the previous Attorney General ruling, there was no way to limit the liability to just the cattle unless you wanted to pay ad valorem taxes on them.

I was informed that the new Attorney General opinion approves the use of family limited liability entites. The opinion supposedly interprets the clause (in the state Constitution) “in support of the family” to include any entity where a family unit, consisting of common descendents, e.g. father/son, siblings, or cousins, to be exempt from ad valorem taxation on livestock as well. When the opinion is published, I will have more detail. In addition, my local Senator informed me the Legislature is proposing a bill to make this interpretation a statute, rather than just an Attorney General opinion.

But now, there is nothing to worry about as it sildenafil india is completely treatable. The woman as viagra samples cheap a sexual being was completely ignored. Being PDE5 blocker medicine, it levitra 20 mg top web-site suppresses ones action regarding this enzyme from the smooth muscles. Some women have extreme ache during the ovulation process when the ovaries float female viagra pill close to the fallopian tube, endometriosis, chronic medical illness, abnormal cervical mucus, pelvic disease and brief menstrual cycle. If you would like to schedule a consultation to see how you can limit your liability, then call my office at 580-318-8829 to discuss how this law change can affect your family farm.

Brent S. Howard, Esq.