Tax Reform: Congressional Republicans Release Proposed Tax Bill

Finally we have something to look at in the movement toward tax reform. At the end of this post there are two links (1) a 90 page “summary” of the tax reform bill and (2) the tax reform bill known as the Tax Cut and Jobs Act.

On a quick perusal of the 425 page bill, the thrust of the bill is as follows:

  • Increase standard deduction
  • Fewer income tax brackets
  • Many deductions eliminated (the charitable and mortgage interest deductions are essentially intact)
  • Reduced corporate tax rate to 20%
  • Reduced non-corporate business tax rate to 25%
  • Elimination of the Alternative Minimum Tax
  • Estate and Gift Tax exemption increased to $10,000,000 per person
  • Phase out of Estate and Generation Skipping Taxes to repeal after 2023
  • Retention of step-up income tax basis upon death

Continue reading Tax Reform: Congressional Republicans Release Proposed Tax Bill

Estate Planning for H-1B Workers: Part 2 – The US Death Tax and you.

mixture-69523_640If you are a in the US on an H-1B visa and have more than $60,000 in assets here, keep reading.  The United States Federal Estate Tax applies to you.  The tax will apply differently to you based on whether you intend to return to your home country or already consider the US home and you plan to stay.  Either way, the tax is very likely more a significant issue than you realize.  Planning is appropriate.  Continue reading Estate Planning for H-1B Workers: Part 2 – The US Death Tax and you.

New Tennessee Limited Partnership bill headed to Haslam’s desk

On May 9, the Tennessee House passed the Senate’s bill to add a new chapter to Title 61 of the Tennessee Code governing limited partnerships.  The bill as has passed both houses can be read here: SB0438. It is now headed to Governor Haslam’s desk for his signature.  Once signed by the Governor, the act will take effect January 1, 2018.

Stay Tuned.

Estate Planning for H-1B Workers: Part 1 – If my child is born here, is he a US Citizen?

baby-710360_1280Many people who are highly educated citizens of foreign nations come to work in the United States on a temporary basis on H-1B visas.  The H-1B visa allows an individual from another country with at least a bachelor’s degree (or significant experience) to come to work here in the United States in a “specialty occupation.”

The question has come up as to the citizenship of a child born here while the parents are technically only present here temporarily for work. Continue reading Estate Planning for H-1B Workers: Part 1 – If my child is born here, is he a US Citizen?

Probate and Trust Bill Headed for Haslam’s Desk

Update: Read Public Chapter No. 290 here.

SA0426 which revises a number of areas of the Wills, Trusts and Probate statutes has cleared the Tennessee Senate and is headed to the Governor’s desk.  This bill updates law in the following areas:

Protecting your family from life.

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