When business owners fail to consider the possibility that federal or state estate taxes could be due upon their passing, the cash needed to pay the bill may not be available, and heirs may have no choice but to liquidate the family’s business.
Even if your business valuation falls well below the current federal estate tax exemption level ($5.34 million in 2014), you might not be entirely out of the woods, especially if you live in a state that has an estate tax and/or an inheritance tax with a lower exemption amount.
Last April, President Barack Obama gave a speech in the White House Rose Garden that enrollment in the historic first open enrollment period of the Affordable Care Act exceeded projections, with more than 7 million Americans receiving quality, affordable health insurance. That figure went on to exceed 8 million – including the more than 150,000 who signed up in Tennessee – and millions more who signed up through Medicaid programs like TennCare and now have the peace of mind and security that comes with not having to worry that an unexpected illness or a broken bone will bankrupt them and their families. Or that they’ll have to forgo treatment.
That’s great news. What’s even better, though, is that even more families will soon have the opportunity to get that same coverage through Obamacare. We know the desire is there. In a national survey by Enroll America, about half of African Americans said they “definitely” or “probably” will sign up for coverage in the second Open Enrollment Period that begins on November 15 – higher rates than other groups. But some may not even have to wait; they can sign up right now.
(The New Tri-State Defender has partnered with The Urban Child Institute to make sure every child has the best chance for optimal brain development during the critical first three years of each child's life. This is one in a series of stories and columns in our campaign.)
For victims who are subjected to domestic violence, the effects can be long-term and far-reaching.
Since the start of school this year there has been a lot of excitement about a new opportunity for high school seniors. This excitement is due to the Tennessee Promise. What is this Tennessee Promise that everyone is nagging about?
It is a two-year scholarship program that opens the door to higher education for graduating seniors throughout the state of Tennessee. As part of the program, students will be paired with a partnering organization committed to supporting them during and after the college application process.
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