There’s a way to swap one asset for another without paying taxes.  Before you get too excited, this is a pretty specialized transaction with a lot of limitations and considerations.

It’s called a 1031 exchange and it can only be used to do a like-kind exchange for one business or investment asset for another.   If done the right way, there is no tax.   We at Tauber Law Offices are doing these transactions more and more for our clients.  It’s one rather creative way to grow an investment tax-deferred.

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Consider the fact that capital gains tax on your profits could be as high as 15% to 30% when state and federal taxes are combined.  This is why the 1031 exchange is a great alternative for some investors. Those deferred taxes could leave you money left over to use for the future.

There are literally millions upon millions of children around the world who have lost one or more parents,  are hungry and starved for love.  They are orphans.

The facts about orphans around the world are sadly staggering.

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Here are some of them:

  • It is estimated that 140 million children worldwide are orphans. By UNICEF’s definition, this is a child who has lost one or more parents.
  • Worldwide, there are 168 million who are child laborers, accounting for almost 11 percent of children.
  • There are 62.8 million children worldwide who suffer from acute malnutrition
  • Nearly half of all deaths in children under 5 are attributable to undernutrition. This translates into the unnecessary loss of about 3 million young lives a year 66 million primary school-age children attend classes hungry across the developing world, with 23 million in Africa alone in 2015, there were about 16,000 deaths every day of children under the age of five.
  • 7 million babies die every year in their first month of life and a similar number are stillborn.
  • 9 million children under the age of 5 died in 2015, equivalent to 11 children every minute
  • Children represent almost half of all people living in extreme poverty although they make up roughly a third of the world’s population
  • There were 19.5 million refugees in 2015; half of them were children

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Now, a product designed to keep you safe in your car or truck, is proving to be potentially dangerous for millions.

If you haven’t heard this on the national and local news, read about it now.

This is all about the largest airbag recall in U.S. history; one that has already caused dozens of injuries and 13 deaths (including 10 in the United States).  Up to 80 million cars and trucks are in need of being recalled because their airbags could explode.

TR takata airbag

If you have an airbag in your car that could be deadly, you’d want to know about it. But according to an investigative report this month from WTHR in Indianapolis, millions of people now driving with a defective airbag won’t be warned about the problem for years.  This despite strict government recommendations to those consumers affected that they need to get their airbags replaced as soon as possible. Virtually every major automaker has models with these defective airbags.

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This is is the time of year when motorists hit the highways in heavy numbers because of vacations and other activities.  It follows that this is also the deadliest time.

According to preliminary figures just out this month from the National Safety Council (NSC), traffic fatalities increased nationally by a shocking 7% in 2015 as compared with the year before.

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It’s officially here. For the kids, summertime should be full of fun and made of memories. Too often it is not. The National Safe Kids Campaign estimates that every year, one in four kids ages 14 and younger will sustain an injury that requires medical attention. 40% of all injury-related emergency room visits, and 42% of all injury deaths happen between May and August.

Now the good news: “We can keep kids free from about 90% of these accidents by educating ourselves and our kids on how to stay safe while still enjoying summer vacation,” according to a report from the Safe Kids Campaign. It’s our responsibility as moms and dads to review a summer safety checklist, take the necessary precautions, and discuss them with your children.

This is hardly a complete list, but these are some of the major areas of concern:

Bikes & Helmets

Be sure your child wears a good, safety approved helmet to significantly reduce injuries.  Also, be sure your child follows basic bicycling safety rules. Look right and left at an intersection, stay on the right side of the road and be careful around pedestrians. It’s also a good idea to have a bicycle go through a safety check at the start of the new season to make sure brakes and other devices are in good operating condition.

TL OWNS KID ON BIKE

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Now that Memorial Weekend is past and we are well into June, this is the time when teen drivers killed on the highways reach all-time highs.  The AAA issued a news release at the first of this month (June 1, 2016), “Over the past five years, more than 5,000 people have been killed in crashes involving teen drivers during the ‘100 Deadliest Days,’ the period starting at Memorial Day when teen crash deaths historically climb.”

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“As the summer driving season begins, the AAA Foundation for Traffic Safety is releasing a follow-up study confirming that nearly 60 percent of teen crashes involve distractions behind the wheel. The research also finds a disturbing trend showing that texting and social media use are on the rise amongst teen drivers.”

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The kids are excited. Another school year has gone by, and many children are off to summer camp. There is vital information to keep in mind regarding summer camps.  You want to make the experience a happy and safe one and provide a source of fond, life-long summer memories – and make it worry-free for you.

Tl summer camp

First, is it the right camp? Do your research.

If it’s your child’s first experience at camp, you might want to first consider
a day camp before an overnight camp. Here they get many of the same activities
and benefits without having to sleep away from home. Once they get the feel
of it, maybe next year they can experience the adventure of actually staying at
the camp.

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How many times have you seen this while driving?

 Tl girl lipstick distracted 

How about that man shaving while driving?   A  smoker fishing for a lighter?  Not to mention people texting and using cell phones while driving?   Let’s admit it, many of us have done it from time to time. 

Bottom line:  Distracted driving is mighty dangerous.

Finally, states are starting to crack down on violators.   A new law in Illinois started on January 1 of this year.  Now,  you can be fined $75 if you are using your cell phone while driving in Illinois – unless you have a hands free device.  

Indiana?  Not as tough.  

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