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Sunday April 20, 2014

News and Events

Our News and Events
Exciting events are happening at OU
Join us for one of our upcoming seminars offering valuable estate and financial planning information.
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Personal Planner - Family Limited Partnerships
Family Limited Partnerships
A family limited partnership (FLP) is usually created by a husband and wife. It has several purposes. An FLP can save estate taxes and permit transfers to family members. While it is uncertain what...
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Savvy Living - Air Travel Tips for Travelers with Special Needs
Air Travel Tips for Travelers with Special Needs
I would like to fly my elderly parents across the country next month for my daughter’s wedding but have some concerns about the flight. My mom has trouble walking long distances and my dad has...
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Washington News - Obama and Biden 2013 Tax Returns
Obama and Biden 2013 Tax Returns
Each year President Barack Obama and Vice-President Joe Biden release their tax returns. Both have done so for year 2013. In 2013 President Barack and Michelle Obama had adjusted gross income of $481,098. This was lower by approximately 20% from the prior year due to reduced royalties from the sale of books written by the President. Most of their income came from his $394,796 salary as President. The Obamas filed as a married couple with two added exemptions for daughters Malia and Natasha. Because the book income qualifies as self-employment earnings, the President was able to reduce taxes by funding a Simplified Employee Pension (SEP) with $20,681. The Obamas itemized deductions were $147,769. The largest itemized deduction was for...
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