Your Unbiased Advisor: We pay about 33% total taxes; wealthy pay less than 17%

New ways the wealthy avoid taxes that we have to pay for

Trump’s new tax limits the amount that property owners in high property tax states can deduct. The limit on SALT (state and local taxes) is $10,000. Trump allowed this because all his properties are owned by his companies which are not limited in right offs. Average homeowners in NJ for instance pay about $18,000 in property and 9% income tax or about $8,000. NJ Gov Christie ordered all counties to accept prepaid taxes last year so at least the first year tax was deductible. Wealth people’s lawyers are looking for permanent relief from this limit. One is to put residences into a limited liability company. Then they transfer interests in the LLC to five to ten separate trusts set up in Alaska, with each taking the maximum $10,000 deduction. They can then preserve the write-off for $50,000-$100,000 in property taxes they pay each year on all their homes. It costs a few dollars to maintain this legal loophole but it’s worth it. NJ govt is testing the use of county non-profit charities to receive the property taxes of its homeowners.

Avoid paying wealthy people’s taxes: https://www.amazon.com/Trump-Tax-Shelter-Avoid-taxes/dp/1985448300

SCAMS: Beware illegal trading in elderly or estate accounts

Ami Forte, formerly Morgan Stanley, Tampa and her manager Terry McCoy were involved in an award for $34 million to the estate of the founder of the Home Shopping Network. They were liable for unauthorized trading, breach of fiduciary duty/constructive fraud, negligence, negligent supervision and unjust enrichment. Even if the estates or senior’s accounts in your family are not huge, make sure you confirm what the advisor is doing. Just because this brokerage is famous does not necessary mean everyone there is giving your relative the best deal for your family. Meeting with the local manager and obtaining trading justifications in writing are going to make the firm think twice about ‘churning’ the account. The only reason to trade in this type of account is to produce income for the advisor and firm. High broker production is the way to become a wealthy and famous advisor so that more wealthy people will hire them. As with so many brokers caught violating the rules, Forte has moved on to the Pinnacle, a new firm so she can do it again. Perhaps your family account would be better off at a firm with brokers on salary, like Vanguard or TIAA or with a fee-only planner https://www.napfa.org/

Check all transactions: https://www.amazon.com/Pimps-Wall-Street-money-middlemen/dp/151525254X

Do you have a dispute with your broker?

You signed an account form that requires you to use arbitration not law suit if you want your money back for a bad act. You must file at FINRA, the self-regulating brokers’ organization. http://www.finra.org/investors/dispute-resolution Market volatility has increased the number of filings by 47%. Cases related to Puerto Rico bond fraud and requests by brokers to have their Finra records expunged may also be contributing to the increase, according to FINRA. Attorney Adam Gana, who defends investors in Finra proceedings, said he's seeing this trend in his practice, where there has been an uptick in cases involving theft and "selling away"—instances where brokers sell products not approved by their firms that turn out to be part of a fraud or Ponzi scheme.

Use the pain-FREE ‘advisor’: https://www.amazon.com/Best-Robo-Advisor-Ultimate-Automatic-Management/dp/1537111957

Are you getting all your Medicare benefits?

53% of older adults don’t know that Medicare Part B “doctor visits, etc costs $134 a month, according to a survey of adults over age 50. Social Security deducts this amount as well as Part D drugs if chosen. Many adults believe that it covers long-term care. Medicare covers nursing home care only for rehabilitation and other limited circumstances. Medicaid covers LTC for those with few financial resources. We can’t qualify by giving away assets within 5 years of our need for LTC. Learn more about Medicare in the government’s official handbook. The Medicare office is also on YouTube. With the GOP gunning for cuts in the benefits we have paid for all our lives, it is smart to learn and plan ahead. Trump tax cuts will be paid for by us not wealthy.

https://www.amazon.com/Forget-Social-Security-Medicare-Lifestyle/dp/1466394285

GOP religionists reversing

America

’s tolerance for personal choice

Scalia stand-in Gorsuch has begun to move

America

back to the 50s when protestant white men decided everyone else’s choices. Trump party Supremes kill CA law requiring communication: Notices of CA women’s options removed from clinic was deemed violation of free speech rights of pro-lifers. In fact, women are lied to in these religionist’s clinics: ‘abortion leads to breast cancer.’ Trump’s Supremes have a religious bias. They said a baker who is selling cakes in the open market can discriminate against people he does not like. Using religion and one group’s 1^st amendment rights can justify discrimination of anyone. GOP engineered Gorsuch into a Supreme seat by denying Obama’s candidate a hearing. The Trump party has filled the lower courts with those who wish to exclude people by skin color or religion or wealth. As ‘The Leader’ has stated, the Trump party only wants people from Norway. Now the Trump party has their wish: their Supremes ban people from poor Muslim countries. They did not ban Muslims from the country that carried out the 9/11 Saudi bin Laden attack. ‘The Leader’ does not want ‘due process’—a hallmark of

America

. He wanted to keep the children of asylum seekers in cages until their hearings. He feels he is above the law himself and his edicts should be the law. The Path to Dictatorship is repeated.

Religion and race ideology got other ‘Leaders’ in trouble before.

Are you using the most powerful force in your investing strategy?

Warren Buffett says ‘compounding’ over time is the real creator of wealth. Not many investment gurus agree because they only make money by doing the opposite: trading. But no guru has matched Buffett’s 19% gain per year for 50 years. Invest $3,000 a year—$250 a month—and over time it grows like this: $55,000 in 10 years; $218,000 in 20 years; $707,000 in 30 years; 1,111,000 in 34 years; $2.2 million in 40 years. You paid about $100,000 for your $1 million and $120,000 for your $2.2 million. You have time.

Use time not advisor’s fees: https://www.amazon.com/Warren-Buffett-Your-Investment-Advisor/dp/1518690963

Annuity sellers given green light to steer us to high-cost products

State insurance regulators just voted down a ban on sales contests and travel awards for agents. Now they can push the high-cost products that earn them a trip to

Bahamas

Fiji

. Sales contests can create aggressive sales tactics that don’t advance a consumer-centered best interest standard. The NAIC group also failed to pass a cost-benefit disclosure for customers. This means we will not be able compare these complex products with other offers. We will have to pay an unbiased law specialist to do the cost-benefit analysis for us. Annuities are contracts that contain complicated clauses that limit our gains and protect the insurance firms. They are designed so the insurer always makes a profit no matter what the market and interest rates do. Unless interest rates are high or the market is going up steadily, an annuity has costs that exceed the benefits for customers. The regulators rely on the insurers for income so they agreed to insurers wishes. Beware strong sales tactics—promised guarantees and benefits need checking.

https://www.amazon.com/Best-Annuity-Strategy-Income-Growth/dp/1497532019

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Make

~~America~~

, “The Don” Great Again

The Path to Dictatorship

Will Supremes make America a dictatorship? Trump’s new appointee is Trump GOP

“I have the absolute right to PARDON myself …”

“I could shoot someone on 5^th Ave and not lose voters.”

Only a criminal looks to a pardon for a defense

“I have absolute right to do what I want with the Justice Department”

Trump’s Gestapo ICE troops break into house in front of kids