In the biggest bill for retirement planning in years, Congress is poised to change the law for life expectancy payouts to either a five- or ten-year payout. This legislation has strong bipartisan support and is supported by the President.
Advisors, CPAs and lawyers will need to quickly pivot with innovative strategies for this new paradigm. If you wait until this bill is signed before beginning to pivot you will miss the 2019 planning opportunities. This class will cover:
Understanding the change in life expectancy payouts on traditional and Roth IRAs
Impact of the loss of deferral and bracket compression on wealth transfer planning
Using CRTs to maintain deferral and bracket management - the law and the math
Roth conversions for better bracket management and greater wealth transfer
Designing IRA trusts and the terrible payout result with RMD conduit trusts - the law and the math
Using IRA trusts in low tax states to achieve state tax savings by avoiding or delaying the state taxation of the lump sum payout
Using single life insurance to enhance bracket management - the unbiased math
Using Second-to-Die insurance to increase wealth transfer
Urgent action steps for ill and dying clients including avoiding conduit trusts and using out of state trusts.
Charitable strategies for the mass-affluent and the wealthy
It is a fundamental belief that every investment decision is also a tax decision. Retirement planning, investments, education planning, legacy planning, and life insurance are all parts of a wealth management plan that have tax consequences. As a CPA, helping clients make tax-smart investment decisions within wealth management plans can help revitalize both your practice and your client relationships while minimizing client tax liabilities.
Learning Objectives – Attendees will leave this session
Understanding the importance of integrating tax planning and wealth management planning into one comprehensive conversation with clients throughout the relationship.
Discovering that there are tools that can help advisors communicate the importance of tax-smart investment strategies to help clients make better decisions to minimize taxes as part of their wealth management plan.
Duncan Gates, CFP, Senior Wealth Management Strategist, HD Vest Financial Services
This presentation provides detailed discussions of global, national and regional economies using the most up-to-date data available. Special attention is invested in critical elements of economic life, including the performance of financial, labor, and real estate markets. At the end of this presentation, audience members will:
Understand the myriad ways in which global economic dynamics are impacting the U.S. economy.
Understand which industries are expanding the fastest in America.
Understand how policy-making continues to shape economic outcomes in the U.S.
Understand the primary sources of risk to the current expansion cycle.
Understand key factors shaping the U.S. economic outlook in the near and far terms.
This presentation will discuss how tax advisors should tell their their wealthy (but not ultra-wealthy) clients who no longer have a Federal estate tax problem because of the very high (and temporarily doubled) applicable exclusion amounts. It will discuss estate and income tax planning techniques in light of estates of varying sizes, the risk of expiring exclusions, the “clawback” regulations, and state income and death tax considerations.
When (and how) should clients make large taxable gifts?
How to build flexibility into client plans if tax laws change.
Techniques that maximize income tax savings when transfer taxes are no longer a problem.
Paul S. Lee, J.D., LL.M. (Taxation), Global Fiduciary Strategist, Northern Trust Company
The business environment is complex and evolving more rapidly than ever. In order to position ourselves for success, we must understand prevailing environmental trends, how they impact what we do as assurance providers, and the opportunities they present.
Learn about the trends in the environment that are impacting assurance practice
Understand impacts on audit quality
Obtain insights into developments that will affect practice in the near future
While the increased estate tax exemption has virtually eliminated all taxpayers from being subject to the estate tax, there are still some non-estate tax reasons for engaging in various estate planning techniques. During this session, we will discuss the following estate planning techniques and outline ways to make them more effective.
Tax exclusive nature of gift taxes
Leveraging of the GST exemption
Grantor Retained Annuity Trusts (GRATs)
Installment sales to Intentionally Defective Grantor Trusts (IDGTs)
Self-Canceling Installment Notes (SCINs)
Learning Objectives include:
1. Understand the importance of running the numbers in developing and communicating planning techniques for clients 2. Discover ways to minimize income, estate and gift taxes 3. Recognize methods to maximize benefits to children and family 4. See how to take full advantage of the currently low interest rates
An organization's data is oftentimes thought of as its most valuable asset, yet many entities struggle when it comes to protecting that data. This is especially true when it comes to the personally identifiable data of customers, trading partners, and employees. This session will explore the topic of data protection anhttps://aicpaconferences.com/aicpa/admin/sessions/38773/edit/1118#d provide attendees with a greater appreciation of the potential difficulties one may encounter when attempting to create a data protection strategy, data handling procedures, control activities, and the types of technical tools available in the market about which CPAs should be aware.
Leave participants with an in-depth understanding and increased appreciation of the challenges organizations face when designing and implementing a robust data protection strategy and methods.
Provide participants with recommended steps for identifying an organization's critically important and most valuable data, identifying the types of controls that can help protect the integrity and privacy of that data, and technologies available in the market that can help prevent and detect data breaches and related data losses.
This session will provide an update on the status of CECL, and the evolving best practices related to the implementation, integration and internal control being utilized to achieve a proper transition from current GAAP to the new standard.
You will receive critical information related to:
The necessary team members that need to be involved; impact in your internal controls; critical elements when using a third party; and how to discuss the new model with your auditors.
Achieve a better understanding of the various methodologies in place under the new guidance.
Achieve a better understanding of how the new CECL model can impact your ICFR environment for SOX purposes.
Academics and industry experts have placed a spotlight on health care costs that US households can expect to incur during retirement. Most Americans understand that annual heath care costs have been growing faster than inflation, and they are also cognizant that they will likely consume more health care services as they age. As a result, pre-retirees and retirees are concerned about how health care costs will impact their retirement, and how they will pay for them. To better understand the financial planning implications of annual health care costs and long-term care expenses, Vanguard has partnered with Mercer Health and Benefits to develop a proprietary model to forecast the range of health care costs for pre-retirees and retirees. This session will address the research and planning considerations for health care and long-term care expenses in retirement.
The participant will gain an understanding of the new model developed by Vanguard and Mercer Health and Benefits forecasting health care costs for US retirees. The model proposes several changes to the way health care costs are typically discussed and modeled when planning for retirement.
In addition, the session will emphasize the considerations impacting the annual health care costs including health status and risk, employer subsidies, Medicare coverage choices, retirement age, geography and income in retirement.
Lastly, long-term care costs represent a unique and distinct planning challenge that should be taken into account separately.