This includes sessions from the conference: Advanced Estate Planning (as part of AICPA ENGAGE 2019)
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:
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.
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.
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
Annuities have had their share of detractors over the years. The reality is annuities currently serve a critical purpose for millions of Americans – adding a level of security, while helping alleviate some of the financial worry for the future. This presentation will address:
This program will review recent changes in the estate, gift and generation-skipping tax rules, and provide updates on state law income tax of trust cases.
Preparation of Form 706 is becoming a lost art. IRS inspects every return that is filed. You don't want to look like a rookie - prevent that by avoiding common errors.
In the Decanting Session, the speakers will discuss how to utilize decanting to make trusts more efficient for creditor, estate and income tax purposes. Specifically, the speakers will discuss trust design that is most advantageous for creditor, income tax and estate tax protection, and how an otherwise irrevocable trust can be improved through decanting.
It used to be sufficient to check beneficiary designations and titling of assets were consistent with the estate planning documents. With longer lives and the demand for more open communication from younger generations, communicating the estate plan is now essential. We will provide tips for having a successful meeting, what to disclose and how best to communicate the plan.
The Beneficiary-Deemed-Owned Trust (BDOT) is a relatively recent development among estate planning techniques. It has some characteristics similar to an Intentionally Defective Irrevocable Trust (IDIT), and others that are like a Beneficiary Defective Inheritor’s Trust (BDIT). However, it works in a different way, and is useful in different situations. The beneficiary can sell assets income-tax-free to the trust (like an IDIT), but the initial funding of the trust is not limited to $5,000 (as is true of a BDIT).