Advanced Estate Planning (as part of AICPA ENGAGE 2019)

This includes sessions from the conference: Advanced Estate Planning (as part of AICPA ENGAGE 2019)

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(Repeated in ENG1936) A First Look at IRA Life Expectancy Payout Changes Under the "Secure Bill" and the Best Ideas So Far (PFP, EST, TAX)

Identification: PFP19001

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:

1. Understanding the change in life expectancy payouts on traditional and Roth IRAs
2. Impact of the loss of deferral and bracket compression on wealth transfer planning
3. Using CRTs to maintain deferral and bracket management - the law and the math
4. Roth conversions for better bracket management and greater wealth transfer
5. Designing IRA trusts and the terrible payout result with RMD conduit trusts - the law and the math
6. Using IRA trusts in low tax states to achieve state tax savings by avoiding or delaying the state taxation of the lump sum payout
7. Using single life insurance to enhance bracket management - the unbiased math
8. Using Second-to-Die insurance to increase wealth transfer
9. Urgent action steps for ill and dying clients including avoiding conduit trusts and using out of state trusts.
10. Charitable strategies for the mass-affluent and the wealthy

• Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished), Partner, Keebler and Associates, LLP

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Planning for the Non-Taxable Estate

Identification: EST1901

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.

Learning Objectives:

1. When (and how) should clients make large taxable gifts?
2. How to build flexibility into client plans if tax laws change.
3. 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

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Running the Numbers

Identification: EST19ER01

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.

1. Tax exclusive nature of gift taxes
   
2. Leveraging of the GST exemption
   
3. Grantor Retained Annuity Trusts (GRATs)
   
4. Installment sales to Intentionally Defective Grantor Trusts (IDGTs)
   
5. Self-Canceling Installment Notes (SCINs)
   
6. Private annuities

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

• Stephen J. Bigge, CPA, Partner, Keebler & Associates, LLP

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Basic Estate Planning Q&A

Identification: EST19ER02

• Missia H. Vaselaney, JD, CPA (inactive), Attorney, Taft Stettinius & Hollister, LLP
• Paige Goepfert, CPA, MST, CSEP, Managing Director, Andersen
• Gary A. Zwick, J.D., LL.M., CPA (inactive), AEP®, Attorney, Walter | Haverfield LLP

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The Truth About Annuities: Dispelling the Myths and Misconceptions - Sponsored by Prudential Annuities

Identification: PFP19SS02

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:

1. Common objections to annuities including cost, complexity, liquidity and tax considerations.
   
2. The benefits of annuities including a discussion of some of the protective features offered by annuities today.
   
3. The value of incorporating guaranteed income into a comprehensive retirement income plan.
   

Learning Objectives:

1. Provide several actionable talking points to help advisors understand and overcome common objections to annuities and start the important conversation about retirement income planning.
   
2. Help inform investors to be in a better position to determine whether an annuity makes sense as part of their overall financial plan.

• Brandon Buckingham, LL.M. (Taxation), VP, Advanced Planning, Prudential

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Estate Planning Update

Identification: EST1902

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.

Learning objectives:

1. Understand recent tax law changes related to estate, gift and generation-skipping tax rules.
   
2. Become aware of planning opportunities associated with the expected reduction in the unified credit.
   
3. Learn about a recent Supreme Court case regarding the ability of a state to tax income of a trust based on the residence of its beneficiaries that could change the ability of states to collect such tax.
   

• Andrew M. Katzenstein, JD, Partner, Proskauer Rose LLP

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Basic 706 Preparation: Common Errors

Identification: EST1903

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.

Learning Objectives:

1. Identify presentation methods that clearly describe assets and valuation.
2. Understand how recent developments affect Form 706 preparation.

• Donita Joseph, CPA , Partner, Windes, Inc.
• Ms Mary Kay Foss, CPA, CPA, Mary Kay Foss CPA

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Decanting

Identification: EST1904

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.

Learning Objectives:

1. Review the process of decanting and different state law approaches to decanting.
   
2. Review what can and cannot be accomplished through decanting depending on state law.
   
3. Review optimal trust design for creditor, income tax and estate tax purposes.
   
4. Review decanting case studies.

• Heidi C. Freeman, JD, Member, Simmons Freeman LLC
• Courtney E. McCandless, JD, Attorney, Oshins & Associates, LLC
• Kristen E. Simmons, JD, AEP, EPLS, Member, Attorney, Simmons Freeman LLC

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Communicating the Estate Plan

Identification: EST1905

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.

Learning Objectives:

1. Understand the importance of communicating the estate plan for family harmony.
   
2. Learn some ideas for effectively communicating the plan.

• Lisa Featherngill, CPA/PFS, CFP (R), National Director of Wealth Planning, Comerica Bank
• Amy Jucoski, Senior Director of Advice | Advice and Planning Center of Excellence, Wells Fargo Wealth & Investment Management

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IDIT's and BDIT's and BDOT's. What Works, and Why?

Identification: EST1907

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).

Learning Objectives:

1. To show the participants which specific tax laws are utilized so that the BDOT technique achieves "Grantor Trust" status, so that the beneficiary becomes taxable on the activity of the trust.
   
2. To explain when the BDOT technique is useful, which clients will find it appealing, and what situations need to exist before this technique should be presented as an opportunity for clients.

• Marvin D. Hills, CPA/PFS, CLU, ChFC, Contractor / Consultant, Crowe LLP