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This session will be a review of the most recent cases, rulings, and tax code changes that impact estate, gift and generation-skipping tax matters, and income taxation of trusts.
Objectives:
- Understand changes to the estate tax rules.
- Learn how to use the changes to the rules to advantage clients in the context of their estate plans.
The tax environment is fluid and what will occur is uncertain. This session will be updated up until the date of the program to provide practitioners with practical, actionable, tax planning advice that can be given to clients. Depending on the status of tax legislation current proposals and what to do in light of them will be reviewed. If there is actual legislation that will be discussed. in all events the focus will be on specific planning you can guide clients with.
Objectives:
- Recognize specific planning strategies that can be recommended to clients of ALL wealth levels to take now in light of various tax proposals
- Identify specific steps clients should take to create and fund life insurance trusts now and why is this so important for even more moderate wealth clients.
- Spousal lifetime access trusts (“SLATs”) are all the rage. Discover specific planning techniques that can be used to enhance this type of planning, and discuss how greater access to trust assets be provided GRATs may be on the way out but there may be one last opportunity to use GRATs.
- Identify how those GRATs should be structured and how and why are the different then GRATs that have been done in the past
- Identify techniques can be used to try to mitigate retroactive tax changes
This session will cover case studies, descriptions and explanations of effective and practical estate planning techniques to not only save estate taxes, but also to protect clients and their heirs from future estate taxes, divorce and creditors at the same time.
This session will also show you how to structure basic estate documents, uses of GRATs, sales to grantor trusts, preferred partnership freezes and the like.
Objectives:
- Understand the balance between estate tax and income tax and how to potentially minimize both for clients.
- Assist clients in succession planning for the business and providing for the financial well being of the family members at the same time
Gift tax returns when filed with "adequate disclosure" provide a golden opportunity reduce audit issues and exposure on a federal estate tax return and most likely avoid later-life surprises for increases in gift tax liability. The session provides examples for effective gift tax reporting in addition to review of the applicable law and rules. After reviewing the demands and importance of adequate disclosure, this session will review practical return preparation preliminary actions; how Schedule A of the Form 709 integrates with GST reporting; fixed-dollar formula gift disclosures; engagement agreements with appraisers; informing the appraiser what to value; reporting GRATs; reporting transfers subject to ETIPs and when the ETIP ends; and reporting with Crummey gifts, among other topics.
Objectives:
- Learn effective election statements to include for optimum GST exemption elections (or elections out)
- How to used the deceased spousal unused exclusion amount on gift tax returns and special disclosures needed
- Ask questions and receive answers to practical questions for your Form 709 preparation practice.
- Learn advanced techniques to prepare a more effective gift tax return for your clients
Life insurance enjoys similar income tax characteristics as Roth IRAs. Premiums are paid into the policy after tax, earnings in the cash value, and withdrawals therefrom or loans thereagainst, are not includible in the policy owner’s gross income (if the policy is designed and managed properly), and death benefit proceeds are generally not includible the beneficiary’s gross income. For many high-income-earner taxpayers cannot qualify for Roth IRAs, or may be limited with how much can be contributed to a Roth 401(k), cash value life insurance can be a powerful Roth-alternative wealth accumulation strategy. For those with large traditional IRAs not needed for retirement income, cash value life insurance can also be a powerful wealth transfer strategy when distributions from the IRA are used to fund premiums. This session will examine how cash value life insurance can act as an “unlimited Roth IRA” for high earners to grow wealth, including a detailed analysis of the effect of policy charges on cash value accumulation compared to investing in a portfolio of traditional taxable investments, as well as an effective wealth transfer strategy to help control the damage caused by the SECURE Act on traditional IRAs.
Objectives:
- Outline the inner workings of cash value life insurance including its tax attributes and economics.
- Express how to position cash value life insurance as an alternate to Roth IRAs for high-income-earning clients as well as understand how it compares to, and can compliment, a traditional investment portfolio.
- Describe the implications of the SECURE Act on wealth transfer with respect to traditional IRAs and how cash value life insurance can be an effective strategy to help leave a more tax-efficient legacy.
The presentation is about recent developments regarding federal estate and gift taxes. We will review general procedural and substantive updates regarding estate and gift taxation, including changes in the law that impact the filing of estate and gift tax returns.
Objectives:
- Changes in the law that impact the filing of estate and gift tax returns
- Recent developments regarding federal estate and gift taxes
- How to obtain transcripts and historical Forms 709 to properly prepare returns
- Determining when and how to request issuance of IRS Letter 627, also referred to as an estate tax closing letter
This session will cover the best 2021 retirement tax planning strategies, following a year that upended even the best-laid plans. The program will show CPAs how to react to the most recent tax changes, including the SECURE and CARES Act and more. Most clients will need to have their current retirement tax and estate plans revised based on the recent tax rule changes.
Objectives:
- Identify the retirement tax planning areas where advisors can add the most value and increase consulting income.
- Recognize the latest tax and IRA distribution decisions from recent cases and rulings. These will apply to your clients who are relying on you for the right advice before making major decisions affecting their retirement savings.
This session will review trusts commonly used by clients such as life insurance trusts, survivorship life insurance trusts, trusts for children and grandchildren, and others.
Objectives:
- Recognize common mistakes and problems exist in many (maybe most) of these trusts that CPAs can identify and fix. What are those mistakes? How can you identify these issues from trust income tax returns, gift tax returns and even from trust plans themselves?
- Identify how GST issues are often mishandled and how to correct them with a late allocation of GST exemption even for smaller clients.
- Discover why most trust plans dangerously fail to protect trust assets for beneficiaries and how clients might fix them. What to report on income and/or gift tax returns when those issues are fixed.
- Identify if trusts are properly reported as grantor or complex (non-grantor) trusts? The commonly used life insurance trust, is it grantor or not? What about trusts owning survivorship life insurance policies? Are they grantor as to one or both spouses and what happens on one spouse’s death? Why is this all so important for so many clients?”
The much-debated ruling by the US Supreme Court forcing the NCAA to alter long-standing financial policies around collegiate athletics, athletes and teams speaking out on social issues, and the Tokyo Olympics taking place amid a global pandemic has made the intersection of business and sports more apparent and newsworthy than ever.
The role of the trusted, professional financial advisor is critical from the onset of an athlete’s career requiring an understanding of financial literacy, wealth management and compliance. Given the stunningly short, average length of a player’s career, preparing for the day the buzzer sounds should start well before they sign their first professional contract.
This session features lessons learned from three groundbreaking professionals - Amobi Okugo, Jeremy Bloom and Nicole Lynn - each bringing their own unique perspectives on overcoming adversities, maximizing opportunities and navigating an often treacherous business environment on and off the field.
The COVID-19 pandemic accelerated change in the profession. This panel discussion will provide insights into the trends and issues impacting the profession and how these are creating new opportunities to thrive in the future.
Objectives:
- Describe the current economic environment and important issues impacting the accounting and finance profession.
- Recognize how accountants are leading in economic recovery efforts and hear how the Association is supporting them through advocacy, resources and learning.