Trump Tax Act Restricts Deductibility of State Income Taxes: So What? Use a NING Trust

By Steven J. Oshins, Esq., AEP (Distinguished) The dust has settled.  The Trump Tax Act has been finalized.  Who stands to lose the most from the new tax rules?  Those who live in a state with a high state income tax.  That’s who. Prior to the Trump Tax Act, state income taxes paid were deductible against federal income tax.  However, the Trump Tax Act limits the amount of the federal income tax deduction for state income taxes paid, real property taxes paid and sales taxes paid to a cumulative (yes, cumulative!) total of $10,000 per year.  The $10,000 is used…

Tax Reform is Here: What You Need to Know to Advise Your Clients

By Jeramie Fortenberry, J.D., LL.M. (Taxation) Director of Education WealthCounsel, LLC The most significant tax reform package of this generation is now awaiting the President’s signature and is widely expected to be signed into law at any time. The new tax law changes the tax planning landscape, creating both pitfalls and opportunities for attorneys and the clients they serve. It is critical for business and estate planning attorneys to understand these changes and how they affect their clients. In this Thought Paper, Jeramie Fortenberry, JD, LLM, provides actionable guidance for planning under the new and different tax landscape. It includes…

Impact of Potential Tax Reform on Business Owners and Possible Steps to Take in 2017

By Edwin P. Morrow III, J.D., LL.M. (Tax), CFP®, CM&AA® On November 2, 2017, the Speaker of the House, with the backing of the President, finally introduced the long-awaited bill that represents Republican efforts at comprehensive tax reform, to be titled the “Tax Cuts and Jobs Act”. Of course, the Senate will propose significant changes, and there is opposition from both parties about the direction of the bill and the trillions it could add to the national debt. That said, there is a very strong chance of something close to the bill being passed this year or early next year. What are…

Top 5 Dumbest Comments Made by Estate Planners

By Steven J. Oshins, Esq., AEP (Distinguished) Having practiced estate planning for more than two decades, I have seen and heard my share of comments and representations that are true head-scratchers that often make you roll your eyes.  This epidemic seems to have gotten much worse through the years, possibly because of the pressure to perform and thrive in a very competitive environment.  This article will highlight some of my favorites. DUMB COMMENT #1: “Bad facts make bad law!” The “bad facts make bad law” excuse has been around for many years.  Obviously, every case that has a result we…

Crowdsource Funding to Help Victims of the Las Vegas Massacre

By Martin M. Shenkman, CPA, MBA, PFS, AEP, JD, Bernard A. Krooks, JD, CPA, LLM (Taxation), CELA, AEP® (Distinguished)., and Jonathan G. Blattmachr, Esq. Introduction One of the authors just received a call to assist those helping one of the hundreds of victims of the Las Vegas shooting with some questions concerning a crowdfunding effort. What initially seemed like a simple question, which that might help one victim struggling with unfathomable challenges, following an equally unfathomable mass shooting, grew into something more. The questions grew and it became clear that they may affect the hundreds of victims of the Las…

FREE WEBINAR – Trusts: Planning and Drafting for Divorce

Speakers: Gideon Rothschild, Esq., Martin Shenkman, Esq. and Rebecca Provder, Esq. Date and Time: Thursday, June 15th, 2017 at 1pm Pacific Time (4pm Eastern Time) Course Description: Trusts are one of the most powerful tools for planning to minimize the risk to assets in a future divorce. However, in order to achieve optimal results for clients, trusts must be drafted and administered in a manner that provides protection. Traditional trust drafting often falls far short of providing the safeguards clients want. What provisions should be used in drafting trusts to achieve better results? What trust planning techniques can be used…

Portability Trivia

By Brandon Ketron & Alan S. Gassman J.D., LL.M. (Taxation), Florida State Bar Certified Specialist in Wills, Trusts & Estates, AEP (Distinguished) A review of the Portability Rules at the Heckerling Institute gives rise to the following trivia, which estate tax planning lawyers should perhaps be memorizing: True or False [the answers are at the end of this article, but see how much you know]: 1. Under Section 20.2010-2(a), the portability election can only be made on a timely filed and complete estate tax return Form 706. 2. Estates that are required to file the Form 706 ( i.e. estates…

Trust Administration: Why it Should be a Part of Your Practice

By Kristin L. Yokomoto, J.D., LL.M. (Taxation) As an estate planner, you help your clients to achieve extremely important goals including, among other things, to nominate guardians for minors; avoid probate; minimize gift, estate and generation skipping transfer taxes; protect their children and other beneficiaries’ inheritance from creditors and predators; and nominate agents, trustees and executors who will manage their estate and make decisions for them upon incapacity or death. It can be a very fulfilling and rewarding process for both you and your clients during which time they necessarily share some of their most private information – marriage and…

Robert Keebler Podcast on the Death Tax Repeal Act of 2017

Thanks to the generosity of Stephan Leimberg and Leimberg Information Services, we are pleased to bring to you complimentary podcasts on the following important updates. Senate Bill 205, the Death Tax Repeal Act of 2017 Senate Bill 205, the Death Tax Repeal Act of 2017, would not only repeal the estate tax — it would also eliminate a technique designed to reduce state income tax, the ING trust. Bob Keebler reports. LISI members can read more about S. 205 and other estate tax repeal proposals in Estate Planning Newsletter No. 2516 by Ed Morrow, published on February 10, 2017. To…

Free Webinar – Estate Planning in 2017 & Beyond

Courtesy of WealthCounsel, LLC Ever since 2001, the keyword for estate tax planning has been “flexibility.” Thanks to a 10-year phased-in temporary estate tax repeal, followed by a massive economic recession, and then followed by the Tax Act of 2012 that effectively repealed estate tax for all but 0.2% of the population in the United States, estate planning has been anything but predictable or boring.  Fast forward to 2017, estate planners are left wondering… “What will the Republican-controlled Senate and the Donald Trump Presidency bring in terms of tax changes and how will that impact the estate planning industry?” Estate…