ASK THE EXPERT: Answers to Common Questions About IRA Trusts

Download the Full Printable Article By: The Ultimate Estate Planner, Inc. The IRA Inheritance Trust® (also known as a “Standalone Retirement Trust”, “IRA Beneficiary Trust” or just plain and simple “IRA Trust”) has now been around for over 10 years. The IRS approved this strategy in PLR200573044 and, even though, it’s been around for some time, it’s only now that so many estate planners are starting to implement and use this planning for their clients. Whether it’s fear of learning something new, not fully understanding or being clear about the benefits for using this trust strategy, or just not having…

The Most Effective Way to Handle the Price Objection

Download the Full Printable Article By Philip J. Kavesh, J.D., LL.M. (Taxation), CFP®, ChFC, California State Bar Certified Specialist in Estate Planning, Trust & Probate Law If you were to ask most estate planning attorneys to narrow down the most common objection most people have about moving forward with their estate planning, price would definitely be on the top of the list. With the influx of cheap, online and do-it-yourself estate planning, living trusts have become a commodity and people are more price-sensitive than ever. While price may still be one of the main reasons a prospective client may choose…

ABA Heckerling Reports from the 2016 Heckerling Institute

For the past 17 years, the American Bar Association Section of Real Property, Trust and Estate Law with the permission of the University of Miami School of Law, releases several extensive reports highlighting the various lectures and proceedings of the Heckerling Institute, one of the nation’s largest estate planning conferences, held every year in January. This past January 2016, marked the 50th Annual Heckerling Institute.  To view, download and access these extensive reports, please click here to visit the ABA’s website. Further, at the above website, you can also access reports from prior Heckerling Institutes as well. We, at The…

With Estate Tax Planning Basically Dead, Here’s a Trust You Should Be Selling to a Lot of Your Clients

By Philip J. Kavesh, J.D., LL.M. (Taxation), CFP®, ChFC, California State Bar Certified Specialist in Estate Planning, Trust & Probate Law It’s not a Living Trust (but it does have broad application). Nor is it an Asset Protection or Medicaid Trust (though it does have some asset protection features). And, thanks to a recent Supreme Court decision, this Trust has been made even better (or more valuable). Okay, here it is. The Standalone Retirement Trust (or “IRA Beneficiary Trust”, or, as I call it, the “IRA Inheritance Trust®”). It’s simply a trust that acts as beneficiary of a client’s IRAs…

My Spouse (or other loved one) is Heading Into a Nursing Home… What Should I Do Now?

Download Printable Article By Louis W. Pierro, Esq. If your estate planning clients are like mine, it takes time to educate them, and get them across the threshold, before they are willing to commit and pay the fees that you are looking to charge. On the other hand, by far the most motivated clients I have are those who are in crisis — they (or another family member) need nursing home care now, and are looking for help getting Medicaid, and saving some portion of their life savings. The value of our services is abundantly clear — and our clients…

The Hot, New Product to Sell to Your Clients: Medicaid Trusts

Download Printable Article By Louis W. Pierro, Esq. Asset protection planning has become a focal point for Trust and Estates attorneys, surpassing estate tax planning in many practices. Asset Protection Trusts (APT’s) take their names from being Domestic (DAPT’s) or Foreign (FAPT’s), but the largest market for asset protection planning is the middle class, with health care creditors posing the greatest risk. The most used APT is designed to qualify the Grantor for Medicaid, and is referred to as a Medicaid Asset Protection Trust (MAPT). In 1993, major federal legislation changed the rules regarding trust funds used by Medicaid applicants…

Estate Planning to Elder Law: It’s As Natural As Growing Old

Download Printable Article By Louis W. Pierro, Esq. Are you looking for new services to offer your estate planning clients? Have revenues recovered since the permanent $5 million estate tax exemption was enacted? Prepare your office for the age wave and build your practice using skills you already possess as an estate planner. Living longer and in greater numbers is only a piece of the aging puzzle. The way we age is about to undergo a radical transformation, as Baby Boomers begin to turn 70 in 2016 at the rate of 10,000 per day. How we die has also changed…

5 Things Every Estate Planning Attorney Needs to Know About Using an Asset Protection Single Member LLC

By Mason D. Salisbury, J.D. Single Member Limited Liability Companies (or “SMLLCs”) are the basic building blocks of asset protection entities. For many clients, SMLLCs may be the only asset protection entity they need. However, not all SMLLCs are created equal as asset protectors and some (too many) are hardly worth the paper they are filed on. An asset protection SMLLC is specifically organized at every point to fight and win against creditor attorneys, that is, to actually provide asset protection if challenged. Below are five things every estate planning attorney should know about using SMLLCs to protect client’s assets….

Creating Your List – Things to Talk About With Your Clients in 2015

It happens to all of us. We go to a wonderful conference; we see a great webinar; we read an important article – and then we plan to change the conversation with referral sources and clients. So, when the inevitable challenges of our personal and professional reality comes in, we end up singing the same old songs of wealth, estate tax, financial, and asset protection planning – thinking months later, where did the change in conversation go? Successful practitioners explain to us that the way their practice found stability and growth was through finding planning that they could execute on,…

BREAKING NEWS: Important Updates from Robert Keebler

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. IRS Approves Extension of Time to Recharacterize a Roth IRA The IRS has published Private Letter Ruling 201506015, in which they have granted the taxpayer an extension of time to recharacterize a Roth IRA.  The taxpayer had learned that the account value had declined due to fraud by an investment manager after the deadline for recharacterizing had passed. To listen to these complimentary podcast, see below: The Administration’s 2016 Budget Proposals The Administration has released…