Planning for the Three Phases of Life

Download Printable Article By Jason Oshins, Financial Advisor, MBA From a wealth planning context, life unfolds in three phases: wealth protection, wealth access and enjoyment, and wealth transfer and replacement. This article focuses on the role of life insurance in each of these phases. When approaching planning with an eye for the long-view, the decisions you make might be dramatically different. After all, context is everything. WEALTH PROTECTION Wealth takes time to accumulate. In this phase, while wealth is accumulating, life insurance protects the family from an unexpected premature death. Obviously, we can’t address the emotional component, but we have…

The GREAT Debate: The Client Maintenance Plan vs. The Free Service Package

Download Printable Article By Philip J. Kavesh, J.D., LL.M. (Taxation), CFP®, ChFC, California State Bar Certified Specialist in Estate Planning, Trust & Probate Law A growing number of estate planning attorneys have adopted client maintenance plans, where clients pre-pay a fee each year to obtain certain ongoing services. Theoretically, this is a great way for you to annuitize the value of your practice and create a “guaranteed” base income each year from your existing client base. I know of attorneys who do generate hundreds of thousands of revenue each year this way. But at what real cost? When evaluating a…

Release of 1st Annual Non-Grantor Trust State Income Tax Chart

Download Printable Article By Steven J. Oshins Esq., AEP (Distinguished) The 1st Annual Non-Grantor Trust State Income Tax Chart is a two-page summary of the non-grantor trust state income tax rules in all states and Washington, D.C. The Chart can be accessed by clicking here. Each state and Washington, D.C. is listed in alphabetical order with the applicable statutory cite that is linked to the online taxing statute. Each jurisdiction’s taxing rules are described briefly so the user can generally know the rules without having to read through the entire statute. The online user should always click the link to…

Squash the Drama: 5 Steps to Properly Handling Interoffice Conflicts

Download Printable Article By Kristina Schneider, Executive Assistant It’s a fact in just about every single office, conflict is going to happen. There are times the workplace is going to be stressful. There are going to be different people with different personalities and with a lot of different things going on in both their personal and professional lives. Regardless of what industry you’re in, but especially in an estate, tax or financial planning practice, what is inevitable is that, at some point or another, there will be conflict. Knowing and implementing the steps to properly handle this conflict, while they…

Federal Income Tax Planning for Trusts

Download Printable Article By Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA Following the American Taxpayer Relief Act of 2012 (ATRA), federal income tax planning for trusts is more important than ever. A new 39.6% bracket was added for ordinary income and a new 20% bracket was added for long-term capital gains. Moreover, if the new 3.8% net investment income tax (NIIT) is factored in, the top tax rates are now as high as 43.4% for ordinary income and 23.8% for long-term capital gains. Fortunately, there are a number of tax planning strategies available. These include: (1) Shifting trust income to…

Financial Advisor: Attract Generation X & Y Clients

Download Printable Article By Mark Dreschler, President & CEO at Premier Trust and Deborah Erdmann, QKA, CISP, Vice President & Trust Officer at Premier Trust Attracting and retaining the Generation X & Y children of your current clients is an important strategy for a financial advisor to retain assets.  According to the Investment Management Consultants Association, only 2% of children keep inheritances with their parent’s financial advisor. As your core baby boomer client base continues to age and draw down assets, you’re probably already thinking of ways to generate new revenue. In this article we will discuss how to grow…