Blow Up Your Annual Client Maintenance Program!

By Philip J. Kavesh, J.D., LL.M. (Taxation), CFP®, ChFC, California State Bar Certified Specialist in Estate Planning, Trust & Probate Law In this article, I addressed the marketplace issues confronting estate planning attorneys, in particular commoditization of our “products” and increasing low price competition.  One of the ways that I discussed to combat these issues is to emphasize how your “product” is better than your competitors’.  Another way to differentiate yourself is to emphasize your “service after the sale.”  When someone purchases a car, he or she wants to know what kind of service or maintenance program is available and what…

The LeBron of Asset Protection Trusts

By Steven J. Oshins, Esq., AEP (Distinguished) What does LeBron Symbolize? LeBron James is the greatest current basketball player on the planet.  In fact, he is arguably the greatest of all time.  [If this article were written 20 or 30 years ago, it would have been called, “The Michael of Asset Protection Planning Trusts” to recognize Michael Jordan’s similar greatness.] LeBron symbolizes greatness.  In the asset protection industry, there are a number of different techniques, but only one technique can be the greatest.  That technique is simply the LeBron of asset protection techniques. The Different Asset Protection Options There are…

Identifying an Asset Protection Trust Candidate

By Steven J. Oshins, Esq., AEP (Distinguished) If I had a Nickel for Every Time… If I had a nickel for every time an estate planning advisor called or emailed me with a prospective client that they deem to be an absolutely perfect asset protection trust candidate “because they’re in a lot of trouble”, I would be a rich man! This is How the Conversation Often Goes Bernie the Attorney:  Hi, Steve.  I have the perfect referral for you for an asset protection trust. Steve Oshins:  Great!  Tell me a little about the referral. Bernie the Attorney:  Well, my client…

199A – The Real Regulatory Story: Revelations From The Proposed Regulations

By Alan S. Gassman J.D., LL.M. (Taxation), Florida State Bar Certified Specialist in Wills, Trusts & Estates, AEP (Distinguished) As most estate planners know, the new Section 199A proposed regulations were released earlier in August to great fanfare and curiosity.  My team and I have spent considerable time, already, poring through the language and changes. We were given the opportunity to share our thoughts and summary of these regulations in an article featured on Forbes.com.  To read this article, click here. SECTION 199A RESOURCES Here are some other Section 199A resources that may be of interest to you: PROGRAM REPLAY: “Section 199A…

ASK THE EXPERT: Answers to Common Questions About IRA Trusts

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 ever heard of it, it…

IRS Notice 2018-54 Warns Taxpayers to Avoid State Work-Arounds $10,000 SALT Deduction Cap

By Steven J. Oshins, Esq., AEP (Distinguished) The $10,000 SALT Deduction Section 11042 of The Tax and Jobs Act limits an individual’s State and Local Tax Deduction (“SALT” deduction) to $10,000 per calendar year. Adoption of State Proposals to Work Around the SALT Deduction Limitations In response to this new limitation, some state legislatures are considering or have adopted legislative proposals that would allow taxpayers to make transfers to funds controlled by state or local governments, or other transferees specified by the state, in exchange for credits against the state or local taxes that the taxpayer is required to pay. …

Generate More Revenue This Year with More Referrals from Clients

By Philip J. Kavesh, J.D., LL.M. (Taxation), CFP®, ChFC, California State Bar Certified Specialist in Estate Planning, Trust & Probate Law If you’ve read my previous newsletter articles or attended any of my teleconferences (or our Ultimate Level event), you know that I am a huge proponent of utilizing time-tested systems to run a successful practice – – from marketing to receptionist scripts, to initial client meetings, to generating trust documents, to signing meetings, and regular client follow-ups…FOR EVERYTHING. Yet, even those who do systematize virtually all of their practice often fail to have a system for generating new client…

Estate Planning is a New Ballgame!

By Martin M. Shenkman, CPA, MBA, PFS, AEP, JD Estate planning is evolving in significant ways, and if you have not updated your planning and documents (planning always must precede documents) for the new world of estate planning, your planning will likely NOT (caps intended) work. In December 2017 what some call the Tax Cut Jobs Act of 2017 (the “2017 Tax Act”) which dramatically changed how many people should handle all tax planning (not just their estate tax planning). More than ever before your estate planning is intertwined with your income tax planning. Many (perhaps most) old wills and…

Do You Know What You Are Doing?

By Philip J. Kavesh, J.D., LL.M. (Taxation), CFP®, ChFC, California State Bar Certified Specialist in Estate Planning, Trust & Probate Law It’s a bit curious how you can vividly recall just a few, brief occurrences in your life that have had an unexpected but profound and long lasting effect on you. I remember one day speaking with a businessman on a plane about what I do as an estate planning attorney and he asked, “What’s your customer service process?” I was immediately taken aback because I hadn’t thought of what I did with clients as a process, nor could I…